AUTHOR’S DEBTS

Taranaki Daily News, 8 June 1932, Page 7

AUTHOR’S DEBTS

LATE MR. EDGAR WALLACE.

EXAMINATION OF ESTATE,

Papers relating to the estate of the late Mr. Edgar Wallace, who died in Hollywood on February 10, were lodged, for examination for probate last month. The figures declared were: Debts, about £81,000; assets, £1'8,000; personal . estate nil. The affidavit is subject to correction when more is known about the assets, the present figure not taking into account Mr. Wallace’s film work earnings during his stay in Hollywood, which ended so tragically. Mr. Wallace’s will is dated October 14, 1926, aiid was typewritten, on 'both sides of a single sheet of notepaper. In it he appoints Mrs. Wallace as sole executor and trustee. A legacy of £2OOO, free of duty, is left to= Mrs. Wallqce, and one of £lOOO to each of his four children. AU copyrights of literary, film and other properties are bequeathed-as follows: Three-sevenths; of the. proceeds of such rights to Mrs. Wallace and one seventh to each -of the children.. The remainder of the estate, including all household and personal properties, is left to Mrs. Wallace. . The will is witnessed by Mr. ( K; J. Curtis, Mr. Wallace’s personal secretary, and Mr. B. J, Feeney, his chaffeiir.. Mrs. Wallace gave a remarkably, frank explanation of the large amount of debt 3 left by her husband. “It would be idle to beat about the bush on the matter,, she said. “This figure of £51,000 represents two main things; heavy racing losses and the fact that in recent years we had been living, well above our in“I suppose it was inevitable that, with my husband finding himself in the midst of more and more public activities—the stage, films, racing and so on—he should begin to lose a sense of proportion. It became necessary to entertain on a lavish scale—we used to .give big. parties which were right abovp the means represented by his income—and, generally, Edgar was spending right and left as though it were certain that, the big sums' 5 he was earning for a time from his theatrical activities could go on i automatically for ever. ■ “In addition to the maisonette we had in Portland Place, he bought for me in 1928 a country house with large grounds in Bourne End. He spent about £24,000 on this house, Chalklands, including the alterations and additions to the building. . .“That country house—which I have not been able to bear living in since his death—is to be sold by auction next month, together with the racing stui which he was so enthusiastically biuldino- up. Edgar, expended more , and more money on this stud; he kept on paying that ‘in time he would get 'back the money with a handsome profit. In the same way, he was always so terribly optimistic about his racing bets generally —with the result that he must have lost a fortune. , . . “It is quite wrong, in fact, to imagine that he lost over his stage activities;, actually, he made a very great deal from this source—but it all went on racing and extravagant living. In addition, he was terribly generous, and had gradually collected a group of virtual pensioners for whom he made himself responsible. “Just after my husband’s death, it was announced that he had taken out a short-time life policy for a substantial sum before leaving for Hollywood. That is true, but the policy was on behalf ofthe British Lion Film Company, in which he was a large shareholder, and not a penny of that sum belongs to me. “At the moment I have no idea what is ooing to be done about these debts. Meanwhile, 1 am continuing to manage Wyndham’s Theatre (of which Mr. v\ al-' lace acquired a seven-years lease last year), and. it is something to be thankful for' that his last play, ‘The Green Pack,’ is proving a solid success.”