"DUKE OF YORK HIT.

Auckland Star, Volume LXII, Issue 102, 2 May 1931, Page 21

"DUKE OF YORK HIT.

LOSSES ON STOCK EXCHANGE INCOME SEVERELY REDUCED. SCALE OF LIVING CUT DOWN. (From Our Special Correspondent.) LONDON, March 28. jver since the Duke of York gave Wait® Lodge, Richmond, where he ]ived rent free, White Lodge belonging the King, and rented 145, Piccadilly, a London residence, he has been living beyond his means. Everybody about him knew that unis S the Duke got help somewhere he poiild not keep going at 145, Piccadilly. ojr William Bass, a member of the famous brewing family, its former occupant and a wealthier man than the puke, had to give it up. But the Duke managed for thrfee ars to keep his London house going lithout getting into difficulties, for he increased his income by fortunate ■speculations. These speculations were carried through for him by his former Comptroller, Wing Commander Louis Greig, who went on the Stock Exchange, having at his back the most influential an d wealthy clientele, among them the Puke of York. In 1924-29, making money for a shrewd operator like Commander Greig, tons of money behind him, was not difficult. If the markets were dull in London there were the ever active markets in Wall Street, and big sums of money flowed across the Atlantic into the pockets of fortunate speculators in London. A Financial Problem. By 1929, owing to the operations of his financial adviser, the Duke of York was thousands of pounds better off than when he rented 145, Piccadilly, in 1927. ind then came the slump. Hatry crashed. Prices on both sides of the Atlantic slid down, and the source of income the Duke thought would last for years vanished. The Duke was then faced with the problem of how to carry on at 145, Piccadilly, on the income he received from the State and the £2000 a year the Duchess has in her own right. The Duke's income is £25,000 annually but twenty-five per cent of it is earmarked for charitable subscriptions. Out of his net income he has to pay income tax at the highest rate. Rent, rates and taxes at 145, Piccadilly, amount to £5000 a year, more than a quarter of the Duke's net income. No man could afford to pay such a big proportion of his income in rent. Last year, owing to the approaching birth of her daughter, the Duchess retired from society and lived the greater part of the year with her mother. 145, Piccadilly, was practically closed. But since October the Duke and Duchess have lived at their London home, and they are already in difficulties. Visit to Prime Minister. Commander Greig recently visited the Prime Minister at the latter's secret holiday haunt —no one knows for certain, where it is— and it was said that the visit was for the purpose of getting the Duke an advance of some thousands of pounds on his allowance from the State and clearing off his immediate

liabilities. This done, the Duke and ; Duchess will" by the aid of the severest economies, keep going at 145, Piccadilly. The servant staff has already been reduced; the anticipated series of dinners and dances this season will not take place—anyway, none has been arranged so far —and the Duchess with the Princesses " Elizabeth and Margaret, will- spend, a good deal of time in the country with her mother. And the smart cafes and dance clubs will not see much of the Duke and Duchess the coming season. Enough of Speculation, The main difference between the Duke and Duchess and other people in society who, have been compelled to cut expenses and live in a smaller way is that the latter are looking forward to another boom in prices and good times

again; but the Duke and Duchess have lad enough of speculation. They will keep up their London home as well as they can, but there will be quiet days in the future at 145, Piccadilly, where there will be a reign of severe economy for some time to come. There is one pain or annoyance royalty is spared when it starts to economise. It does not lose social miportance. People may gossip, about the Duke and Duchess of York. They may say they are saving and are hard up. But socially the Duke and Duchess are as important as ever, and they would be just as important if they were twice as Poor. (N.A.N.A. Copyright.)