RICH MAN’S SON’S DEBTS

Poverty Bay Herald, Volume LXIII, Issue 19129, 25 September 1936, Page 11

RICH MAN’S SON’S DEBTS

EARNED £6OOO A YEAR ASSETS—BING WORTH 35/LONDON, July 23. “He began life with the misfortune of being the son of a rich man,” it was' stated at the London Bankruptcy Court yesterday of a debtor .who once earned £6OOO a year, lid was llarcourt George Sainte Croix Rose, of Elm Park gardens, S.W., banker’s agent, who was adjudged bankrupt on April 1. An application for his discharge was made to Mr. .Registrar Parton. Air. C. Bruce Park, official, receiver, said that the ranking liabilities amounted to £20,044, and only 35s had been realised —from a ring. As far as could be judged,, bis interest under wills had no realisable value for tho benefit of the unsecured creditors.

Air. Rose practised as a solicitor from 1907 until April, 1919, in partnership, from which lie resigned to become managing director o-f a company at £3OOO to £4OOO a year. Ip 1928 be was appointed London representative of a firm of bankers in New York at £6OOO a year, plus a ; commission, in the business of negotiating international loans, but owing to the “slump” in America, and difficulties in Europe, lie was unable to negotiate new business, and his salary was reduced. At the end of last year he resigned his position, and was afterwards without employment. The official receiver submitted that Air. Rose had brought on, or contributed to, his bankruptcy by-extravagance, and by rash and hazardous speculation. Air. Melfpri! Stevenson, for Air. Rose, said that his .father always let him have money when lie wanted it. He was brought up in the atmosphere of a high rate of living. His predecessor in the bank post earned something over £20.009 a,, year in. salary and commission, and Mr.'Rose Rad every reason to' believe that he would not earn less. But the whole business “dried up.” Mr. Rose bad also suffered financially from two matrimonial misfortunes.

Air. Registrar Parton suspended the discharge for two years.