FAMOUS CLUB CLOSES

Evening Star, Issue 23553, 17 April 1940, Page 5

FAMOUS CLUB CLOSES

ENGLISH PRINCES LOSSES Princes, one of-the most famous golf clubs in England, has closed with liabilities of nearly £40,000. Its assets are insignificant. Poyalty and peers have played on the club’s course, at Sandwich, Kent, and many championship battles have taken place there. When the creditors met it was stated

that the club had been carrying on for many years with a loss of about £I,OOO every year. ' Sir Harry Mallaby-Deeley met this loss until his death, three years ago. Debenture-holders are owed £15,000. An appeal was made for a fund to meet debts to tradesmen, but their bills are unlikely to be paid in. full, since the funds total only a little more than £2OO. The last balance sheet, issued in December, 1933, shows a total loss of £38,019, and the total creditors’ claim includes £35.500. due to the late Sir Harry Mallaby-Deeley’s estate.

Apart from the club furniture. and fittings which are estimated to bring in less than £I,OOO, the assets of the club consist of the lease, of the course, at a rent of £550 a year until 1972, the rent of a holding which produces £BO a year and a sinking fund policy worth £2,000. With a hope of weathering the storm members recently raised a fund, but it was discovered that the sum was insufficient to carry on the club in 1940, and subscriptions were returned. The shareholders and creditors have now appointed a liquidator.