HOW TO SPEND £206,000

Press, Volume XCVI, Issue 28429, 8 November 1957, Page 11

HOW TO SPEND £206,000

Advice For Mrs McGrail

(N.Z. Press Association—Copyright) LONDON, November 6. Mrs Nellie McGrail, the 34-year-old widow who has won £206.000 for twopence on football pools, has been swamped with advice on how she should spend her money. London’s popular papers have given her publicity second only to the progress of the Sputnik. Mrs McGrail. however, has made her decision. She has accepted the offer of the pool’s promoters, who will set up a committee of accountants, lawyers and business men to administer her winnings on her behalf. The “Daily Mail” says she could invest the money in England and receive an income of about £12.000 a year, which would give her, sav, £230 a week before tax. Tax would take two-thirds of this, leaving only about £4OOO a year, or £77 a week. The “Daily Express” says: “Put £200.000 on deposit with one of the big five banks and the odd £5OOO on current account to take care of your petty cash spending. “Then we suggest you take a holiday. While you are away your £200.000 will earn £75 a week in interest after 5 per cent tax. “To send your two daughters to a good school will cost £250 a year for both of them. “To buy a house and furnish it. and. perhaps, buy a car. will cost you about £lO.OOO. Then you will 'want to give some money away. “When all this is paid you will have about £ 175,000 for investment."