FORTY YEARS IN DEBT

Waipa Post, Volume 47, Issue 3359, 26 August 1933, Page 5

FORTY YEARS IN DEBT

PEER AND MONEYLENDERS. London, August 4. That he had not been out of the hands of moneylenders for 40 years was disclosed at the bankruptcy examination of Lord Rich Nevill, well known in Australia as private secretary to successive Governors of Victoria and Governors-General. The examination disclosed liabilities at £8525 and assets at £447. He received an allowance of £3OO to £4OO a year until his father died in 1915. His father, the Marquis of Abergavenny, bequeathed him the income from £IO,OOO and an annuity of £6OO, terminable on bankruptcy. The annuity eventually reached £ISOO. Relatives discharged his debts and he repaid them. He received £BOOO when his brother died in 1927, but all was absorbed in repaying loans. The moneylenders' interest varied from 50 to 100 per cent. His bankruptcy was ascribablc to this interest, in combination with extravagance. The bankrupt's income since 1930 was £4OOO, but interest and life insurance absorbed £3427.

He had offered a composition of 10s in the £, which was not acepted. Only one creditor, namely a moneylender, rejected an offer of 20s in the £, plus certain interest, in order to avoid bankruptcy.