DEATH DUTIES APPEAL

Dominion, Volume 37, Issue 16, 14 October 1943, Page 4

DEATH DUTIES APPEAL

Valuation Of Shares (By Telegraph.—Press Association.) CHRISTCHURCH, October 13. An appeal against the valuation placed on 2100 shares by the Commissioner or Stamp Duties for assessment of dea.a duties in the estate of the late Hugh Alonro, formerly managing director or the Canterbury Steam Shipping Company, was heard by Air. Justice Borth-. croft in the Supreme Court today. Lhe appellants claimed that st the time of Monro’s death the shares were valued at £5293/15/-, while the commissioners valuation was £13,440. . , The appellants were.-Arthur Ronald Turnbull, sheep farmer; Ernest nawrenee AVyles, merchant; and the Perpetual Trustees and Estate Agency Company as administrators of Monro's estate. Mr. C. S. Thomas, with him Air. C. G. Penlington, appeared for the appellants, and Air A W. Brown for the commissioner. William Henry Nicholls, public accountant, said that on the instructions of respondent he made an investigation into the affairs of the Canterbury Steam Shipping Co., Ltd., to value the shares held by 'Monro. He came to the conclusion that the value of the £5 share was £6 8/-. The company’s assetg were very substantial, and the liquid assets Jiad shown progressive increases in the fiveyear period up to August, 1940. Tho company’s main earnings were from its fleet, and, with the exception of IJoJ, when the Storm was. laid up for a considerable period, the freight earnings increased steadily from 1937 to 1941 Witness was being cross-examined by Air. Thomas as to the methods by which he had arrived at the valuation when tna Court adjourned till tomorrow.