BANKRUPTCY OF MARQUESS

Taranaki Daily News, 21 November 1930, Page 7

BANKRUPTCY OF MARQUESS

ASSOCIATION WITH HATRY. ENORMOUS LOSSES SUSTAINED. By Telegraph—Press Assn.—Copyright. London, Nov. 19. Liabilities due to his association with the Hatry companies are stated to be the cause of the insolvency of the Marquess of Winchester, whose liabilities total £462,000. There is expected to be £286,000 in the assets. The official receiver said the Marquess became associated with Hatry in 1926. He was chairman of four companies and attributed his insolvency to liabilities incurred on behalf of the Austin Friars Trust, for which he had been raising large sums, although the shares had always been valueless. Third parties, including banks, were claiming between £200,000 and £300,000 on securities which Hatry handed him. The Marqudss also borrowed £20,000 from money-lend-ers. He owed tradesmen £lOOO and was liable for Stock Exchange transactions to the extent of £70,000. His assets were £5OO in shares, a motor-car worth £3OO, endowment policies due shortly and his settled estate, in which he has a life interest. He had already mortgaged his income from directorships, which has been £BOOO. His expenditure averaged £4OOO to £5OOO yearly.