Sir Stafford Cripps, K.C.. who appeared for Capt. Cunningham-Reid, had not finished his opening speech when the Court rose. He said that:
The wife, married at 20, when a ward in Chancery, had a comparatively small allowance; but after marriage, an income of between £70,000 and £90,000; and that, accordingly, the husband provided most of the money for her trousseau, and paid for her wedding present to him, The wife, said Sir Stafford, was "very much in love with her husband," and, during the honeymoon in the South of France, discussed with him what she could do to provide him with an independent income. economic structure.
From then onward to 1929 were years of increasing depression, despite—the mild Securities boom of 1928, When the world crash came in 1929, England was badly affected, but far more through the fall in commodity prices than through that excessive indebtedness which characterized the Canadian and United States' situations.
No such condition of over-indebtedness existed in England, for the nation is one of savers first and spenders later, and is not given to anticipation and drawing drafts on the future as is North America.
Three things released Great Britain from the depression. One was the abandonment of ihe old gold standard, the second (and not the least powerful) was the conversion of two billion pounds of War Loa from a 5% to a 3%% footing and the third was the imposition of a general tariff. The first had the effect of writing down the debts which her customer countries owed to England. the second lightened the burden of the National. Debt, the third protected home industries from the distress She suggested that any savings she made out of their joint income should become the husband's property, and should be invested by him to build up à capital sum.
A joint account was opened at Lloyds Bank, and either the husband or the wife could' sign cheques on that account.
£19,000 House Counsel mentioned that their Brook-street house cost £19.65 and its furniture £19,351.
Sir Stafford went on to say that, in one form or another, money drawn from the joint account by the husband totalled—£282000, and money paid into that account by the husband to £175000. The difference of some £107,000 is the money the wife is now claiming.
A motor-boat, the Lizard, built in Paris and delivered to the husband and wife in the Mediterranean, was also mentioned. This was said to id have cost more than £1,000.
Sir Stafford stated that on Dec. 2
1936, Mrs. Cunningham-Reid left her husband and had since refused. to return. selling by foreign countries:
Exchange Equalization Fund
Text read from the printed page and cleaned; old type leaves the occasional error.