STEEL TURNS TO GOLD.

New Zealand Herald, Volume LXVII, Issue 20716, 8 November 1930, Page 2 (Supplement)

STEEL TURNS TO GOLD.

| • FORTUNE 0Fj£55,000,000. MR. HENRY PHIRPS' ESTATE. FORMER PARTNER 'oF CARNEGIE. The Hon. Mrs. F. E. Guest, wife of Captain tlie lion. F. E. Guest —former British Air Minister, a brother of Lord Wimhourne, and cousin of Mr. Winston Churchill—will, it is expected, inherit an immense fortuno under the will of her father, Mr. Ilenry Phipps, the American multi-millionaire, whose death was recently announced. More millions will ho distributed than any individual estate has ever yielded before, says the Daily Express. A preliminary estimate puts the value of the Phipps estate at £55.000,000. Another heiress under the will is expected to be Mrs. Guest's sister, llelen, 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 Martin-Phipps wedding, at Beaufort Castle, Beauly, Inverness, • was a famous social event of 1903. Two sons of Mr. Henry Phipps are as well known in London social life as 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. Pliipps was married at Battle Abbey. Mrs. John $. Phipps is a sister of the Countess Donoughraore. whose husband, Earl Donoughmore, is deputy-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 the Caven-dish-Bentincks, the Duke of Portland's family. He has spent much of his life in Scotland, where he rented the sporting estates of the Duke of Richmond and Gordon. Mr. Henry Phipps was the partner of the late Andrew Carnegie. Mr. Carnegie devoted £70,000,000 to public purposes during his life and left £7,000,000 at his death. Mr. Phipps made lavish gifts duuring his life, with the bulk of his fortune intact. These two giants of the American steel industry lived parallel lives. Carnegie was a poor Scots boy, and Phipps was the poor son of an English shoe-maker who settled in Philadelphia. Carnegie became an errand boy and Phipps an office boy. 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 Skibo Castle, Mr. Phipps lived like a prince in the neighbouring Beaufort Castle, which ho rented from Lord Lovat. He frequently stayed in London and at which ho rented from Lord Lytton. , The nearest approach to an estate of £55,000,000 is the £38.000,000 estate of Mr. H. P. Whitney, who died two years ago. Other enormous fortunes make a poor show in comparison; for oxaniplc:— Mr. Thomas F. Ryan . . £25,000,000 Sir David Yule . . . . £20,000,000 Mr. John Wanamaker . . £15,000.000 Lord Ivoagb . . . . . £11,000,000 Ton members of the Coats cotton family left ir. all £25,000,000, and one estate in the Wills tobacco family approached £10,000,0000.