VISCOUNT AND MONEY-LENDER.

Stratford Evening Post, Volume XXXI, Issue 99, 9 December 1911, Page 8

VISCOUNT AND MONEY-LENDER.

ADVICE FROM THE JUDGE. SIXTY PER CENT. INTEREST. Viscount Torrington was defendant in an action on a promissory note brought by Mr. Philip Samuel, a money-lender, of Savilo Row, London. The note was for £B2OO, and the defendant received £2OOO, the interest being 60 per cent, per annum. Ho had repaid £900; £llOO was to be paid into Court under Order NIV., leaving a balance of £I2OO. Mr. Justice Pbillimore (to the defendant): What is your income ? About £IOOO a year. How is it derived?—Partly from rents and partly from stock. Mr. Whatcley : And you come into some more property on the death of you mother?—Yes; my own property is worth about £40,000. Hava you charged your reversion already?—No; 1 have not. Counsel: What did you want the £2OOO for?—Current expenses. What did you do with it ?—1

bought a motor-car with most of it. liow muf'i was tiie motor-car? —I think it was £1275. The .judge: What did you want the other £750 for?—To run the car. Mr. Mansell (to plaintiff): Were you at this time owning racehorses?lies. The Judge: All your income for the year had gone?—Practically. And next year’s income had been disposed of?—Partly. 1 had mortgage interest to pay on some Dover and Tunbridge Wells property. 'Witness added that his life was insured lor £SOOO, and he had to pay ..iie premium. In August, 1910, lie had about eight horses in training in Belgium, and his chief occupation at that time was racing. .His horses were a source of income to him, and ho made more money than his expenses. Mr. Whate'ley submitted time in the circumstances the interest was excessive. Plaintiff know who defendant was, and what he was worth. ’J no .1 udge: There are many peerages which are very poorly endowed. Giving judgment for plaintiff for £I2OO, in addition to the £llOO to be paid into Court, Mr. Justice Philhmore called attention to an affidavit sworn by Lord Torrington in which he said he signed the promissory note without reading it. Me had now admitted reading it, but this should be a warning to him. “I should like, if f may,” said the Judge, ‘‘to advise you to treat this case as a lesson to yourself, and not go in for this kind of business again. Try and live within your means.” Entering judgment, ho added: “If 1 may say so, without impertinence to Lord Torrington, I am extremely sorry to see you here, and 1 hope it will os the last time you will be in this position.”