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The Jubilee Plunger in Court.

In the London Bankruptcy Court on July 3rd the public examination took place of Ernest Benzon, known as the " Jubilee Plunger," who has succeeded, since 1887, m getting rid of £250,000, which he inherited under his father's will. Besider suffering from the vicissitudes of fortune Mr Benzon has recently had another experience, having undergone a term of imprisonment m Monte Carlo. The unsecured indebtedness amounts to £19,688 of which £10,000 is for money borrowed, LISOO for jewellery, and £4441 m respect of a deficiency under a bill of sale. The insolvency is reported by the Official Receiver to be due to losses by betting and gambling, and to extravagance m living.—Upon examination by Mr Wreford (Senior Official Receiver), the bankrupt said that he had no occupation. He attained his majority m April 1887, and then became entitled 'o £250,000. He had uncontrolled possession of the property, and had spent all the money. He got through it all by November, 1888. It was after he went abroad that he heard of a receiving order having been made against him. He heard of the receiving order about Nov. 29th last, and immediately took steps to return to this country, but got into trouble at Monte Carlo, and was detained m custody there. He returned to this country immediately he was set at liberty, and placed himself m the hands of the Official Receiver. He was now dependent for his livelihood upon the interest of £15,000 m consols which was vested m trustees. He believed that fund was provided so that he might not starve,. and the trustees had absolute control over it. He now received £7 a week for his support. He had contracted debts for guns and jewellery, but had none m his possession now ; they had been parted with or given away. His only asset was a claim of £13,000 odd for money lent, and for which judgment had been recovered.— Mr Wreford : And-how. did- you manage to get through the'£2so,ooo ?^Th© bankrupt said it went m betting and racing also m cards and pigeon shooting.—Mr Wreford: You have published a book have you not entitled " How I Lost and Spent £250,000 m Two Years ?"—The bankrupt said he had, and he was to receive a third of the profits, but there were no profits. He had, however, received £400 or £500 from the book, and had not sold the copyright. He wrote very hard for the book, and it had a large sale abroad. It was not true, as alleged, that all lie had to do with the book was to write his name under his portrait.— Mr Wreford : What expectation had you of paying the debts which you contracted between 1888 and 1889 ?—Tho bankrupt said there was the debt of £13,000 due to him, and he thought it would be paid. The examination was adjourned,— (Home Paper.) .

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Permanent link to this item

https://paperspast.natlib.govt.nz/newspapers/AG18900825.2.7

Bibliographic details

The Jubilee Plunger in Court., Ashburton Guardian, Volume VII, Issue 2500, 25 August 1890

Word Count
485

The Jubilee Plunger in Court. Ashburton Guardian, Volume VII, Issue 2500, 25 August 1890

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