£6,000,000 Exchequer Provision in
£17,000,000 Will of Sir J. Ellerman

DETAILS are published to-day of the will
of Sir John Ellerman, the famous ship-
owner, who left £17,224,425, "so far as at
present can be ascertained."

The death duty already paid exceeds
£8,600,000.

The total figure does not include any of the
vast interests Sir John held in the shipping
industry, the brewery industry, in trust com-
panies and other enterprises.

In a codicil to his will Sir John increases
a number of bequests made to his family and
a number of employees. He states his reason
for doing this that the country went off the
Gold Standard after he made the original be-
quests and he did not want his beneficiaries
to suffer as a result.

The estate is believed to be the biggest that
the Inland Revenue Authorities have ever had
to deal with. It is expected that the final
total will amount to about £30,000,000, and
that estate duty of £15,000,000 will have to
be paid.

Sir John died at Dieppe, France, on July 16,
aged 71.

Probate of his will, dated June 3, 1930, with
a codicil of February 28 last, has been granted
to his son, Sir John Reeves Ellerman, Bart.,
and Frederick George Burt, secretary.

He left:

£15,000 to the Special Fund created by Eller-
man Lines outside the business to meet
necessitous cases.

£3500 and an annuity whilst acting of £400
to Frederick George Burt, as executor.

He stated that he had already provided more
or less liquid resources (in bank deposit and
Victory and other Government bonds) of the
value of some six millions for the payment of
 Estate Duty.

A sum of £600,000 goes to his son Sir John
Ellerman absolutely, and £2,000,000 on trust
for him and his issue; £600,000 absolutely and
£600,000 on trust for his daughter Annie
Winifred MacPherson; and to his widow he
left £150,000 and a life annuity of £30,000 free
of tax, the use for life of his household and
personal effects (with remainder to his son
John), and the use for life of his London
house (with remainder to his residuary estate);

## Requests to Nephews

He left £750 to Sir Miles Walker Mattinson,
£7500 and an annuity of £1000 to his sister Ida
Mary Butlin, or, should she predecease her hus-
band, then to her husband John Francis But-
lin, he left £7500; £7500 and a life annuity of
£1000 to his sister, Emily Mary Todd; £14,687

The New Baronet

Sir John Ellerman

on trust for his niece Ida Mary Cox with re-
mainder as she may appoint.

Other bequests are:

£15,625 on trust for his nephew Arthur Todd
and his issue, and a life annuity of £400 to his
said nephew; £15,000 on trust for his nephew
John Todd and his wife and issue;

£6125 on trust for his niece Constance
Coltman;

£7500 on trust for his niece Gladys Todd
and her issue;

£2500 to his friend Thoby Prinsep;

£1250 to John Francis Butlin;

£625 each to R. McAlmon, A. Woolley Hart,
Kenneth McPherson and William Graham;

£500 to Mrs. Irwin;

£1437 10s. each to his butler A. Paton and
his chauffeurs W. Watson and J. Steer.

Fifteen months' wages to each domestic
servant of three years' service and not under
notice.

£1500 to King Edward's Hospital Fund for
London.

£1500 to the Westminster Hospital.

£1000 each to the London Hospital, the
Cancer Hospital and the Middlesex Hospital.

£500 to Charing Cross Hospital.

## For His Staff

The following bequests are made to employees
of Ellerman Lines and subsidiary companies:

£2500 to H. H. Heron.

£1875 to J. B. Jackson.

£1750 to Hubert S. Holden.

£1250 each to J. R. Mann and Frederick H.
Southern.

£875 to William Hinchliffe.

£500 each to William S. Workman and William
G. Westcott.

£625 each to Aubrey Lloyd, Arthur Cooper,
John McInnes and Leonard C. Harris.

£437 10s. each to Edward Morgan, James
McGregor and George Workman.

£312 10s. each to Ernest E. Anson, Percy
Bucknall, Captain Scarf and W. Murray.

£250 to John W. Bayley.

The following bequests go to members of his

(Continued on BACK PAGE.)

PRESERVATION PHOTOCOPY: ORIGINAL MATERIAL IS RESTRICTED

O-DAY'S SELECT

WEDNESDAY, The Daily Mail

SIR JOHN ELLERMAN'S BIG GIFTS

18,000-WORDS WILL

PRIVATE LOANS FORGIVEN

£500,000 To Fulfil Obligations

THE DAILY MAIL is to-day
able to give further particu-
lers of the will of the late Sir
John Ellerman.

Yesterday we exclusively an-
bounced that his estate has been
moved, "so far as can at present
ascertained," at £17,224,425
gave details of his bequests.
The will, dated June 3, 1930, is
obably the most remarkable
cument in the archives of
merse House.

Apart from the fact that it
disposes of the largest estate—
it will be something like
£30,000,000—ever dealt with in
this country, it is one of the
most lengthy wills in existence,
consisting of well over 200

years of his life he was apparently
mindful of the havoc the payment of
death duties would create, and he made
his plans accordingly.

He enjoins his trustees to "endea-
vour with all speed after my death to
make a valuation of my estate for the
purpose of the payment of such
duties" and "for such payment I have
provided and retained more or less
liquid resources easily converted into
cash, including Victory and other
Government bonds, and bank deposits
of some six million sterling."

How the trustees have carried out
that injunction is a matter of wonder
in legal circles. Sir John died at
Dieppe on July 16; in well under a
month, notwithstanding the magni-
tude of their task, the executors
have obtained probate and have paid
more than £8,600,000 on the value
of the assets "so far as can at pre-
sent be ascertained."

When all the assets have been ascer-

afloat or ashore, who have been in the
employment of the lines for 14 years.

Then, after two years, the trustees
are to establish a fund of £12,500 for
the benefit of necessitous persons for-
merly employed in the shipping lines,
and their widows and dependents.

There are many clauses of the will
devoted to advice and instruction to
the trustees and others as to how the

THE LATE SIR JOHN ELLERMAN.

with the ultimate disposal of
due of the estate. He has envi-
contingency which is extrem
likely to arise, for a number of
tive trusts concerning the preser-
net and his issue, Sir John's d
and her issue, and others are 1
be fully operative.

But if these trusts fail, then ti-
tees will have to create a fund
terest on which they will distri-
named proportions to the trus
to the Royal Academy, who are c
to apply a certain proportion
money received by them to t
chase of British and Dominion p
and statuary, and the remainder
purchase of contemporary forei-
tures.

OFFICERS' PENSION

Another portion of the inter
this fund is to be used to estal
further fund for pensions for
officers, and widows of officers,
Ellerman Lines and associated
panies; a third portion is to go to
Edward's Hospital Fund; and t
mainder is to be used for the ber
any charitable institution, pref
being given to such as will tend
provide for the better housing
poorer classes.

Any legatee who disputes the
visions of the will is to have
her legacy reduced to one-thir

By a codicil dated February 28,
Sir John increased the legacies
tioned in the will by from 25 to
cent., so as to equalise the posit
a result of Great Britain.

only the most remarkable
ent in the archives of
Set House.

Part from the fact that it
poses of the largest estate—
will be something like
100,000,000—ever dealt with in
country, it is one of the
lengthy wills in existence,
stating of well over 200
bate folios" containing
than 18,000 words.

There are 47 clauses with sub-
three sections with sub-
s; and a codicil. It is of
complexity that it has been neces-
compile an index, and this
is many folios.

Though couched in the usual
terms of "whereas" and
said," the will is actually a
human document, for it is
with such meticulous care
resight as to give a clue to the
of the man who rose from a
of moderate means to be-
Britain's richest man.

## STRICT PROBITY

This is one clause which, perhaps
in any other, demonstrates the
es of probity and sincerity
eminated Sir John Ellerman
helped immeasurably to make
he became.

This clause believed to be unique
documents. It gives to his
the present baronet and Mr.

George Burt—power to
within 15 years of his death a
exceeding £500,000 to enable

my moral obligation which I
have completed or provided
my death" or for
of compensation on account
not having completed any
agreement which would not
institute a contract," or to
to support any enterprise in
which may have embarked and
my trustees might not other-
justified in continuing by
of its hazardous or wasteful
er."

Using the disposal of his estate
(nothing too large or too
John to consider. All the

to bequeath to the trustees of
some six million sterling."

How the trustees have carried out
that injunction is a matter of wonder
in legal circles. Sir John died at
Dieppe on July 18; in well under a
month, notwithstanding the magni-
tude of their task, the executors
have obtained probate and have paid
more than £8,600,000 on the value
of the assets "so far as can at pre-
sent be ascertained."

When all the assets have been ascer-
tained there is a likelihood of a fur-
ther £7,000,000 or £8,000,000 becom-
ing payable.

## DEBTS CANCELLED

Because of these huge payments Sir
John has directed that no legacy
which exceeds £1,000 shall be paid
until the end of two years from the
time of his death.

With, as it were, a stroke of his
pen Sir John has empowered his
trustees in their discretion to forgo
untold sums. At the moment no one
knows exactly how much the shipping
magnate advanced privately to friends
and others to assist them over bad
times or to help them in an emergency.

By his will he has emphatically
ordered his trustees

"not to press for payment or return
of loans or interest thereon made by
me to individuals to help them," and
he empowers them in their discre-
tion to release any debtor they
choose.

Another clause enables the trustees
to give financial assistance to any
of Sir John's relatives or friends.

For his widow, his heir, his daughter,
and other relatives Sir John has, of
course, provided handsomely, and he
has also been mindful of those who
worked with and for him in helping to
build up the vast shipping and other
interests he controlled.

## ADVICE ON INVESTMENTS

There are immediate legacies to offi-
cers and others of the Ellerman Lines,
Ltd., and to certain members of the
office staff at Moorgate.

He makes the request to the direc-
tors of the Ellerman Lines and sub-
sidiary companies (Hall and City
Lines of Ellerman Lines, Ltd., the
Ellerman and Bucknall Steamship
Co., Ltd., the Westcott and Laur-
ence Line, and the Ellerman and Wil-
son Line) to pay one month's wages to
all officers and engineers, whether

There are many clauses of the will
devoted to advice and instruction to
the trustees and others as to how the
companies with which Sir John was
concerned are to be conducted, and
how future investments are to be
made.

For instance, the trustees, when
making investments in foreign rail-
ways, are restricted to investing in
companies which have paid dividends
on their ordinary stock for the last
seven years before the date of invest-
ment.

## ACADEMY CONTINGENCY

There are many other meticulous
directions, and in one clause Sir John
reminds his trustees that "during my
lifetime my aim has been to secure
that trust companies (managed by me)
should be worked on a basis on which
they can rely upon income received
from investments to pay dividends to
their members without recourse to
profit from extraneous sources," and
he directs that this principle shall be
maintained.

Naturally he was aware that his
death and the consequent distur-
bance of his assets might have a
prejudicial effect on the companies
with which he was associated, and
so he directs that his holdings in the
Moorgate Trust and the Audley
Trust are not to be sold for 12 years
at least, and the votes of the direc-
tors responsible to his estate are not
to be used to authorise the liquida-
tion or winding-up of these trusts.

As for his interests in the many other
companies—shipping, brewery, and
others—they are to be retained unless
his trustees unanimously consider it
desirable to sell.

Incidentally, the London General In-
vestment Trust, Ltd., become co-trus-
tees with the present baronet and Mr.
Burt after the duties of executorship
imposed on the two last named are
completed.

Sir John Ellerman's passion for de-
tail and his remarkable foresight are
disclosed in a clause in the will dealing

mainder is to be used for the benefit of
any charitable institution, preference
being given to such as will tend to an
provide for the better housing of the
poorer classes.

Any legatee who disputes the pro-
visions of the will is to have his o-
her legacy reduced to one-third.

By a codicil dated February 28, 1933:
Sir John increased the legacies men-
tioned in the will by from 25 to 50 per
cent., so as to equalise the position a
result of Great Britain going off the
gold standard.

## SIR JOHN'S BEQUESTS

Many of Sir John's bequests were
announced in The Daily Mail yester-
day. These included:

A legacy of £150,000 to Lad-
Ellerman and an annuity of £30,000
a year free of tax.

A legacy of £600,000 to Sir John's
daughter, and a further legacy of
£600,000 is left in trust for her.

A legacy of £600,000 to the presen-
t baronet, a trust legacy of £2,000,000
and the residue also in trust for him
Other bequests are:

£15,000 to the special fund created
by Ellerman Lines outside the business
to meet necessitous cases.

£3,500 and an annuity, while acting of
£400 to Frederick George Burt, as
executor.

£750 to Sir Miles Walker Mattinson.
£7,500 and an annuity of £1,000 to his
sister, Ida Mary Butlin, or should she
die before her husband, then to her
husband, John Francis Butlin, £7,500.

## NIECES AND NEPHEWS

£7,500 and a life annuity of £1,000
to his sister, Emily Mary Todd.

£14,687 on trust for his niece, Ida
Mary Cox, with remainder as she
may appoint.

£15,625 on trust for his nephew,
Arthur Todd, and his issue, and a
life annuity of £400 to his said
nephew.

£15,000 on trust for his nephew,
John Todd, and his wife and issue.

£6,125 on trust for his niece, Con-
stance Coltman.

£7,500 on trust for his niece, Gladys
Todd, and her issue.

£2,500 to his friend Thoby Prinsep.
£1,250 to John Francis Butlin.

£625 each to R. McAlmon, A. Wool-
ley Hart. Kenneth McPherson, and
William Graham.

£500 to Mrs. Irwin.

## SHIPPING STAFF GIFTS

The following bequests are made to
employees of Ellerman Lines and sub-
sidiary companies:—

£2,500 to H. H. Heron; £1,875 to
J. B. Jackson; £1,750 to Hubert S. Hol-
den; £1,250 each to J. R. Mann and
Frederick H. Southern; £875 to Wil-
liam Hinchcliffe; £500 each to William
S. Workman and William G. Westcott;
£625 each to Aubrey Lloyd, Arthur
Cooper, John McInnes, and Leonard
C. Harris; £437 10s. each to Edward
Morgan, James McGregor, and George
Workman; £312 10s. each to Ernest
E. Anson Percy Bucknall, Capt. Scarf,
and W. Murray; and £250 to John W.
Bayley.

The following bequests, plus 25 per
cent., are made to members of the
staff at 21, Moorgate, if of three years'
service and not under notice:—£1,500
to Col. William Cox; £750 each to
Henry C. Stedman and John W. Jones;
£500 to Percy A. Easterbrook; £400
each to George Marshall and Charles
F. Pratt; £300 to Roland J. Daw;
£200 to Leonard C. Hicks; and £150
to Fred C. Hitch.

Weather Forecast

16

ORIGINAL MATERIAL IS RESTRICTED
PRESERVATION PHOTOCOPY: ORIGINAL MATERIAL IS RESTRICTED

14

WEDNESDAY,

T

SIR J. ELLERMAN'S WILL

£17,000,000 BEQUESTS IN
26-PAGE DOCUMENT

£6,500 FOR LONDON HOSPITALS

£17,224,425!

This is the enormous fortune
left "so far as at present can be
ascertained" by Sir John Eller-
man, the shipowner, and Britain's
richest man, whose will has just
been proved.

This total does not include his
vast interests in various commer-
cial undertakings. It is expected
that the final total will amount to
£30,000,000, and that estate duty
of £15,000,000 will have to be
paid.

Death duties already paid exceed
£8,600,000.

In his will he stated that he had
already provided, in more or less
liquid resources-bank deposits and
Government bonds-of the value of
£6,000,000, for the payment of estate
duty.

MILLIONS FOR SON

His bequests include:-

£1,500 each to King Edward's Hospital Fund for London and the Westminster Hospital.

£1,000 each to the London, Cancer, &c., Middlesex Hospitals.

He gave £600,000 to his son Sir John Ellerman absolutely and £2,000,000 on trust for him and his issue; £600,000 absolutely and £600,000 on trust for his daughter Annie Winifred MacPherson; and to his widow he left £150,000 and a life annuity of £30,000 free of tax, the use for life of his household and personal effects (with remainder to his son John), and the use for life

of his London house (with remainder
to his residuary estate).

Other bequests included £750 to Sir Miles Walker Mattinson, £7,500 and an annuity of £1,000 to his sisterIda Mary Butlin, £7,500 and a life annuity of £1,000 to his sister Emily Mary Todd; £14,687 on trust for his niece Ida Mary Cox; £15,625 on trust for his nephew Arthur Todd and his issue, and a life annuity of £400 to his said nephew; £15,000 on trust for his nephew John Todd and his wife and issue; £6,125 on trust for his niece Constance Coltman; £7,500 on trust for his niece Gladys Todd and her issue; and £2,500 to his friend Theby Prinsep.

His butler and two chauffeurs each
receive £1,437 10s., and domestic ser-

vants of
three years'
service were
left fifteen
months'
wages.

Bequests
to business
employees
include
£2,500 to
H.H. Heron,
£1,875 to
J. B. Jackson,
£1,750 to Hubert
S. Holden,
£1,250 each
to J. R.
Mann and
F.H. South-
ern, and
£1,500 plus
25 per cent

to Colonel William Cox.

The companies were requested to
pay one month's wages plus 25 per
cent. to all officers and engineers
afloat and ashore, including clerks
and managers of fourteen years'
continuous service.

The new baronet
inhabits millions.

He directed his trustees in their
discretion and in consultation with
his shipping companies to make
contributions for shipping charities
and to make contributions to
bonuses formerly paid by him.

The residue of his property he left
to his son.

Any person contesting the will
will forfeit two-thirds of his or her
interest thereunder.

In a codicil Sir John increased a
number of bequests to his family
and employees to counteract any
fall in value after Britain went off
the gold standard.

The will takes up twenty-six
closely typed pages, and is so com-
prehensive that it has a special
index.

SIR T. LIPTON'S GIFTS

Sir Thomas Lipton, who died two
years ago, left a million pounds to
charity, although his estate
amounted to considerably less than
£2,000,000.

One hundred thousand pounds was
given to poor mothers of Glasgow
and their children, his house became
a hostel for nurses, and £20,000 was
set aside to endow it. The rest of
his gifts to charity were bequeathed
to eight different hospitals in Eng-
land and Scotland.

WOMAN'S £6,500 FOR
CHARITY

Miss Eleanor Miles Moss, of St. Modwens, Sefton Park Liverpool, whose estate was valued at £24,832, left £6,500 for various charitable purposes.

Details were also published yester-
day of the will of Mrs. Anne Maude
Bicker Simes, of Erthig-road, Wrex-
ham, Denbigh, who left £14,728.

Her bequests included £20 to a
blind piano tuner, and £2,000 in
trust, the income to be used for the
benefit of ten necessitous and de-
serving people aged sixty and up-
wards.

She gave the residue of her estate
in trust for her sister, Fanny Win-
ter Parry, for life, and then to a
number of charities.

PRESERVATION PHOTOCOPY: ORIGINAL MATERIAL IS RESPECT

Sir John Ellerman

The City received the news of the death of Sir John Reeve's Ellerman
last Monday with the deepest regret. Sir John had various interests
in the City. His principal connections were through the Ellerman
Lines, Limited, and the Ellerman's Wilson Line, Limited. It is possible,
however, that his everyday connections with the City were not so intimate
as in the case of certain other shipping magnates.

No pronounced effect has been produced on security values so far.
The probability exists, however, that several securities will be affected
over the next year or so, as, despite the belief that the position regarding
his investments had been skilfully arranged, some rearrangement may be
necessary to meet the very large death duties which will have to be
provided.

Sir John was chairman of Ellerman Lines, Limited, a company with
an issued capital of £2,180,000. He was also chairman of Ellerman's
Wilson Line with a capital of £2,000,000. He was connected with the
brewery trade as chairman of Hoare and Company, Limited, a concern
with an issued and paid up capital of £1,949,062.

Control of this company, however, was recently acquired by Char-
rington and Company, Limited, which concern offered for sale in May
this year £4,500,000 of 4 per cent. Redeemable Debenture stock in con-
nection with the deal. Out of the proceeds of that issue no less than
£2,923,593 was required to meet the cash portion of the purchase con-
sideration payable for shares of Hoare and Company, Limited.

In recent years, Sir John conducted a series of London property deals.
The Audley Trust, which Sir John controlled, purchased from Sir Howard
de Walden in 1925 some forty acres extending northwards from Oxford
Street to Euston Road, and eastwards from Oxford Circus and Regent
Street to Wells Street. Among other important deals was a purchase
from the trustees of the Earl of Ivagh of about eighty-two acres of
freehold land in South Kensington.

Sir John had other and important financial connections, and it is idle to
suggest at this juncture that no effect will be produced on City affairs
through his death.

THE late Sir John Ellerman, like many other millionaires, never knew how much money he was worth. To him its measurements were in Power.

Last week his will was published and his wealth was revealed at £36,684,000. To this it is expected that another £4,000,000 will have to be added, representing his interests in Canada and the United States, and bringing his total wealth up to nearly £41,000,000.

FORTY-ONE million pounds is almost as incomprehensible as infinity, except that it does have measurements.

The physical dimensions of the sum are amazing. It would take fifty strong men to carry it in £1 notes, for their weight —at the rate of £500 to 200zs. —is nearly five tons.

## Ladder 2½

### Miles High

These notes would completely fill a room 25ft. long, 11ft. wide, and 7ft. high, and you would still have 19 cubic feet of £1 notes left over, leaving you with £432,000 cash in hand.

If you laid them flat on the ground, side by side, you would cover an area of 128¼ acres, one-fifth of a square mile.

IF you laid them end to end, they would stretch nearly half-way round the 8,000 miles of Britain's coastline.

If you piled them one on top of another, you would need a ladder 2½ miles high to put the last note on the top. Your stack would be only 2,000 feet lower than Mont Blanc.

The Bank of England would take a month to print them, and it would take you two years to

make certain that nobody had cheated, counting at the rate of two £1 notes a second and working seven hours a day all week. If you took no time off at all, you would be busy counting day and night from January 1 to August 31.

If you gave your order to the Mint and they fulfilled it in pennies, it would take four experts thirty-five years to count them at the rate of four a second.

YOU could change your £41,000,000 into 179½ tons of gold. (If you tried to do this, of course, gold shares would boom, somebody would make plenty of profits, money would become cheaper, and your £41,000,000 wouldn't be what it was.)

## Locomotive Of Solid Gold

That much gold is nearly 19 per cent. of the whole world's gold production in one year. It represents 6,000 of the gold bars which are now busy passing from the banking vaults of one country to the vaults of another.

Those many gold bars would fill one-eighth of the space in 32ft.-long railway van—If the bars were

strong enough to support them.

It would need a powerful locomotive to haul them. "But, of course," said a Southern Railway official seriously, "we wouldn't think of sending that much gold by one train."

St. Paul's Cathedral would have a £41,000,000 dome if you could gold-plate it one-fifth of an inch thick, and 179½ tons of gold would build the heaviest locomotive in Britain in solid gold.

NOW let us try to spend it.

If you invested £41,000,000 at 5 per cent. a year—which would be hard to do because money would become cheap again—your income would be £2,050,000 a year, which is £39,423 a week, £5,631 a day, and £3 18s. a minute.

If you lived far beyond the rate of any normal person, at £1,000 a day, you would have £1,685,000 of the interest left over at the end of the year to reinvest. Reinvestments like these brought indigestion to many a millionaire, such as John D. Rockefeller sen.

Instead of reinvesting it, how

could you spend it on public good?

The rest of the world would buy a year's food bill of Britain, for the average food bill of Britain

The whole interest 9,855 necessitous far week each. It would be university scholarship year each, which means that the body would have to leges to accommodate holders.

## Present Of A New Bridge

This interest, too, new homes for 4,654 slum families, for the average six months of last year

It could pay the

## Just think for

£41,000

WITH £41 MILLIONS YOU COULD HAVE 7 QUEEN MARYS,

YOU COULD BUILD 33 WATERLOO BRIDGES

By
SYDNEY
MORRELL

ORIGINAL MATERIAL IS RESERVED. PRESERVATION PHOTOCOPY: ORIGINAL MATERIAL IS RESERVED.

RESTRICTED
ORIGINAL MATERIAL IS
PHOTOCOPY: ORIGINAL
PRESERVATION

less than £20,000,000. About
£14,000,000 has been paid.

Even at the present valuation of the
estate, Sir John died the richest Eng-
lishman of all time. Here are the
nearest to this gigantic fortune:

Sir David Yule (Anglo-
Indian merchant, who
died in 1928) ........... £25,000,000

Earl of Iveagh (head of
Guinness Brewery,
who died in 1927)..... £11,000,000

Sir George Wills (the
tobacco magnate, who
died in 1928) ........... £10,000,000

Sir Joseph Robinson (the
diamond magnate,
who died in 1929)..... £10,000,000

There have been several estates of
£4,000,000 and £5,000,000.

## Dwindled

It is claimed that there are larger
estates than Sir John's in America.
Rockefeller's fortune is talked of in
hundreds of millions of dollars.

It is generally believed that Sir John
was very much richer many years ago
before his assets depreciated some-
what.

Also it is estimated that Sir John
paid at least £20,000,000 in Income
Tax and Super Tax.

He spent only a small portion of his
colossal income, devoting the re-
mainder to his many investments. Sir
John actually lived very simply. His
hobby was his work and his work his
hobby.

Shipping was his main interest, but
he was concerned in various other in-
dustries and was also a great property
owner, particularly in the West End.

## His Heirs

Sir John was succeeded by his only
son, John Reeves Ellerman, at the age
of 24.

There is also a daughter, who was
married in 1927 to Mr. Kenneth Mac-
pherson, an author.

Fortunes were left to the son and
daughter and to the widow.

It is understood that, by a codicil
to the will, various legacies can be
increased at the discretion of the
trustees.

Bequests to employees of Ellerman
Lines and subsidiary companies were
from £2,500 to £200 with one month's
wages, plus 25 per cent., to all officers
and engineers afloat and ashore, in-
cluding clerks and managers, of 14
years continuous service.

## The Golden Touch

Sir John, who was called a
"financial wizard," did not start life
as a poor boy. He inherited £20,000,
set up in business as a chartered ac-
countant—and never looked back. It
is said that everything he "touched"
was a success.

Sir John's will, dated June 3, 1930,
was written in his own handwriting
on foolscap paper. It was a most
careful deposition of his millions.

is Sir John Ellerman. He possesses that rare and much coveted faculty of turning everything into gold to which he puts his hand—at least, if not actual shekels, a very useful dividend.

His latest venture was to buy a large chunk of those streets which lie between the Fulham-road and the King's-road, Chelsea, forming part of the Cadogan and Sloane-Stanley estates, so we may expect some interesting plans to be carried out there.

Sir John is a native of Hull, and started life as a chartered accountant, afterwards making a fortune in shipping.

He is now said to be the richest man in England, and a couple of years ago his capital was estimated at 40 millions.

I should imagine he is the only millionaire in the world who has only one house. I mean for personal habituation, for his purchase in Chelsea comprised six hundred houses.

Unlike many rich men, too, he is most unobtrusive in his ways, and has a great dislike for the limelight—and this despite his distinguished appearance, for he is a stately, bearded figure, not unlike the late King Edward.

As are most business men, however. He is extremely punctual, and if you want to catch a glimpse of him he can be seen leaving his house, No. 1, South Audley-street, every morning for the city and always comes home for lunch.

His motor-car, like himself, is quiet and somewhat melancholy, and so is his house, which has an atmosphere of other gloomy secrecy.

It is a comfortable establishment, despite the fact that its walls are almost concealed by pictures.

Sir John has no country house, but was for a brief period the owner of a castle.

This was Slains Castle, for centuries the stronghold of the Earls of Errol, standing on the edge of a rocky cliff on the wile and rugged coast of Aberdeenshire.

Perhaps this was even too quiet, for Sir John soon sold it and now pays occasional visits to Brighton.

His one real interest in life, outside business, is good food, good drink and equally good cigars.

Curiously enough, neither of his children take after him, but are both keen on writing.

John Ellerman, junior, has announced the fact that he has no intention of taking up a business career.

Although still in his teens he has published a book and wants, I believe, to be a doctor, while his sister,WINFRED, is an authoress, writing under the name of "Bryher," and the wife of Kenneth Macpherson, who edits a film magazine.

TOWN TALKER.

SIR JOHN ELDERMAN'S
£50,000,000

## BIGGEST BRITISH ESTATE

The estate of Sir John Ellerman, the shipowner, which has now been resworn at nearly £37,000,000, is the biggest the Inland Revenue Department has ever had to deal with.

This vast sum is exclusive of property abroad which, THE DAILY TELEGRAPH understands, amounts to approximately £4,000,000. It is also understood that further property has yet to be brought in for valuation before the estate is finally wound up.

Already £14,600,000 has been paid in death duties on the estate. Allowing for the income-tax and super-tax which Sir John paid in his lifetime, the country will have received more than £35,000,000 as the result of his genius and enterprise.

Details of Wills—Page 17.

## KING GEORGE'S FUND

A cheque for nearly £25 from members of the staff of the Imperial War Graves Commission, received yesterday at the Mansion House, brought the total of the King George V. National Memorial Fund to £250,000.

Lord Macmillan, chairman of the Memorial Fund Executive, said: "It is a happy augury that this should have occurred on the day of the great civic ceremonies of the City of London, when the Lord Mayor welcomes his successor."

Coronation Lord Mayor elected—Page 7.

Telegraph

Preis. an jenen Tagen, als die Verkaufspfanns
seines Außenministers und Schwieger-Johnes in
Berchtesgaden und München ihren Abschluss fand,
versammelte Mussolini nach zehnjähriger Be-


sungen Vorsitz und Nationalpolitismus vorn
zieht, als 1914, wo sie allzu sicher in den Para-
graphen des Dreibundvertrages offiziell ein-
balsamiert war!

Die 40 Millionen Pfund-Sterling des Mr. Ellerman.

Wie der reichste Mann Englands sein Vermögen machte.

Wie die britische Schatzverwaltung mitteilt, ist
der Wert der Hinterlassenschaften des Schiff-
magnaten Sir John Ellerman nunmehr endgült-
tig auf 40 684 000 Pfundsterling festgesetzt wor-
den. Davon fallen dem Staat als Erbstaftssteuer
20 Millionen Pfundsterling zu. Wie konnte ein
einzelner Mensch in seinem kurzen Leben ein sol-
ches Riesenvermögen aufbauen?

„Hör' mal, Ellerman ...“

Ellermans Bater war ein deutscher Konzulats-
beamter gewesen, seine Mutter die Tochter eines
kleinen englischen Buchhalters. Schon als kleiner
Junge bewies John Ellerman einen geradezu phan-
tastischen Sinn für Zahlen.

Als er bei irgend einer winzigen Firma in der
City als Clerk seine erste Stellung errungen und
dort seinen Mann gestanden hatte, lud ihn eines
Tages sein „Boß“ zu einem guten Essen ein und
verhieß ihm zum Schluß, er werde ihn zum Leiter
seines City-Geschäfts machen und ihm eine Gebalts-
erhöhung geben. Der junge John Ellerman ant-
wortete: „Mein lieber Boß — entweder nehmen
Sie mich zum Partner oder ich gehe!“

Für ihn: Millionen = Macht.

Der Bater hatte John Ellerman nur eine Hand-
voll Pfundsterling hinterlassen. Aber mit ihnen be-
gann er sein eigenes Geschäft aufzubauen. Der
Aufstieg kam über Nacht. Er kam so schnell, daß
John Ellerman zum Schluß selbst nie mehr wußte,
wie reich er eigentlich war.

Im Jahr 1925 schätzte man ihn inoffiziell auf
55 Millionen Pfundsterling und wußte, daß er im
Tag rund 3000 Pfundsterling verdiente. Die letzten
zehn Jahre brachten eine Menge Abwertungen.
Aber noch immer strömte John Ellerman jenes
Geld zu, das er nicht als Geld, sondern als Zeichen
der Macht an der Börse, in den Häfen, im Schiff-
fahrtsgeschäft und in der Reederei betrachtete.

Der Milliardär im kleinen Haus.

Ellerman war der reichste Mann Englands
geworden, aber er besaß nur ein kleines, ganz
bescheidenes Haus irgendwo in Mayfair. Aller-
dings nahm er gelegentlich einmal ein Schloß in
Schottland und ein Landhaus in Eastburne in
Zahlung, aber er behielt jene Besitztümer nicht
lange.

Für ihn gab es nur etwas Unangenehmes auf
der Welt: Verschwendung und große persönliche
Ausgaben. Wenn er einmal Ferien machte, dann
fuhr er auf einem seiner Lastschiffe als einfacher
Passagier hiniüber zur französischen Küste und
zurück. Dabei hätte er Jahre auf allen Meeren
umherfahren können, denn ihm gehörten zum
Schluß die besten und schönsten Schiffe, die damals
unter der englischen Flagge die Meere durchquer-
ten. Für sich selbst aber schaffte er nicht einmal

eine Jacht an. Ihm genügte die kleine Kabine auf
dem kleinsten seiner 300 Schiffe.

Sein größtes Geschäft gegen bar.

Eines Tages war er der Besitzer der Haupt-
anteile der Leyland Line. Er hatte gehört, daß die
International Mercantile Marine, an deren Spitze
J. P. Morgan stand, jene Leyland Line aufkaufen
wollte. Die beiden Magnaten begegneten sich. Eine
der berühmtesten Geschäftschlachten aller Zeiten
entbrannte. „J. P.“ bedrohte und beschimpfte Sir
John Ellerman, der eisern darauf bestand, das
Geschäft nur gegen bar zu machen. Ellerman behielt
recht. Morgan gab sich geschlagen und kritzelte auf
eines seiner berühmten Scheiblätter eine Ziffer,
die über mehrere Millionen Pfundsterling lautete.
Fünf Tage später hatte Ellerman mit dem Geld
drei neue Schiffahrtslinien aufgekauft.

Das kassierte und kassiert der Staat.

Wir erwähnten schon, daß das Vermögen des
Sir John Ellerman endgültig auf 40 684 000 Pfund-
sterling berechnet worden ist. Zu seinen Lebzeiten
hat er alles in allem 20 Millionen Pfundsterling
Einkommenssteuer bezahlt. Wenn jetzt von dem
hinterlassenen Riesenvermögen nochmals 20 Mil-
lionen Pfundsterling dem Staat zufallen, dann ist
dieser „Sir John“ für England rund 40 Millionen
Pfundsterling wert gewesen.

Ein englischer Mathematiker hat sich den Scherz
gemacht, zu berechnen, was man mit solchen 40
Millionen Pfundsterling anfangen könnte. In Ein-
Pfund-Roten brauchte man 50 der stärksten Män-
ner Englands, um dieses Geld in Bewegung zu
jagen. Die Banknoten würden einen Raum von
7,5 m Länge, 3,3 m Breite und 2,1 m Höhe aus-
füllen. Außerdem bliebe aber noch ein kleines
Handgeld von rund 400 000 Pfundsterling übrig,
das nicht mehr in jenen Raum hineinpaßte.

Ginge man dazu über, jene Ein-Pfund-Roten
übereinander zu legen, dann würde bis auf 600 m
jogar der Gipfel des Mont Blanc erreicht werden.
Die Bank von England hätte einen ganzen Monat
lang zu tun, um jene Noten zu drucken. Und wollte
man gar das Geld durchzählen, dann müßte man
bei einem siebenstündigen Arbeitstag zwei Jahre
lang ununterbrochen tätig sein oder in Tag- und
Rachtschichten vom 1. Januar bis zum 31. August
zählen.

In Gold umgewechselt, würden jene 40 Millionen
Pfundsterling 90 Prozent der gesamten Weltpro-
duktion darstellen. Die größte Lokomotive Englands
könnte massiv aus Gold konstruiert werden. Diese
Rechnungen könnte man unabschehbar weiterpin-
nen. Sir John hat sich nie die Mühe gemacht, der-
artigen Träumen nachzuhängen. Für ihn waren die
Millionen — Macht.