New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-10-28
"MALE PIN-MONEY."
CAPTAIN McCALMONT'S GREAT FORTUNE

A RUSSIAN IS THE RICHEST MAN in THE WoKLD-
THE TREMENDOUS CHARGES ON ENGLISH
Observation-Disclosures ESTATES IN
GERMANY AND AUsTRIA-Pov-
ERTY IN FRANCE.
In order TO appreciate the sensation which has
heen created throughout the length and breadth
Of the British Empire by the news OF Captain
McCamont's entry into possession just three
weeks ago Of the 500 900 bequeathed to him
seven years ago by his uncle Hugh. the Lom-
bard-st. banker and stockbroker. 1t is necessary
70 take into consideration the fact that this vast
suu OF money comes to him absolutely unfettered
and without, any charge whatsoever upon it. 1t
Is 10 all intents and purposes pocket money
mr. AS the Duke of Devonshire calls ii. male
n,n-money"-free for him to dispose Of in what
soaver manner-short of crmnal-that he may
see 1T As such it is absolutely unique in the
United Kingdom. and the case OF Captain NC
Calmont is without parallel among his country
men, True, several OF the latter. indeed quite
respectable number. have fortunes that are con-
.iderably larger, such as for instaAce the DUKES
o. Westminster. Dcvonshire, Bedford, Nor1olk
and Buccleuch; Lords Derby. Butte Cadosah
and Bath. But their possessions are encumpered
BY heavy charges Of one kind and another Which
leave them each year with an astohlshihsS
small sum OF money Al tnelr UNI "i""N"N $3.50
posal The majority of these English fortunes
are in land. Even when they have been ac-
ouired by trade and industry. such as those or
Lord Hillingdon the banker: Lord lveagh. the
brewer and Lord Masham. the manufacturer
and inventor of cotton-spinning machinery they
ALWAYS end by being invested in real estate and
then become subject 10 the inevitable charges
upon the same. What these charges are was
pointed ont by no less a person than the Duke
NJ Devonshre during tn. debate in the House of
Lords upon the new death duties They in
clude interest mortgages cost OF manage
ment expenditure on estates. cost of new build
ings and Of repairs to Old ones. allowances ana
remissions of rents to tenants. the cost of main
tanning roads and hedges. keeping up number
OF country seats. looking after the poor on the
estates payment of annuities and jointures to
relatives Of one kind and another, pensions 10
old servants and retainers. and the provision re-
ouisite for the younger childrens' future Nor
is this expenditure upon the estate OF an aito-
gether voluntary character or prompted oy sell
interest. since if the occupant fails TO keep the
nronertv in good repair and condition the heir
presumptive TO the entailed portion Thereon can
force him by legal process 10 devote each year
certain proportion of his income TO that partcu-
lar use Then. too. there is the turf. which is 10
sucb an extent National institution that many
or the great EHSUSH telIltoiio' ii'oeh"NN' $780,
and untitled. feel convinced that they would be
wanting in their duty to their country If they
were not to devote both their time and their
money TO this particular form Of sport Few OF
the owners of English racing stables bet-not even
on their horses. being opposed 10 it on prin-
ciple-merey keeping racing stud because they
think IL necessary to live up TO the traditions OF
their ancestors. and TO fulfil what they believe
10 be their obligations as patriotic citizens ny
maintaining at no matter how great loss that
which they and their fathers before them have
always regarded as a. essentially hnsnsn ins'-
that is to say. the pocket money-may he gain
cred from the fact that have frequently heard
man with incomes Of over $500 000 year COM
nlsin bitterly that they did not have even $4,000
Of that sum which they could dispose Of as they
listed.
II is obvious that English millionaires whose
property is fettered by so many enforced
expenditures as those which have endeavored
briefly to enumerate. must regard with sentf-
ments of envy a man in the position OF captain
McCalmont. whose lot can Only be compared 10
that Of the immensely wealthy foreigners VINO
20 to England for the purpose of spending there
tho incomes which they derive abroad. that is
TO say incomes free from any charges IN Eng
land II is Russians in particular who have
ousv in London Like the English mllionaires'
those of the Cars dominions mostly derive
their revenues from landed property. " ME
the Briton however. devotes a large part 81 ms
gross income toward improving his possessions
and to the ameoration of the lot OF his tenants
in one way and another. the Russian on the
other hand. extracts every farthihg 'ha' ne
can from his property, and spends 1t upon MN
self the result being that agriculture IN RuSs'a
is going from bad TO worse, that formerly Ter
tile and productive estates have no" become
barren and impoverished and that, while the
peasantry are i'm a state of misery bordering on
famine the mobiles themselves have been ophsfu
10 mortgage or sell Their lands. ard are at the end
of their financial tether. OF course, there are
some exceptions. such as for instance Inc lou
soupoNs the Demidofs and the Scheremetefs
The wealth of the Demidofs is so vast that 1t
is beyond calculation and strangely enough
the fortune is Of relatively recent creation i's
founder having been country blacksmith III
the days of Peter the Great. IT was whl!e "aN-
cling in the Ural Mountains that the latter
broke one OF his most valuable English pistols
village smith mended il 80 quickly ana ="
well that the Gar was delighted ana asked 'he
mans name "DemidofY shall remember you,
said he as ne rode off. The poor man was be-
ginning to think that Peter had forgotten him
when there came an official document adorhcd
with the Imperial seal. granting him the Tree
hold Of great tract Of Crown land In the heieh-
borhood Of the village. Demidoff went 10 ""rh
on hts nav nrorarty and found there mex
haus,ible mines OF iron. silver and malachite'
Young Elm Demidoff-he does not bear IN
Russia the Italian title Of Prince generally pre-
fixed To his name by foreigners-is AT the pres
ent moment the richest man in the world Prin-
cess Yousoupoff with her great turquoise mines
coming next in rank Fortunately, both OF them
ara mo-. ,roo h.,dad and generous than their