STEEL TURNS TO GOLD

Dunstan Times, Issue 3499, 15 December 1930, Page 3

STEEL TURNS TO GOLD

FORTUNE OF £55.000,000 Xhe Hon. Mrs F. E. Guest, wife of Captain the Hon. F. E. Guest—former British Air Minister, a brother of Lord Wimbourne, and cousin of Mr Winston Churchill—will, it is expected, inherit an immense fortune under the will of her father, Mr Henry Phipps, the American multi-millionaire, whose death was recently announced. More millions will be distributed than any individual estate has ever yielded before, says the ‘ Daily Express.’ A preliminary estimate puts the value of the Phipps estate at £55,000,000. , . Another heiress under the will is expected to be Mrs Guest’s sister, Helen, who married Mr J. Bradley Martin, the New York banker. Mr Bradlev Martin is a frequent visitor to Great Britain, and brother of the Countess Craven. The Bradley Mar-tin-Phipps wedding, Beaufort Castle, Beauly, Inverness, was a famous social event of 1903. Two sons of Mr Henry Phipps are as well known in London social life as in New York. Mr John S. Phipps, the eldest son, married Miss Margarita Grace, whose * father, Mr Michael Grace, was born in Ireland, won a fortune in Peru, and for many years lived at Battle Abbey, Sussex. Mr John S. Phipps was married at Battle Abbey. Mrs John S. Phipps is a sister of the Countess Donoughmore, whose husband, Earl Donoughmore, is de-puty-chairman of the House of Lords and chairman of its committees. Another son, Mr H. Carnegie Phipps, married Miss Gladys Mills, who has marriage relationships with Caven-dish-Bentincks. the Duke of Portland’s family. Ho has spent much of his life in Scotland, where ho rented the sporting estates of the Duke ol Richmond and Gordon. Mr Henry Phipps was the partner of the late Andrew Carnegie. Mr Carnegie devoted £70,000,000 to public purposes during his life, but died with the bulk of his fortune intact. These two giants of the American steel industry lived parallel Jives. Carnegie was a poor Scots boy, and Phipps was the poor son of an English shoemaker, who settled in Philadelphia. Carnegie became an errand boy and Phipps an of lice boy. Both turned their thoughts to develop the steel industry, and both turned steel into gold. While Mr Carnegie in later life dispensed lavish hospitality at Ski ho Castle. Mr Phipps lived like a prince in the neighbouring Beaufort Castle, which he rented from Lord Lovat. He frequently stayed in London and at Knebworth, which he rented from Lord Lytton. The nearest approach to an estate of £55,000,000 is the £38,000,000 estate of Mr H. P. Whitney, who died two years ago. Other enormous fortunes make a poor show in comparison; for example:— Mr Thomas F. Ryan ... £25,000,000 Sir David Yule 20,000,000 Mr John Wunamakcr ... 15,000,000 Lord Iveagh 11,000,000

£25,000,000 20,000,000 15.000. 11.000. Ten members of the . Coats cotton family left in all £25,000,000, and one estate in the Wills tobacco family approached £10,000,000.