FINANCIAL GENIUS

New Zealand Herald, Volume LXXV, Issue 22995, 24 March 1938, Page 8

FINANCIAL GENIUS

WIDOW GOES BANKRUPT POST IN HOTEL SECURED [prom a, special correspondent] LONDON, March 3 Lady Ray, widow of Sir William Ray, M.P., London County Council leader and "big money" genius, is going bankrupt for £IBO. Her husband, who at one tiijie was chairman of a Government committee which recommended national economies of nearly £40,000,000 a year, failed to economise in his own affairs and died penniless. "My husband never knew we had practically nothing in the bank when he'•died'," said Lady Ray this week. "When he became chairman of the Electrical Development Association he had a salary of £SOOO a year, but when ill-health forced him to give that up we found we had only £3OOO. "He gave me £IOOO of this; the rest was set aside to live oia. I took him to the Riviera, and started a place in Cannes for paying guests. But things were against me. The rate of exchange was unfavourable, then the strike of hotel servants crippled the whole thing. We came back to England, living on the remains of my £IOOO. Sir Williams lay paralysed in bed. "People have said that I was foolish to filo inv .petition for such a small .amount, but at tlio time I tonk this decision I was gravely ill after two operations, and I acted without advice. I knew that Sir William had left nothing n.rul I could think of no possible way in which f could obtain the money to pay the debts." Lady Pay has now been offered a •post as hotel receptionist.