EARL’S AFFAIRS

Greymouth Evening Star, 4 December 1926, Page 6

EARL’S AFFAIRS

“IN A STATE OF CHAOS.” A sensational statement with regard to the affairs of the late Lord Farquhar, who died without an heir in August, 1923, at the age of 79, was recently made in London by the News of the World., Lord Farquhar x one of the best known and most popular figures in the highest society, lived as a very rich man, and at his death was believed to have left a great fortune. This belief was, to some extent, confirmed when details of his will were published, for in this document he bequeathed large sums of money to various members of the Royal Family, more especially to the duaghterrs of the Princess, Royal, eldest sister of the King—viz., Princess Arthur of Connaught and Lady Maud Carnegie. These bequests have not materialised, it is stated that the Fife estates are also involved in the chaos of Lord Farquhar’s affairs.

The paper quoted states that the affairs of Earl Farquhar have been found to be in a state of hopeless chaos. As a result, heavy losses have, unfortunately, been sustained by the Princess Royal, who married the late Duke of Fife in 1889. This is the explanation of the recent sale of her famous Romneys and some of her objets d’art. Lord Farquahar was a romantic figure. He belonged to an ancient family, but when young had little or no money. At an early age, as Mr Horace Farquhar, he entered the old-established private bank of Sir Samuel Scott and Co., in Cavendish Square, London, long s nee absorbed in Parrs Bank, one of the great joint-stock undertakings. Scotts had a most aristocratic connection, and the late Duke of Fife was one of the partners.

Air Farquhar was a handsome young man with attractive manners and a shrewd head. Before long he became one of King Edward’s closest friends and one of the best known and most popular society figures. He also became a partner in the bank, the Duke of Fife’s most trusted friend, the financial adviser of numerous distinguished people, and treasurer of the funds of the Conservative Party. In short, lie was both loved and trusted, in addition to which he had the rare gift o e charming money out of the pockets of the wealthy for political and charitable purposes. ®

As an example of his powers in this direction Mr Farquhar was fond of relating the story of the improvement at Hyde Park Coiner effe ted bv removing the huge statue of the Duke of Wellington and replacing it by a Smaller one, more suitable to the needs of modern traffic. One morning, when driving through Hyde Park Corner with King Edward, the then King remarked : “We must get this improvement carried out, but thev tell me it will cost a huge sum. The public cannot stand the expense. It should be done by a small number of wealthy people.” Mr Farquhar asked how much was required. The King told him. By the afternoon he had secured the money. King Edward was astonished, and called him “A wizard.” At the Duke of Fife’s marriage Mr Farquhar acted as best man, gaining the distinction of being probably the only untitled best man to a n t in such a raeitv at u roval wedding, and the Duke left his affairs almost exclusively in his keeping.

ASSOCIATE OF THE GREAT. Lord Farquhar was also the trusted financial adviser of other members of the Royal Family, and a whole galaxy of well-known people. He was likewise the repository of many political and social secrets—the sagacious and discreet adviser to whom friends and acquaintances naturally turned in time of trouble or difficulty. Like, all men of his type, he loved to associate with the great ones of the earth, but he had a kind heart. At his splendid mansion in Grosvenor Square, where he dispensed lavish hospitality, could be met not only the rich and powerful, yet .young men who had not yet attained to distinction or riches, and to whom the genial earl was anxious to give a helping hand. Friendship with Lord Farquhar was a sure means of entry to London society. Upon his accession, King Edward gave the Household, and endowed him with plenary powers to eliminate waste, reduce expediture, and initiate reforms that were long overdue. Tt may be said that in this matter. jis in many others, he rendered his royal master incalculable service, curtailing nnnecessarv expenses and simu'taneonslv increasing efficiency. Tn June. 1915, in Mr Asquith’s Coalition Ministry, Lord Farquhar achieved his great ambition, being then appointed Lord Steward, “having authority over all officers and 'servants, except those of the Chamber, Chapel and Stables.”

When, th ree years ago, Earl Farquhar died a widower and without heir—he had married in 1895 the wealthy widow of Sir Edward Scott, and she passed away in April, 1922 —those intimately associated with him were not in the least surprised to find that, apart from a few legacies to servants he had left the whole of his money and personal belongings to various members of the Roval Family. The King and Queen. Queen Alexandra, the King’s three sisters, and Prince George—who was bequeathed £2OO0 —• were all mentioned in his will ; but the bulk of his fortune he bequeathed to the Princess Royal’s daughter. Princess Arthur of Connaught, and to the latter’s son, the Earl of Macduff, who is now 12 years of age. Lord Carnegie, who married Princess Maud, the Princess Royal’s younger daughter, was left a legacy of £50,000, while at the time it was estimated that Princess Arthur of Connaught and the Earl of Macduff would each receive about £150.000. An interesting proviso in the will was that . if the Earl of Macduff died under the ape of 21 his share was to pass to the King. Now comes the astounding sequel that when Lord Farquhar’s affairs were examined they were found to be in chaotic condition, and that none of these large legacies has been or can be pa : d. The first intimation that all was not well came in September,' 1924, volved. When the Duke of Fife died Party lodged a claim to-a portion of the estate on the ground that a considerable sum of money represented party funds. Tt was expected that this action would have resulted in a Chancery suit, but it would appear that the claim was justified, and the matter was settled out of Court. The News of the World goes on to say : — The further distressing fact has emerged that the Fife estates -were also involved, . When the Luke of Fife died in 1912 it was found tht under his will he had created a trust fund for his heiress, Princess Arthur of Connaught, who, of course, is now Duchess of Fife in her own right, and his successdr in the duchy. He appointed his widow, the Princess Royal, and Earl Farnuhar as joint trustees. Quite natr orally, the former had implicit faith in the earl, and left everything in his hands. Her surprise and grief can be well imagined when she learnt, after his death, that there was a deficiency in the "funds. As a result she has found it necessary to sell her famous collection of Romneys and some of the valuable furnitura in -her housa at

Portman Square. Further sacrifices may also be required. Everyone who Knew Lord Farquhar is inquiring why lie came to his estate in such confusion. Probably the explanation is that during the last few years of his life his mental powers were sadly impaired, and that he had for a long period neglected his own affairs. Although shrewd, he was not really a man of business. His intimates knew that at the end of his life he was very short of money ,and had found it necessary to borrow, for him, quite small sums. He was, however, a courageous old man, and went to his grave with flying colours, notwithstanding that during his last illness he suffered in a fashion that would have broken the spirit.of 99 men out of a hundred.” . It is strange that another member of the Royal Family should have suffered financially from the imprudences of a friend. The late Duke of Edinburgh, who was always supposed to be rather “close,” was in reality, a kind-hearted, generous person. As a result of his generosity he suffered very heavy financial losses through a friend in whom he confided.