1939-03-14 — Page 3

Tuesday,

HONGKONG TELEGRAPH

HOW BRITAIN'S RICHEST MAN HANDLES HIS VAST WEALTH

Four Experts Form A "Brains Trust"

THE DEATH RECENTLY OF SIR WILLIAM COX, WHO MANAGED A CONSIDER- ABLE PART OF SIR JOHN ELLERMAN'S MILLIONS AND WAS HIS CLOSEST ADVISER, WILL MARK A TURNING-POINT-IN THE LIFE OF THE RICHEST MAN IN BRITAIN, :

No one man will ever be appointed again to share with Sir John all the secrets of the Ellerman fortune.

Sir John has now decided to mahage his own financial affairs. His decision to do so is particularly important because in a few years' time he will become master for the first time since his father's death in 1933 of the full interest yield by the entire Ellerman posses- sions.

Under his father's will the full fortune only comes to him when he reaches the thirties,

NEW CHAPTER

In the five years since 1933 a new) chapter has been added to this most remarkable of all the great British fortunes.

has resulted in a rise to a total at} present of something in the region of £80,000,000.

March 14, 1939.

Seiberling Jr.

Toledo, D.

Frank Seiberling, Jr., selon of the Akron rubber" magnato," har þleyaled [phie-way, through gel bentros" of Eu- rope and into a job as an assistant to |the director of Toleda Museum of

Art.

Group photograph taken of the Chinese Engineering Society the St. Francis' Hotel recently—Royal Studio.

At this figure it is by far the tertuins on a scale he never attempt- greatest fortune in Britain, and pro-ed before.

When the late Sir John Ellerman bably in Europe. There are indeed The attachment between the old died his millions were mainly in few fortunes in the world that equal man and the young one was very shipping, real estate, brewery and; it.

close. When Sir William died sud- newspaper shares. But in addition When Sir John Ellerman Inherited denly in Nottingham last month. Where were vast interests in scores the fortune on his father's death his Sir John hurried there by motor car. of industrial companies, and huge Bnancial education had barely begun. He felt a great personal grief and sums of cash in the banks which had That was where the importance of himself arranged for the body to be been

accumulated against death Sir William Cox loy.

brought back by rend.' He followed duties.

Sir William, who had risen from behind in another car. I took three years to complete a minor part in the Ellerman or-

Sir John now intends to de the tally of the estate, but in the ganisation to 1

Icgate position of great

Bome

Str of

William's end it was sworn at 236,884,000. power, quickly won the confidence powers to one or two men he can

This

an abnormally low of the shy her whom he had known estimate due to the fact that Sir John since babyhood.

Was

had died in the course of the slumpi Sir John learned to lean on the period when values were low, sound advice and great experience of

At one perlod a few years earlier Cox. He was able to retire Sir John himself valued his quiet privacy.

estate at the colossal

£71,000,000.

Azure

of

COMING OUT

Into

trust.

One of these is likely to be thirty- six-year-old Mr. Raphael de Sola, his brother-in-law. Mr. de Soin is a financier, with shipping interests both in this country and In India, He has alrendy handled some of the Ellerman investments.

Death duties of £10,000,000 were During the last year or twe, how- The complicated control of the paid, which left the present Sir John ever, he has begun to come more Ellerman millions has Dever been Ellerman, then shout twenty-four out of his shell. He is now visiting clearly understood by the generat yers of age, with a starting fortune more frequently the offices in Moor- pubile. It may be intereting if 1 of £18,000,000.

gate, from where the principal Eller- cicur up some of the misunderstand- Binoo Iben there has been an man concerns are dirceled. Further Ings. astonishing rise in values which, evidence that he intension in lead, the When the Inte Sir John Ellerman alded by the fact that Sir John life of a millionaire was his Dur made his will

deman inst year of 20, Kensington trustees who were to manage the Ellerman 'lives very frugally and chase leaves his wealth to pecumulate, Puince-gardens. There he now en-estate until his son was over thirty.

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These trustees are young Sir John trustees. If Sir John manages them himself, Mr. Frederick George Burt as part of his personal affairs he (the late Sir John's confidential will do so without taking any pificial secretary), und the Debenture managing directorships, Securities Investment Trust Com- pany, Ltd., of which eighty-two- year-old Sir Miles Mattinson, K.C., is chairman. Sir Miles is considered the greatest trust expert in the City of London.

cher man in Britain.

Certain recent favestments in newspaper shares made by Bir John apparently on the advice of Sir William Cox, have not boen too happy. -One block of shares, have fallen to nearly one-sixth of the value at which he bought thent.

A fourth name should really be added to the trusteeship. This 18 Mr. Hubert Stanley, Holden, manog-

It is probable that when Sir John ing director of the Ellerman Lines, has a fuller income at bis command the great Ellerman shipping he will allow large sums to accumu- Ltd., expert and the man who has more Inte in the banks, as his father did. shipping responsibilities then any The first Sir John laid the founda- Sir Mules Mattinson, Mr. Burt and tons of his colossal fortune by own- Mr. Holden are the only directors ng ships, Shipping is still the most of the Ellerman of the Debenture Securities Invest Valuable branch

Interests. ment Trust. These three men, with Sir William Cox; formed the Lines controlled by the Ellerman inner "brains trust" of the Ellerman milions have 700,000 tons at sea, the campanles.

largest shipping combine in this The will directed that any matter country. Sir John owns 104 large of importance in relation to the ocean-going steamers in one Eller- Elermon estate in its entirety was man company alone, to be dealt with by the trustees.

As an instance, of his scoring “Betwéch ̈ ̈TWO`MINE" So

want the profit carned by Eller-

Lines; pounds were handed over for Sir C1.177,006. That was as John's personal use immediately inore than in 1936, and the 1936 pro- on his father's death. He has had at was 23. per cent, more than the other large sums, amounting to year before that.

1937

about another £8,000,000, wipeT Sir John Ellerman, the master of then. The investment of most of this personal fortune of £6.000.000 the sixty million fortune, is now was one of the duties of Sir W- twenty-nine,

Ham, Cox,

The will "trust" is distinct from the Ellerman Property Trust. Near-

ly all the share capital of the Pro-

SAFE CAB DRIVERS

SAN FRANCISCO,

perty Trust company belongs to the Seven taxicab drivers of this city estate which the "will trustees" con- were presented with gold watches Iral. In addition, other large real for having driven 700,000 miles in estate possessions are also controlled five years without incurring even a by the trustees, although Str William Cox managed many of them.

SIR JOHN'S PART· The management of these estates will not have to be considered by the

scratched fender or dent in

their while machines. However,

taking full credit for their own driving, they admitted that luck alone had bably saved their machines.

Curate in Train Smash

Missed His Wedding

pro

ON the way to Eastbourne for his wedding, the Rev. Edwin Stratton, curate at St. Matthew's, Wolverhampton, scrambled from the wreckage in the Hatfield train smash recently and endeavoured to get to London by coach.

At Potters Bar he collapsed and was taken to the Cottage Hospital, where he was detained for observation."

It is suspected that Mr. Stratton,, man to go to Potters Bor. whose home is in Biggleswade, has internal injuries..

'BRIDE'S

DASH

"We were able to advise the vicar:

of St. Michael's, but a number of guests arrived at the church. Fina- His bride-to-be, Miss Elsie God-ing no one there they came on here. dard, of Gore Park Road, Eastbourne, to find out the cause. dashed to the hospital from East- bourne when she heard the news.

They were to have been married he was delayed by n train accident at St. Michael's Church, Eastbourne, and would be coming next day.

Miss Goddard, formerly an assist-

After Elsie had gone a telegram

came from Mr. Stratton' saying that

DO FISH SLEEP?

"We are genuinely sorry for our goldfish.

He has nowhere to lie down, except on the hard glass floor of his little bowl. And he yawns all day long, as if oven the trispeat ant's egg would bore him to learn,

The and great advantage of being a fish is that a fish has no hips. How cruel, to one's hips is an unyielding mditresgl

The Trout that wouldn'í - riso,'

CAN YOU

SLEEP

AT

NIGHT?

YOU WILL, IF YOU USE THE

“EVENREST”

with STAYOUNG'S

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MATTRESS

INNER-SPRING UNIT Price$8950

Iadian Fakir protesting against subsiliute for an “EVENREST" Maitress,

Whiteaway, Laidlaw & C

at

Ltd.

REPULSE BAY Hotel

Geo. Pio-Ulski's String Quintette

every SUNDAY for Tiffin 1. p.m. to 2.30 p.m.

Fred Carpio's Dance Orchestra

overy WEDNESDAY for Dinner

p.m. to 1 a.m.

A la Carte & Table d'Hote:

Mr. Stratton was standing in the THE HONG KONG & SHANGHAI HOTELS, LTD.

was corridor of the wrecked coach when

the <>sh occurred,

ant in an Eastbourne store, dressing for the wedding when telegram came from Potters Bar Hospital,

JUMPED OVER FENCE

He was thrown flat in the corridor She collapsed with the shock," and probably this saved his life, be- her mother said. "When she reenuse both sides of the carriage covered she hastily dressed and were caved in, and he was left just dashed off in a taxi with the best a small aperture through which he

was able to crawl out.

He ran from the track; scrambled

a wire fence

The Lambeth Walk up the steep enow-covered bank of

go the cutting, Jumped over Passes Bath Test and boarded a passing motor-concis

to

bound for London.

PEPSODENT

TOOTH PASTE

THE Lambeth Walk was "tiled" ot|

"He told me," said Captain John. the historie Assembly Rooms, Bath, Metcalfe, a passenger in the train, recently and won.

"that he reckoned he would not be It had been banned by the chair- very late for his wedding. man

of the entertainments, stab committee, Alderman Bateman, without this knowledge and authority of other members, and the decision was resented. A

The committee, in deference public opinion and ridicule, revoked the basi

150,000 SPENT JAMES Experts, including the makers of the spring floor, attended a darice in the Assembly Rooms to see whether; damage to the rooms, diswhich £60,0 000-was recently@ament, was chuired "by the dance classe

They stated that the crazK, IN 114. plaster, was hot caused byƐ zun vibration ns. result of the Lamb Walk

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