KING'S WEALTH

New Zealand Herald, Volume LXXIII, Issue 22596, 8 December 1936, Page 10

KING'S WEALTH

PRIVATE FORTUNE EFFECT OF ABDICATION ROYAL REVENUES LOST POSSIBILITY OP ANNUITY If King Edward pursues his apparent wish to marry Mrs. Simpson, and, as a result, decides to abdicate, ho will not leave the throno a poor man. Naturally lie would cease to participate in the Royal revenues, but, in keeping with precedent, Parliament would probably vote him an annuity, while ho would still bo in a position to rely on his privato fortuno, which is believed to be fairly considerable.

Details of the privato wealth of tho Royal Family aro not made public, but it has been stated authoritatively that the foundations of a substantial fortune wore laid by Queen Victoria and her consort, Prince Albert. This was later increased by King Edward VII. and King CJeorgo V., and even beforo the present King came to tho throne ho was a man of substantial privato means, through legacies which had been left to him by his grandfather and his great-grandmother and which lie had increased by judicious investment. King George's Will

The extent to which Kino; Edward shared in the privnto fortune left by his father is also unknown. It was stated just after tho death of King George in January that tho size of his personal estate was not oven revealed to Somerset House. From timo immemorial tho King's will has been a thing apart. It is not subject to probate or death duties. The actual financial provision for tho support of the Royal Household is rather complicated and has undergone revision at various times. For many centuries tho Crown possessed extensive land revenues in tho United Kingdom, but most of these were surrendered by George 111. on his accession in 1760 and liavo since been collected tho public account in roturn for a fixed annual payment, known as tho Civil List. The amount of this is settled at tho beginning of each reign.

Total of £410,000 The Civil List recommended by tho Select Committee of the House of Commons after the accession of King EdTvard- totalled £410,000, compared with £470,000 proposed for King George in 1910. It was stated that while the King remainod single he did not propose to draw a sum of £40,000, the annual provision for his consort in the event of his marriage. Similarly, while ho continued tc receive the revenues of tho Duchy of Cornwall he would waive his claim to a further £79,000 annually from the Civil List.

Prior to the death of King George an allowance of £124,000 was made out of the Civil List for other members of the Royal Family. The payment to the former Prince of Wales now disappears, but the income of tho Duke of York, as Hoir Presumptive, has been raised from £25,000 to £50,000. However, King Edward arranged that this increase should be met out of the revenues of the Duchy of (Cornwall. An annuity of £70,000 for Queen Mary has also been provided out of the Civil List since the death of King George. Crown Land Revenues Land revenues which the Crown has not surrendered are those of the Duchy and County Palatine of Lancaster, which are payable to the King, and those of the Duchy of Cornwall, which are payable to the Heir Apparent. As there is no Heir Apparent at the present, the disposal of the revenues from the Dtichv of Cornwall rests with the

King. In. the event of the King's abdication, his income from the Civil List and from the Crown land revenues would automatically cease. Ho would be left with the income from his private fortune and any additional annuity which Parliament saw fit to grant him. A point of interest arose in the Howse of Commons on March 11 this year, when the Chancellor of the Exchequer, Mr ,Neville Chamberlain, read a message from the King dealing with the Privy Purse, which is provided out of the Civil List. His Majesty expressed the desire that the contingency of his marriage should be taken into account so that in such an eventuality there should be provision for the Queen and members of the Hoval Family. This was the first intimation that the King had any intention of giving up his bachelor state. The arrangement made was that referred to previously—an allowance of £40,000, which the King does hot propose to draw while he remains single. King's Personal Property

Some of the King's estates are his own personal property and would remain so in the event of his abdication. He maintains his home Jit Fort Belvedere, and his aeroplane is his own personal property. Ho also owns privately hi§ Canadian ranch, which he purchased in 1019, paying 40,000 dollars for 1600 acres and leasing a further 24,000 acres from the Canadian Government.

Tho, King has handled his finances carefully, including those which come under fhe heading of Crown revenues. His management of the estates of the Duchy of Cornwall when he was I'rince of Wales and since his accession to the Throne has been prudent and sympathetic. The estates include largo properties at Kennington, in London, and under King Edward's guidance much has been done to clear slum areas from these'properties and replace them with modern flats and dwellings for workers.

VOICE IN SUCCESSION UNCERTAINTY IN CANADA LEAD FROM MR. BALDWIN (Received December 7, 0.40 p.m.) NEW YORK, Dec. 0 The' New York Times' Ottawa correspondent says that some Canadian are growing restive and people are beginning to ask whether Mr. Baldwin ha.s been using the Dominions to further his own purpose. Meanwhile Government experts are studying the constitutional question. They are not certain whether tho clause in the Statute of Westminster giving tho Dominions a voice in the Royal succession will apply in the event of the King's abdication, but there is no doubt that tho Canadian Government yill take a lead from Mr. Baldwin.