GREAT WEALTH

Rotorua Morning Post, Volume 2, Issue 587, 19 July 1933, Page 5

GREAT WEALTH

(Press Assii.-

BRITISH MILLIONAIRE SHIPPING MAGNATE DIES WORTH THIRTY MILLIONS DICK WHITTINGTON CAREER

— By Telegrapli — Copyrlglit).

London, July 17. The death' is announced of Sir Johh R. Ellerman, controlling owner of the Ellerman City, Hall and Buckall lines and other shipping1 tonnages, and formerly .prinoipal owner of the Leyland Line. Sir Johh, who was 71 years of age, was one of the richest men in Brdtain and was reputedly wofth £30,000,000. Although among London's largest landowners he was almost unknown to the public. His income was estimated at £1,000, 000 yearly, of which he .spent only 5 per cent., investing the surplus. He gave generously to charity. His heir is his son John, aged 24. It is believed that no millionaire in the world suffered so little as did Sir J. Ellerman from the depression, because of the high values of everything with j which his name was associated. j .Siij John was described as a "Modern Dick Whittington." He came . to London as a clerk, and soon hiegan j in business himself as an accountant. Althou,g'h he knew nothing about | shipping, at the age of 27 he j formed a company to buy the Leyland Line, and he afterwards bought other lines which were in low water, and became known as a shipping wizard as he turned them all intoi prosperous path's. At one time he controlled nearly 3000 ships and knew without reference to documents exactly where eaeh was, and the freight it carried. Sir John had no extravagant hobbies. He shunned publicity and re- | fused a peerage.