THE ROAD TO RUIN
BETTING AND EXTRAVAGANCE. (By Telegraph—Press Assn—Copyright). (Australian and N.Z. Cable /Association.) LONDON, February 14. Interesting revelations regarding Lord Loughborough’s insolvency were made at the investigation. The Official Receiver said the father paid £ll,OOO sterling debts in 1916 and £9OOO in 1921. The present liabilities were £5OOO, of which £2300 was owing to money-lenders and the balance to tradesmen. Debtors wife paid all the expenses of Lord Loughborough’s household in Hyde Park terrace. The Rosslyn trustees allowed him 20/- daily. Lord Loughborough attributes his insolvency to extravagance, betting and gambling. His father’s solicitor announced that tradesmen would be paid in full. The solicitor explained that Lord Loughborough’s father had paid £7OOO owing to moneylenders in 1921, on condition that they would not again lend. They immediately broke the condition, therefore the father would not pay the moneylenders now.
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Bibliographic details
Southland Times, Issue 19172, 16 February 1924, Page 5
Word Count
141THE ROAD TO RUIN Southland Times, Issue 19172, 16 February 1924, Page 5
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