PEER WHO OWES £131,541.

Sun (Christchurch), Volume I, Issue 89, 21 May 1914, Page 3

PEER WHO OWES £131,541.

LANDLORD OF 23,000 ACRES. |4'A statement* of affairs under the receiving order made against Viscount ijlempletown shows gross liabilities t 31,541, of which £19,995 is expected rank for dividend. ' The deficiency Sbjf assets to meet liabilities is estimated |i £19,008 0/4,, says an English exwiangel Lord Templetown states that he succeeded to"the title, with-estates in Antrim and Monaghan, in 1890, on the " death of his uncle, the third viscount. At that time the estates were subject to mortgages amounting to £150,000 or £200,000, sbihe of which dated back to 1784. •;.'.'.■ ; The gross yearly income from the estates—23,ooo acres—was about £16,000 wfciei, after payment of all outgoings, left a net income of £4,000 a year. In October. 1900, owing to the' fall c in rents, due ( to the operations of the Irish Larid"Acts, he was forced to leave Ireland and to seek a residence in or near London. •.From time to time after succeeding to the life interest in the estates heraised mortgages amounting to £107,700, further-secured by policies of insurance on his life. The payment of premiums and interest ate up his remaining , income, and for some years past there has been no surplus whatever. .-■ To meet his lack of income he in 1904 went into commercial life and started business in Craven-street, Strand, under the style of "Dorringtoh and . C," company promoters. Two years later he removed to Victoriastreet. The business was not financially successful. More than £15,000 of the unsecured liabilities is said to be due for money borrowed. The creditors met at the London Bankruptcy Court and accepted a scheme of arrangement providing, eventually, for the payment of 20s in the £ of which 7/6 in the £ is to be guaranteed to the satisfaction of the Official Beceiver.