TRAINER’S LOST FORTUNE

Greymouth Evening Star, 10 March 1933, Page 8

TRAINER’S LOST FORTUNE

WON £200,000 FOR MR J. B. JOEL.

LONDON, January 26.

Mr Charles Morton, a former wellknown figure on the Turf, now living at Hove, attended the Brighton Bankruptcy Court yesterday for public examination.

He had filed a statement of affairs showing liabilities expected to rank at £3,906 and assets £5O. He attributed his failure to heavy interest to money lenders, household and personal expenses, and to a reduction of his allowance. Mr Morton said that from 1879 to 1880 ho was a successful racecourse trainer at Letcombe Regis, Wantage. Subsequently he obtained a position as a private trainer at a salary of £l,OOO a year. He resigned that position in 1892, and after a world tour he again took up a position as a private trainer until 1895.

He again successfully trained until 11)15, when, owing to. difficulty in obtaining labour, he closed down his stables. At that time his capital was £12,000. He came to reside in Brighton, and lived in retirement, having a voluntary allowance from Mr J. B. Joel. In 1931 that was reduced, and he went to moneylenders. Further examined, Mr Morton stated that Mr J. B. Joel, for' whom he was private trainer, paid him a flat rate of five guineas per horse per week. Before the war that showed a big profit, but after the war it showed a loss. He also received 10 per cent, on winnings.

The Official Receiver: Taking your career with Mr Joel right through, what does that amount to?—I won £200,000 for Mr Joel, so my percentage would he £20,000. Mr Morton said he trained the Derby winners. Sunstar (1911) and Humorist (1921), for Mr Joel. He now found that his allowance from Mr Joel of £1,500 a year was insufficient for him to live on.

“I have been used to living in extravagant circles, and I spend money pretty freely,” added Mr Morton, who said that in July, 1930, he received a letter from Mr Joel asking him to keep the accounts. The letter stated: “I cannot continue the way things are with all this enormous expenditure and nothing coming in. You are supposed to be the manager, so for heaven’s sake get to work and crack ihe whip.”

The examination was adjourned for closing.