£8,000,000 GIVEN AWAY

Poverty Bay Herald, Volume LIV, Issue 16623, 16 April 1928, Page 9

£8,000,000 GIVEN AWAY

FRENCH STORE-OWNER'S WILLPARIS, March 6The will of tho late M. Ernest Cognacq, the founder of the Samaritaine Stores, who was noted as. one:■ of the most generous philantljrophists in France, was opened yesterday, and shows that the self-mado millionaire kept his resolve to give away most of his possessions, for it is believed that when the provisions of the will have been carried out tho amount remaining to his family will bo.relatively small.. During his lifetime M. Cbgnacq gave away not less than 1,000,000,C00L This sum, which at present -would represent £8,000,000, was really worth a great deal more, for* the greater part of it was given when the franc had a much favorable exchange rate than it has at present. ! To employees in his great store, to whom he had already given more than half of his interests, he lias bequeathed 15,0C0,000f (£120,000) free of all duty and taxes, which sum is to be distributed among them without distinction ov rank and solely in proportion to their length of service. ••,,-. After certain bequests to members of his familv, the residue of M. Cagnacqs estate go'es to tho Uagnacq-Jay Foundation for charitable purposes. The city of Paris inherits his magnificent collection of pictures and other works of art on'condition that they be housed in his premises in the Boulevard (Ids Capilcines, which he has also presented to the eitv.' M. Cbgnacq left a legacy of about £BOO,OOO to the Academic Francaise. The income from this will bo used for grants for the encouragement of large families. The grants which the Academic will distribute annually will be from SCO to 600 in number and will be allotted to French families at homo and in Algeria. .