MADE THOUSANDS.

Auckland Star, Volume LXVIII, Issue 160, 8 July 1937, Page 20

MADE THOUSANDS.

BECAME FLUSTERED.

AUTHOR LOST FORTUNE

SPECULATED IN FRANCS

(From Our Own Correspondent.)

LONDON", June 6.

Peter Kniin.inucl Wright, monocled, giTT-lifiii >■<! author, strode out of the London Bankruptcy Court, his public examination completed. He had just told :.M-. Rmislrar Parton that his labilities were £:W3, his assets nil.

"I date the I'.ill of my fortunes to the day ten years ayo when I wrote a filxliul sent cure in ;l book about the late Mr. W. K. Gladstone, Victorian Mate-small,'" 5>.,,! Mr. Wright to a reporter aft'-rwurds.

'"The 'G.O.M.' h:i ; lipen a hoodoo on me e\er *in.v. Expcnsivo litigation followed publication of my book. People ha\e labelled me as the man who threw mud at. Gladstone,

"1 would miller lie remembered as tho man who was assistant secretary to the Supreme War Council, working behind the scenes with the great ligures of Haig, Foch, and Lloyd George.

"Until I hern me involved in my Gladstone troubles I was prosperous. I studied political situations closely, and speculated in French francs. I "In fourteen days I once netted £38,000, and later' in two months I made £00.000. by forecasting tke future fluctuations of the franc and buying or selling accordingly. "Then the Gladstone lawsuits came along. I had begun speculating in Belgian francs. I became flustered, lost heavily." £31,900 Debt. Mr. Wright told the Bankruptcy Court that he became indebted to a firm for £31,900, but he disputed liability of the debt by reason of the Statute of Limitations. To provide for his wife, Mr. Wright said that in November, 1928, he formed "Horobo" Limited with a ca-pital of j £10 in 200 1/ shares. As consideration for 190 shares he assigned to the company all his existing and future assets' and income. His wife became the first anH sole director. Mr. Wright acted as secretary, and embarked upon further speculative dealings for the benefit of the company, which appeared to have profited considerably. Money Por Wife. Mr. Bruce Park, the Official Receiver, asked why the company was wound up after thousands of pounds had been made. Mr. Wright: Because its purpose had been fulfilled. Mr. Park: You made considerable moneys for your wife.—Yes. Mr. Wright said he was now being supported by his wife. He gave an undertaking to inform the Official Receiver when he would be in a position to complete certain negotiations by which he might benefit. In 1927, after Captain Wright had published hie book, "Portraits and Criticiente," the late Viscount Gladstone son of W. E. Gladstone, wrote to the author attacking him. Captain Wright then brought a libel action against Lord Gladstone and lost it.