Spent £7,500 A Year

Wanganui Chronicle, Volume 79, Issue 306, 31 December 1935, Page 10

Spent £7,500 A Year

LONDON, Nov. 23. A young man, who had an allowance jl £6OO a year, then inherited £7,00b, • nt it all in a year and was reduced to i.ving on the Embankment, was at Lonbjn Bankruptcy Court this week granted his discharge from bankruptcy. He is John Mandeville Wilmot, formerly of Northumberland Avenue, W.C. His unsecured debts in 1926 were £1,200 and the assets realised £5. The Official Receiver said that Mr Wilmot had stated that between 1923 (when he was -JO) and his father’s death in 1925 he received an allowance, at first of £5OO and afterwards £6OO a year. Under hs father’s will be re-

ceived £7,50b in securities, which he realised and used for extravagant living at expensive hotels aud night clubs, gambling and motor racing.. By April, 1926, he had spent the whole of the money and was owing £9OO. He then resorted to moneylenders. Mr H. 11. Maddocks said that Mr Wilmot had suffered from ill-health all his life. When he had spent the money inherited under his father’s will he was for a time living on the Embankment and positively starving. He was now employed, however, as a toy designer. The Registrar said it was a sad cast and Mr Wilmot had received his lesson.