EARL'S HEAVY LOSSES.

New Zealand Herald, Volume LXIV, Issue 19720, 20 August 1927, Page 2 (Supplement)

EARL'S HEAVY LOSSES.

THREE TIMES BANKRUPT.

HEAVY INTEREST CHARGES. An carl's loss of £1940 iri one night at chemin do fer was disclosed at the London Bankruptcy Court recently, when Earl Cadogan attended for his public examination on his third failure. The accounts showed liabilities amounting to £48,458—0f which £50,802 represented an unsatisfied balance of tho 1911 bankruptcy—and assets "nil." Lord Cadogan stated that since his last failure, from which he had not applied to be discharged, he had been without occupation, and was dependent on his father until his death in March, 1915, when ho succeeded to tho title. He had lived since then on voluntary payments made to him by the trustees of the Cadogan settled estates. The present failure was attributed to losses by gambling at cards and by betting on horse racing, to extravagance, and to heavy interest charges. The trustees of the settled estates paid the bankrupt's debts until they declined recently to settle with the moneylenders These proceedings vvero then instituted. Lord Cadog-n said that in one night last June he lost £1940 at chemin de fer, and to. meet the loss he borrowed £IOOO from a moneylender and also gave the winner a bill for £IOOO. He borrowed further money when that bill fell due, and from that time he had been in the hands of moneylenders, to whom ho now owed £16.2*72. He resorted to betting in order to recoup his card losses, and on balance made a loss of £IOOO on those transactions, although he won £IOOO on one race. The was asked whether he told the moneylenders that he was an undischarged bankrupt, and he asserted that they all knew his position and that lie was dependent on a voluntary allowance from tho trustees of tho Cadogan settled estates. Interest in some instances had been charged at the rate of 600 to 700 per cent.