Loses 1600 pounds in a day, 1938

The Ottawa Journal, 18 Jun 1938

“Perfect Optimist” Loses L1,600 in a day

London – Walter Valentine Churchill Longman, 45 year-old ex-Major, walked out of the London Bankruptcy Court after his first meeting of creditors and said: “I am and always will be a perfect optimist.”

When Mr Churchill Longman was 31 and serving in the Regular Army in France – he inherited L20,000 from his father.

The war ended, and he received his first cheque. Within three years every penny had been lost in high living and gambling.

L70 Hotel Bills

“It was wonderful,” he said.  “My hotel bills were never less than L70 a week.

“In those days in the West End I was considered a fine fellow.  I was welcome at all the gambling parties.  I lost as much as L1600 in a night on the turn of the cards.”

“Night after night I played for high stakes, and got back to my rooms with the milk in time for a bath and a quick breakfast in the morning.  Then on to some fashionable gathering.

“I told the court that I had live a life of idleness for the past 15 years.  I have, I suppose, but all the same I have tried to obtain work.

Failed in 1925

Mr Churchill Longman had also told the Assistant Official Receiver, Mr CT Newman,” that for the past 13 years he had been living on an allowance of L300 a year from his family.

He admitted a previous failure in 1925, with liabilities of L5000 and assets of L57.

The Assistant Official Receiver made an application for an adjudication in bankruptcy.  Mr Churchill Longman opposed it, and said he hoped friends or relatives would settle his liabilities in full.

As he left Mr Churchill Longman said: “One of these days I shall be recognized again as a good spender.  So why worry now?”