SPENT ON MUSIC.

Taranaki Daily News, 29 October 1921, Page 10

SPENT ON MUSIC.

SIR THOMAS BEECHAM’S FORTUNE. ALLOWANCE OF £20,000 A YEAR TO CONTINUE. Told that Sir Thomas Beecham had spent a fortune in advancing music in England, Mr. Justice Eve blandly asked: ‘•What good does that ever do anybody?” ‘ That is a question on*which opinions will differ,” replied Mr. Huntley Jenkins. K.C. “There are many people who '■bject to lawyers.” The dialogue occurred in the Chancery Court, where the trustees of the estate of the late Sir Joseph Beecham asked if they should continue the payment of the agreed allowance of £20,000 a year to his eldest son, Sir Thomas, pending ihe conclusion of bankruptcy proceedngs which have been commenced against lim. They sought the guidance of the 'curt in the matter, because they .were n doubt as to whether, in view of the

eceiv : ng order m-J.de against Sir Thomas, his allowance could legally be continued. At the opening of the proceedings Mr. Huntly Jenkins, for the trustees, asked, chat the ease might be heard in camera, but Mr. Justice Eve declared that he -aw no reason to adopt that course.

Mr. Jenkins explained that the late Sir Joseph Beecham, who died in 1916, was the owner of the well-known business of Beecham’s Pills, which was—

Judge: Worth a guiifea a box. Mr. Jenkins continued that the business produced a very large income, but complications arose because shortly before his death testator had entered into a contract to purchase the Covent Garden estate for two millions. He paid a quarter of a million deposit, but then came the war and the death of Sir Joseph, and the existence of that scheme caused great difficulty. A scheme was then sanctioned by the Court which provided that, out of the profits of the business, there should be paid to Sir Thomas £20,000 a year, and to his brother, Mr. Henry Beecham, £15,000. In November, 1919, a receiving order in bankruptcy was made against Sir Thomas. No adjudications had yet been made and the examination of Sir Thomas had been adjourned till Octo : ber next. One could well see that it was not in the interests of the creditors that Sir Thomas should become bankrupt, but the trustees now desired the guidance of the Court as to whether, in view of the receiving order, •his allowance ought to he continued. The point that arose was that under the will there was a farreiture of Sir Thomas’ interests in the estate if any circumstances arose under which his dividends became vested in other persons, but no one could say that the mere making of -a reciviug order divested a man of his property. Of course, if an adjudication were made a forfeiture would occur. Counsel suggested that the trustees should be authorised to continue the allowance until the conclusion of the bankruptcy proceedings. There was evidence that by Qetpber there would bp a ically ell'ective scheme to get rid of the bankruptcy. Mr. Knowles Corrie, for Mr. Henry Beecham, expressed approval of the course suggested. Mr. Maughan, K.C., for Sir Thomas, stated that unfortunately he had neve*

been free from pecuniary difficulties since the death of his father. Those difficulties, however, had arisen not in any disgraceful way,*but by reason of. the fact that he had spent a fortune in advancing music in England. Sir Thomas had never had an opportunity of getting straight. As to his personal convenience and comfort, it would be greatly to his advantage to go bankrupt, and the .reasons he did not want to do so were entirely creditable to him. He was in a most favorable p&sition, having a life interest in a very fine business, and. therefore, it was to his credit that he did not seek to get out of hjs obligations. Informally the creditors had assented- to a scheme which involved the payment of twenty shillings in the £, and they had groat, hopes that by next Novenib? • everybody would be paid. Counsel thought that the course now proposed by the trustees was I the best under the eircumstanoe®. Mr. Justice Eve assented, and author* Uf lru»te9» Vow. th# ftUowaaw<