CAREER OF EXTRAVAGANCE.

New Zealand Herald, Volume XLIX, Issue 15002, 25 May 1912, Page 2 (Supplement)

CAREER OF EXTRAVAGANCE.

DEBTS OF MILLIONAIRE'S SON.

Upon an allowance from his father of £600 to £700 a year a millionaire's son incurred debts totalling £85,000. The sequel was the appearance in the Bankruptcy Court of Mr. Derrick Julius Wernher, the 22-year-old son of Sir Julius Wernher, for his public examination. The receiving order was made on a creditor's petition. Debtor has stated that when ho left Oxford his father paid £25,000 of his debts, which were incurred for money lent, racing, gambling, and extravagant living. For a time bankrupt had six horses in training with Mr. Fallon at Stoke, near Salisbury. His racing name was "R. Desmond." The debts were mainly due to Paris jewellers, from one of whom he bought £48,000 worth of goods. He lost £5000 racing and £8000 gambling. The Official Receiver stated' that "debtor had attended for his preliminary examination, and then went to Paris, where he had been living at one of the most expensive hotels, absolutely disregarding the obligations under the statute to file the statement of his affairs. Mr. Wernher said he went to Paris, where several of his creditors were, and tried to get hold of them in order to try to arrange with them. The Registrar adiourned the case for five weeks, the statement of airs to be filed in 21 days.