11 June 2008

Paying Your Debts -- Prince Charles

It is important to pay your debts. However, should you pay those debts with the interest that they have accrued over the period of time the debt remained outstanding. Perhaps not! Prince Charles has just paid off the 350-year old debt of his namesake King Charles II,

King Charles II incurred the debt in 1651 when he ordered uniforms for his troops who were to fight in the Battle of Worcester. The debt was with the Clothiers Company. The Company remains in operation to this day. The debt was for 450 pounds and 3 shillings.

Prince Charles handed over the cash to Philip Sawyer who is the High Commissioner of the Clothiers Company. If the interest was factored into the debt then the amount due and payable would have been in the vicinity of 47,500 pounds.


Polar Bear said...

I was issued with those trousers in 1984 :0

Rob Baiton said...

I thought you said you were 35!