A DUKE'S BANKRUPTCY.

Taranaki Daily News, 1 June 1916, Page 3

A DUKE'S BANKRUPTCY.

LIABILITIES OF £495,034. Tlic examination in the Lsndon Bankruptcy Court of the Duke of Manehestor revealed some interesting phases of the Duke's financial position. The present duke, like liis father, married an I American heiress, an'i the ducal estates being embarrassed by mortgages, it is chlelly on American money that this old English family has been kept going. Hut in spite of American assistance tile present duke has made two appearances in the Bankruptcy Court. The first was in 1900 (the year of his marriage to Miss Helena Zimmerman, of Cincinnati). On that occasion his liabilities were £3O 170 and his assets £7fion. 1„ April, 1!)02. a composition of 12-. (Id in the £ was paid, and the 'bankruptcy was annulled. On the present occasion the Duke's liabilities arc'£49B,o3l, of which £130,?."3 is unsecured, and the assets consist of 10TW) fully-paid .CI shares in a newspaper company, estimated to be of no value, and jewellery and personal effects worth £2OO. Until the death of Ins mother in WOO, the Duke received irom her a voluntary allowance of£44flO per annum, besides £2400 in the shape of presents. His father-in-law, Mr. Zimmerman, has allowed the -Duchess sums ranging from .C 3500 to £IB,OOO per annum. For four years after his mother's death the Duke received from the trustees of her will sums which varied from £7OOO to .CPOOn a year. The trustees also paid £l-2,000 a year to the Duchess for household and personal expenses, and £2BOO for tho maintenance of the children. Since then the Duke's income from America has been reduced, owing to the financial failure of one of the trustees. During the three years preceding the Duke's second appearance in the Bankruptcy Court he won £2300 in gambling, and had been paid £7O in fees as director of public companies. He has engaged in various business enterprises, but none of them has been successful. His liabilities include £2S5!> to jewellers, £lB3 to tailors, £270 to hosiers, and £IOOO for hotel accounts. At the conclusion of his examination the Duke informed one of his creditors, in answer to a question, that his chief aim would be to pay all his creditors in full as soon as possible. i