ENDOWED FOB LIFE

New Zealand Times, Volume LI, Issue 11935, 16 September 1924, Page 7

ENDOWED FOB LIFE

MR MACDONALD S CAR PRIME MINISTER EXPLAINS ORIGIN OF £30,000. OLD FRIEND’S GIFT. Bv Teieirranh —Press Assn.— Copyright (Sydnev ”61111” Cable.) LONDON, September 14. Mr Ramsay Macdonald, in an interview, said he was indignant at the disclosure regarding his ownership of £30,000 in shares in MoVitie and Price ■ —not for his own sake, but because it reflected on Sir Alexander Grant. “When I became Prime Minister,” he said. “Sir Alexander Grant was the proudest and happiest man in Scotland, alt, hough ive were at the opposite Doles in politics, “We met shortly afterwards, and he said his contribution to my comfort would be a Daimler motor-oar. I replied that I would hare to be content with a hired oar, pointing out that when I am no longer Prime Minister I would be a poorer man than I was upon entering office. Grant pressed his offer, and said; ‘I will endow the oar.’ OAPITAL, TO REVERT. Mr Macdonald long objected, saying that to use a motor-car was against lus simple ha'bits, but finally consented, and it was arranged that £30,000 should he invested to provide interest for the upkeep of the car during his lifetime, and then the capital would revert to Sir Alexander Grant or his heirs. “Thus,” added Mr Macdonald, “although the oapital is not mine, I technically own the chares. I am sick to death to have to talk about this, but I must protect my dear old friend in the enjoyment of the honour which the King worthily bestowed upon him.”