YATES WILL CASE.

Dominion, Volume 6, Issue 1774, 12 June 1913, Page 5

YATES WILL CASE.

IFF AIRS OF: BIG GUM BUSINESS. (By Telegraph.-Pree3 Association,! Auckland, June 11. Sir. Justice Cooper delivered judgment this morning in the case of G. T. Yates and A. R. Crane against G. T. Yates and others. This was an application for an originating summons for a declaratory order determining certain questions arising upon the construction of the will of Annie Yates, late of Parengarenga. The judgment was very lengthy; _ It stated that the only question upon which there was any controversy was whether the trustees were entitled to £2 10s. per centum upon tho gross receipts and takings in connection with the sale of stores and of gum In the business, before any deduction was made' either for. the cost price of stores and gum to the trustees or for working and general expenses. The answer, his Honour 6aid, depended upon a reasonable construction of the clause providing that the trustees "shall be entitled to a commission of £2 10s. por centum upon all of the gross'income of my estate received by them." His, Honour was of opinion' that "gross income" did not mean "gross receipts," but gross gain resulting from the business and gross income from the rest of the estate without deducting the expenses of management of the estate, or of tho business or any of the general expenses of the estate or business. '"The term income means," said his Honour (as applied to commercial brsiness) "profits made in that business— balance of gain over loss." The cost price of the stores and gum must be deducted before the gross incomo from the store and gum business was ascertained. The baldnce was the gross income of the business. Working and general expenses were S.ot to be deducted.