Frugality And Stocks Made ‘Pauper's’ Fortune

Press, Volume CII, Issue 30269, 23 October 1963, Page 16

Frugality And Stocks Made ‘Pauper's’ Fortune

(NJZ. Press Association— Copyright) SYDNEY, October 21

New Zealand-born Edward John Charles, the “rich pauper,” made his fortune by a “mixture of frugal living and dabbling in the stock market,” in the opinion of his niece, Mrs Marjory Andrews, of Lower Hutt, the Sydney “Sun-Herald” said.

“Until Mrs Andrews heard yesterday of the extent of his fortune, she thought he had only an ‘amateur’s interest in the share market,’ ” the newspaper said. '‘Mr Charles, aged 71, of Bourke street, East Sydney, a retired engine driver, who died earlier this month, owned stocks, debentures and property estimated to be worth £150,000.’’

The “Sun-Herald” said Mr Charles lived in a sparselyfurnished room and paid only a small renit. "His pensioner friends, with whom he sat in the sun in Taylor’s square, Darlinghurst, believed he was ‘practically a pauper’ like they were.” Mrs Andrews told the “Sun-Herald” by telephone that she believed her uncle warfi comfortably off, but had no idea he was so wealthy.

Mrs Andrews had been corresponding with him regularly for 12 years but his letters did not say much, she said.

She knew he had speculated in stocks for years, and was “not inclined to spend money on himself.” She understood he was always giving money away, the newspaper said. Collapsed In Street Mr Charles died in Sydney Hospital on October 5, after collapsing in the street the day before. His death caused nd interest until police, on

routine inquiries, visited his room in Bourke street. Ln a suitcase they found shares and debentures worth £47,000, and a bank account of about £lOOO.

Police fauna personal papers suggesting that he owned a property at Darling point, two properties in Goulburn, and a substantial estate in New Zealand.

The “Sun - Herald’’ said: “Stock exchange reports and other information about shares littered the room. A letter, dated June 20, to Mire Andrews, said: ‘I have tried to keep the money I have in New Zealand separate from my own money, and it is invested as James Henry Johnson. “ ‘lf I die suddenly, my suggestion is that you divide £5OOO between yourself and your daughters.’ "Police say that Mr Charles apparently intended to post this letter to Mrs Andrews, who has three daughters.” the newspaper said. Mrs Andrews said that Mr Charles wrote to her only four days before he died. “We usually exchanged letters about once every three months, but in this letter he said he would be writing again soon,’’ she said. Told Of Will

Mrs Andrews said she believed her uncle had written a will, and that she was not named in it.

The “Sun - Herald” said

that her mother, Mr Charles’s sister, told her of the will some years ago.

Mi Andrews said her uncle’s death was not unexpected. “We knew he had been in poor . ealth. In fact, he had only just come out of hospital after an operation," she said.

Mirs Andrews said her uncle was born in Cust in November, 1891, and left New Zealand “years ago.” He returned tor a visit 12 or 13 years ago. Since then he had kept up a regular correspondence with her. Last year he went on a world trip.

Mr Charles has a nephew and another niece, both of whom live in New Zealand.

His assets are now in the hands of the Public Trustee in Sydney, who has written to the New Zealand relatives seeking instructions, the newspaper said. Police are searching all banks in Sydney in the hope of finding a will made by Mr Charles.