ACCOUNTANTS' SOCIETY

Dominion, Volume 13, Issue 304, 17 September 1920, Page 3

ACCOUNTANTS' SOCIETY

A meeting of the Wellincton Acountant Students' Society was lielct on Wednesday evening, when Mr. Thomas Auton presided over n, large Attendance. The chairman took the opportunity of extending a welcome to the Public Trust Offico staff who were present at the invitation of the president, Mr. Ernest W. Hunt.- The principal business of the evening was a lecture on- "Accounts of Executors, Administrators, and Trustees/' delivered by Mr. J. h. Griffin, H.Com. The lecturer emphasised the growing importance of executorship accounts in the Dominion, and the necessity of a: sound knowledge of the law and principle governing 'these accounts. After outlining the general principles of the law relating to trusts. Mr. Griffin described tho books required to record the transaction met in general cases. lie then gave a lucid exposition of the principles of apportionment as thov affected both the .capital of the estate and the income of the life tenant. Mr. Griffin enhanced the vahib if his lecture by illustrating tho accounting principles enunciated h\- the leading legal cases decided in the Knglish and Xcw Zealand Court?. He then dealt with cases of.cash rcce'pU that were not apportionable, with particular application to interim dividends and bonus shares. Tho lecturer outlined tho principles governing capita! and income in connection with farm estates, nr.d cited the leading Australian and New Zealand cases decided on this intricate subject. After, dealing at length with tho question of commission pnynblo to a trustee and the incidence of oßtnte and succession dutv, he urged the necessity of applying to tho Courts for a direction where large amounts were involved and doubt existed as to Its correct distribution. Mr. Griffin was accorded a hearty vote of thanks.