WELLINGTON NEWS

Hokitika Guardian, 4 October 1928, Page 2

WELLINGTON NEWS

WINDFALLS FROM, DEATH DUTIES /Special to * Guardian.”) WELLINGTON, October 1. It was stated in a cable message the other day that the British Government had recently received windfalls from death duties, but such a bald statement convey^. very little to us. The heavy duties dfe derived from millionaire and recently three British millionaires' 1 have '‘gone west.” • Sir George A. Wills, Bart., who died on July 11th la sty left a n ,estate,.’isworn at £10,000,000V The estate duly on the property at this valuation, will amount to 'ii??Jidditi6n further sums become ;• payable in respect of i legacy duty, /and of further estate duty when the; final valuation oif the estate can be f agreed with' the irila'nd revenue autlihigtiei.’-The late Sir G. A. Wills was Prepdent . and' for many years Chairman of; the,lmperial Tobacco Coy., iof Great Britain and lieland.

Viscount ''Hambleden, :i .head of the firm of W. H, Smith and; Son,;, and a partner of Coutts and Co., bankers, who'died on June 16th, left unsettled estate of the value of £2,500,000, and the death duties ’ payahß 'approximate! to £1,000,000. Mr W. H. Coates, Chairman of J. and P. Coats* who died on. August 21st, must have left a large estate, but..; ,;the. |ast mail left London, the details of his estate were not published.- The probability, ip that it totals several millions, for while the number of millionaires created during the growth of the business; of J. and P. Coats can only be. a master • forspeculation, the wills of .the following eight have beeij. prdveds-ie- :i r vl Lord Glentaiinar . ; £4,642,263 Mr Peter Coat's-FO £2,526,270 ■ Mr James Coats '.£1,964,745 Sir James Coats ... £1,7:73*870 air Archibald Coats ... £1,400,125 Mr Daniel Coats ... £1,234,802 Sir J. Glen Coats ••• £1,674,806 Mr W. A. Coats ... £3,036,085

The progress of the famous thread firm of J. and P. Coats has’ been a. romance of industrialism, ; The present size of the company is a monument to enterprise and ability. In 1824 the founder of the business, Mr James . Coats, opened a smd 11 factory in’ Paisley for the manufacture of thread and j followed. On numerous "'occasions (the premises were enlarged as thje j projducts found a world market. Tlie founder had great assistance from ill’s two sons, who afterwards became Sir James and Sir Peter Coats. The former was responsible for an act of enterprise that did much to increase the fortunes of the family. Upon the outbx;§4k\ .<?fiAhs. .AtnstiQan. .Civil War 'he ; *rfo*lrtWi. coufttfy ft to protect hih? Ifirm-. >1 , A the American Government raised a heavy protective barrier of tariffs. Sir James, with courage and forethought, concerned himself with the "erecftion of factories in America. Sixty-four years after the inception of the business, that is in 1890, the concern was turnfd into a public company. In 1896 -competition was finally el im 1 gated -by,, the^mbsorntion,.nt Clark arid" firms. Since its incorporation several changes have taken place in the company’s capital. At present it has an issued capital of £20,260,000. Among the Clark, family, whose business was absorbed in 1896, there w r ere two millionaires; Mr Stewart Chirk./£ 1,947.281 and .Mr John S. Chirk £1,522.992. It is interesting to note that the State has received almost £5,000,000 from tlie Coats family in death duties.