STEEL TURNS TO GOLD

Lake Wakatip Mail, Issue 3979, 16 December 1930, Page 7

STEEL TURNS TO GOLD

FORTUNE OF £55,000,000

The Hon. Mrs E. JO. Guest, wife of Captain the Hon. I' 1 . JO. Guest —former British Air Minister, a brother of Lord Wiinbourne, and cousin of Mr M inston 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 he distributed than any individual estate has ever yielded before, says the ‘ Daily loxpress.’ A preliminary estimate puts the value of the Phipps estate at £55,000,000. _ ..... Another heiress under the 11111 is expected to be Mrs Guest s sister, Helen, who married Mr J. Bradley Martin, the New York banker. Mr Bradley Martin is a frequent visitor to Great Britain, and brother of the Countess Craven. Ihe Bradley Mar-tin-Phipps wedding, a. Beaufort Castle, Beauty. Inverness, was a famous social event of 1903. Two sons of Mr Henry Phipps arc as well known in London social life ns 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 Ahbev. 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 Caien-dish-Bentincks, the Duke of Portland’s family. He has spent much of his life in Scotland, where he rented tln> sporting estates of the Duke oi Richmond and Gordon. Mr Henry Phipps was the partner of the Into Andrew Carnegie. Mr Carnegie devoted £70,000,000 to public purposes during his life, but died with tlie. bulk of his fortune intact. These two giants of the American steel industry lived parallel lives. Carnegie was a poor Scots hoy, and Plupps was the poor son of an English shoemaker, who settled in Philadelphia. Carnegie became an errand hoy and Phipps an office hoy. 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 Skiho Castle, Mr Phipps lived like a prince in the neighbouring lleaufort Castle, which he rented from Cord Curat. He frequently stayed in Condon and at Kncbworth. which he rented from Cord Cvtton.

The nearest approach to an estate of L'oo ,000.000 is Hie C-fS.iHin.iHMestate of Mr H. P. Whitney, who died two years ago. Other enormous fortunes make a poor show in comparison; for example;— Mr Thomas V. IP an ... C2o.onii.ooo Sir David Yule 20.ii00,000 Mr John Wanamaker ... t0.000,000 Cord Iveagh 11.000.000 Ton members of the Coats cotton family left in all L’20.000.000, and one estate in the Wills tobacco family approached Cl 0.000,000.