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diff --git a/41888-0.txt b/41888-0.txt new file mode 100644 index 0000000..907d6ed --- /dev/null +++ b/41888-0.txt @@ -0,0 +1,2637 @@ +*** START OF THE PROJECT GUTENBERG EBOOK 41888 *** + +TRANSCRIBER'S NOTES + +Three minor typographical errors were found and corrected, none of which +affected the sense of the text. + +The FOREWORD is in Latin. For the reader's convenience it is repeated at +the end of the text with a free English translation inserted. + + * * * * * + +[Illustration: Title Page with decoration ] + + DE + MORTUIS + NIL NISI + BONA: + + BY + + SPICER & PEGLER + + ILLUSTRATED BY + E. T. REED + + * * * * * + + _BY THE SAME AUTHORS_ + + + By SPICER and PEGLER. + + BOOK-KEEPING AND ACCOUNTS. (Third Edition.) + PRACTICAL AUDITING. (Second Edition.) + AUDIT PROGRAMMES. (Third Edition.) + PRACTICAL BOOK-KEEPING AND COMMERCIAL KNOWLEDGE. + INCOME TAX IN RELATION TO ACCOUNTS. (Third Edition.) + EXAMINATION NOTE BOOK FOR ACCOUNTANT STUDENTS. (Second Edition) + UNDERWRITERS' ACCOUNTS. (Second Edition.) + TABLE A: A COMPARATIVE ANALYSIS. (Second Edition.) + INCOME TAX PROBLEMS. + KEY TO INCOME TAX PROBLEMS. + THE MOTOR ACCOUNT BOOK AND REGISTER. + + By ERNEST EVAN SPICER, F.C.A. + + AN OUTLINE OF THE MONEY MARKET. + THE ACCOUNTS OF AN EXECUTOR. (Third Edition.) + INTERNAL CHECK IN RELATION TO A MANUFACTURERS' + BUSINESS. (Second Edition.) + RESERVES, ANNUITIES AND SINKING FUNDS. (Second Edition.) + INCOME TAX CLAIMS AND APPEALS. (Second Edition.) + A SUMMARY OF THE INCOME TAX PROVISIONS OF THE FINANCE (1909-10) + ACT, 1910. (Second Edition.) + INCOME AND SUPER-TAX, AND ITS LEGAL EVASION. + DISSOLUTION, AMALGAMATION AND RECONSTRUCTION ACCOUNTS. + DIVISIBLE PROFITS AND DIVIDENDS. + THE EXPORTATION OF BRITISH CAPITAL. + THE DEPRECIATION OF GILT-EDGED SECURITIES. + + By ERNEST C. PEGLER, F.C.A. + + SOME NOTABLE FRAUDS IN ACCOUNTS. (Second Edition.) + AN AUDIT OF TRUST ACCOUNTS. + STOCK EXCHANGE TRANSACTIONS. + THE PRINCIPLES OF AUDITING. + COMPARATIVE AND INTERIM ACCOUNTS. + + By RANKING, SPICER and PEGLER. + + EXECUTORSHIP LAW AND ACCOUNTS. (Third Edition.) + PARTNERSHIP LAW. + ARBITRATION AND AWARDS. + MERCANTILE LAW. + BANKRUPTCY AND DEEDS OF ARRANGEMENT ACT. 1913. + + By RANKING and SPICER. + + A PRIMER OF COMPANY LAW + + * * * * * + + DE MORTUIS NIL NISI BONA + + BEING A SERIES OF PROBLEMS IN EXECUTORSHIP + LAW AND ACCOUNTS + + BY + + SPICER & PEGLER + + CHARTERED ACCOUNTANTS + + 60, Watling Street, London, E.C. + + + WITH A FOREWORD IN THE LATIN TONGUE BY + + D. F. de l'HOSTE RANKING, M.A., LL.D. + + + ILLUSTRATED BY + + E. T. REED + + Price 5/- net. + + London: + + H. FOULKS LYNCH & CO. + + 9, Fenchurch Street, E.C. + + 1914 + + * * * * * + + To + All Spinster Aunts and + Bachelor Uncles + who do their duty by + their Nephews and Nieces + in + Matters Testamentary + This Book is affectionately dedicated. + + * * * * * + + + + +PREFACE. + + +No one can say that our Motives are unworthy, for our object is to +instruct. But there are some who may object to our Methods, and it is to +such that we offer, not an apology, but an explanation. + +A very large section of the Public cling to the belief that Law must be +as dry as Dust, and Accounting as tedious as the Treadmill. + +The truth is, it is not the Practice of Law or of Accounting that is +uninteresting, but rather is it the Theory which is often rendered so by +Teachers whom Providence never ordained to teach. + +If, therefore, the employment of unorthodox methods helps to interest +the Student in his subject, and to stimulate him to further effort, any +apology would be out of place. + + ERNEST EVAN SPICER. + ERNEST C. PEGLER. + + 60, Watling Street, + London, E.C. + January, 1914. + + + + +FOREWORD. + +By D. F. de l'Hoste Ranking, M.A., LL.D. + + +De mortuo illo quid dicam? "Nilnisi bonum" ut aiunt. + +Sed quid si nil boni fecit? De bonis licet loqui. + +At si nulla bona reliquit? De eo tacere decet: si neque bonum fecit nec +bona acquisivit nil valet. + +Sed si bona reliquit in sermonem hominum semper venit; vitia operta sunt; +pecuniam fecit, illa quidem "non olet." Quem heredem instituit? Extraneis +haec omnia livori proxima videntur. Te autem si tu aut cognatione aut +affinitate propinquus exspectatio tenet. An mea interest? Si sic habet, +quanti? Suave est ex magno tollere acervo; ejus pecunia quid non facere +possim? + +Siste, amice; aliquantulum cogita; supersunt multi cognati; fieri potest +ut aut cum aliis bona partire debeas, aut exheredatus sis. + +Gerrae! Sine dubio testamentum fecit: et cum ratione constat me alicuius +rei legatarium esse. Nemo enim magis eum fovit; alii omnes cognati +asseclae; solus eum amavi. + +Insipiens, inter os et offam multa intervenire possunt. Audi de gente +Fulvia fabellam: de multis mutato nomine narratur. + +(In scena est coenatio Georgii Fusci, argentariorum interpretis. Fuscus, +bene coenatus, alterum cyathum Falerni sorbillat. Accurrit uxor, commota; +in manu litteras resignatas tenet). + +U. Georgi! + +F. Quid tibi nunc est? Num quid novi est? + +U. Amita mea Maria decessit! + +F. Bene! nunquam postea illud vile Sabinum necesse erit obsorbere: magnum +est solatium. + +U. At tu Georgi semper id laudasti! + +F. Et tu simul filiaeque semper miratae estis Persicam illam detestabilem +et psittacum dissonum, et laudibus extulistis: pretium fuit vetulae +placere. + +U. Esto: illa vero suavia erant. At hic mihi litterae a cognitore ejus +Semaureo allatae: dicit se hodie vesperi te conventurum. + +F. Demiror si testamentum fecit! Sin minus omnia ad te perveniunt, tu +heres ex asse; cognati alii desunt. + +U. Est quidem mariti nepos iste. + +F. Nullus: tu sola heres: si intestata omnia ad te. + +U. Tabulas vere fecit: cognitor scribit se te conventurum quia testamentum +ad rem tuam maxime pertinet. + +F. Mihi crede igitur! Aliquid magni tibi legavit: haud verisimile illam +quidquam juveni Albo legasse: nunquam iliam observavit; homo nil est nisi +pictor ignotus aut aliquid simile: uxorem quoque duxit quamdam inopem, et +eis saepe amita tua subvenire debuit. + +U. Fores pulsantur: advenit cognitor! + +F. Dic famulae ut alteram cyathum ponat. + +(Ingreditur Dominus Semaureus.) + +Quid agis vir doctissime? Mea uxor dixit te venturum; nonne ob testamentum +amitae ejus? + +S. Sic res habet, Fusce; venio ad te quod hoc res tua maxime refert; et +scio te onus suscepturum. + +F. An sic habet? Vetulae illi multa bona provenere ut opinor. + +S. Permulta: super haec te consulendum putavi. Hic mecum tabulas attuli +ut eas inspicias. + +F. Bene est; Dignissima erat; cui semper plurimum tribui. Falerni sume +cyathum. + +S. Benigne dicis; dimidium: bona venia uxoris tuae est mihi in animo +summas testamenti reddere; ad illam quoque pertinet. (Testamenta allata +resignat.) + +Post nonnulla famulis legata ita instituit: + + "Fratris filiae Mariae lego Persicam et Psittacum quae animalia + tantopere admirata est, certa fiducia se illis hospitium + praebituram; eidem etiam lego annulum meum gemmatum. Nepoti + ejusdem Mariae viro Georgio Fusco lego omne quod in hypogaeo + superest vinum illud Falernum quod semper laudabat." + +F. (In malam rem.) + +S. "Quod ad ceteras possessiones Georgius Fuscus heres esto ex asse: +(subridet Fuscus et uxori in aurem susurrat "ita ut dixi.") + +S. (Conversa tabula) "et rogo eum ut cum primum potuerit haereditatem +adire, omnibus et fundis et mobilibus venditis, pecunias in cautionibus +publica auctoritate factis collocet et fructus reddat nepoti mariti mei +Jacobo Albo et uxori suae in aetatem aut utri eorum vita superarit: eis +mortuis ut inter liberos eorum caput dividat: aut liberis sine prole +defunctis caput reddat ad sodalitatem Anthropophagis Africanis informandis +et nutriendis institutam: praemio sint fiduciario viginti in annum +librae." + +F. Anus odiosa et malefica! At enitar ut testamentum rescindatur; +inofficiosi testamenti querelam instituam! Delira fuit! + +S. Immo mentis omnino compos fuit, Improbe: sic summa fide clamabo et +testabor. Verba tua pro tempore et re indecora. Tui piget me: evado. + +F. Maria! + +U. Georgi! + +Uterque. Exsecrabilis Illa! + +(Aulaeum tollitur.) + +[Illustration: Charles Augustus Algernon de Jones "... he gave Five +Thousand Pounds to London's Home for Lost and Straying Hounds."] + + + + +PROBLEM No. 1. + + + Within St. Dunstan's Churchyard rest the bones + Of Charles Augustus Algernon de Jones, + Who left, besides a widow, tall and fair, + Four infant daughters all with ginger hair. + + The worldly goods of which he died possessed + Were valued, net, twelve thousand of the best. + He died intestate, left no real estate, + Broke his neck hunting at a five-barred gate. + + Two years before he left this vale of tears, + He justified his wife's most anxious fears, + He spent ten thousand on a rope of pearls, + A gift to one of Daly's Chorus Girls. + + This was a falling from the narrow course + Which lasted but a fortnight; then remorse + O'ercame him, and he gave five thousand pounds + To London's Home for Lost and Straying Hounds. + + This good deed mollified his jealous wife, + And two years later, when he quitted life, + The widow buried anger with the bones + Of Charles Augustus Algernon de Jones. + + * * * * * + + And now as everyone knows + This tragedy comes to a close, + With fallings and failings + And funeral wailings + 'Mid sighings and sobbings and woes. + + Do not think that this story is lax + Or of improbability smacks; + I tell you it's true, + And I'm waiting for you + To say what did the Revenue Tax. + + + + +PROBLEM No. 2. + + +And when Joseph was dead his son Benjamin took unto himself a Wife and +they had issue, two Boys and one Girl. + +Now the elder of these two Sons was comely to gaze upon and when he was +yet two years from Man's Estate his Father said unto him, "My Son, your +Father's Brother is old and nearing death. Take heed, therefore, lest his +wealth be scattered amongst the Gentiles." And the Son answered, "Fear +not, my Father, from henceforth I will be unto my Father's Brother as a +Son." + +But after Seven Days had passed away the Uncle died and all his Flocks and +Herds were left to his Brother Benjamin's Children. And on the Seventh Day +after the Brother's death, the Woman, whom Benjamin had taken to wife, +gave birth to Twin Children, and after Seven more Days had passed, the +Male Child sickened and died. And Benjamin wept for his Son and looked +not upon the Child that lived, and refused all meat, so that he weakened, +and after Seven more Days he was buried in the Tomb of his Fathers (near +Shepherd's Bush). + + * * * * * + +N.B.--There were fortunately no further deaths in Benjamin's family, +and the Uncle's Legacy to his "Brother's Children," which was valued for +Probate at £12,000, was duly divided between them. + +How much did each receive? + + + + +PROBLEM No. 3. + + +Sir Hazel Knut, Bart., died, and the whole of his Estate, after the +payment of Estate Duty, Debts, and all expenses, amounted to exactly +£15,000. + +He bequeathed the following Legacies, all free of Duty except the Settled +Property. + + _Lady Knut_, his widow, £2,000. + + Lady Knut also had the use of a Governess Cart, together + with a Shetland Pony, for life, with remainder over to the + Toddington Cottage Hospital. These were valued for Probate at + £60, and the value of the life interest was computed at £12. + + _George Filbert_ (aged 12), a son of Lady Knut by a former husband, + £200. + + _Selina Knut_, daughter (aged 4), £1,200. + + _George Lightfoot_, son-in-law, who married Sir Hazel's charming + daughter Rose, £1,200. Rose predeceased Sir Hazel by 4 years, but + the Twins survived. To each of these children Sir Hazel left One + Thousand Guineas. + + _Mrs. Gubbins_, Sir Hazel's aged mother, £1,000. + + _Mr. Gubbins_, Stepfather to Sir Hazel, the Racehorse "Fleetfoot," + aged 14, by Footrest out of Fleet Rabbit, valued at £19 19s. 0d. + + _Rev. Stirling Knut_, nephew, £100. + + And £50 each to the following: + + _Cutforth Crawley_, Lady Knut's sister's son. + + _Lady Augusta Ramsbotham_ (sister-in-law, Lady Knut's eldest + sister). + + _Dorothy Smith_, who married Robert, Sir Hazel's eldest son, 3 + months after the funeral. + +The Residue of the Estate was left absolutely to Robert. + + * * * * * + +Show how much Sir Robert Knut inherited. + +[Illustration: The Racehorse, "Fleetfoot." By "Footrest" out of "Fleet +Rabbit." Aged 14.] + + + + +PROBLEM No. 4. + + +Mr. Mordecai Moribund was a pessimist during life and died a violent +death. His facial appearance was much disfigured by a sad squint, and this +affliction to his eyes contributed in no small degree to the tragedy which +at once deprived Mrs. Moribund of a husband and a son. The son, a bright +youth of twenty summers, had been sent down from Oxford University by +the authorities rather as a warning to others than for any great offence +which he had committed. Nevertheless, the disgrace was keenly felt by his +mother, and it was for this reason that Mr. Moribund decided to take him +for a trip to India, until time had healed the wound. + +Arrived in India, Mr. Moribund promised his son, Morton, to arrange for +a tiger shooting expedition. This fatal promise caused all the trouble, +for Mr. Moribund, owing to his visual defects, thought he observed a +tiger approaching from the west and forthwith discharged his rifle. The +bullet missed the tiger and passed through the head of the unfortunate +Morton, who was thereby killed on the spot. Mr. Moribund, horrified by +the accident, moved his position and slid from the back of the elephant +right into the jaws of the infuriated animal. Assistance was rendered +immediately, and Mr. Moribund was rescued from his unfortunate position, +but not before he had sustained injuries from which he succumbed four days +subsequently. + +Mr. Moribund, by his will, left everything of which he was possessed to +his widow absolutely. This property, after deducting debts, amounted to +£137,500, but an examination of his affairs disclosed the fact that two +years previously he had conveyed as an absolute gift to his son, Morton, +the sum of £100,000. This money had been invested by Morton in Bearer +Bonds of the Royal Japanese Steamship Company at an average price of £80%, +but on the date of Morton's death these Bonds stood at £120%. Morton, by +will, had left his entire fortune to a Miss Flossie Teazle, an actress +whom he had met at Oxford. + +[Illustration: The Death of Mr. Mordecai Moribund.] + +Show what duties were payable to the State as a direct consequence of the +Tragedy. + + * * * * * + +Note.--The following epitaph, shamelessly copied from one in Malmesbury +Abbey, was inscribed on Mr. Moribund's Tomb:-- + + In bloom of life + He's snatched from hence, + He had not room + To make defence; + For Tyger fierce + Took life away, + And here he lies + In bed of clay + Until the Resurrection Day. + + + + +PROBLEM No. 5. + + +It is a strange circumstance that little men with red hair usually have +large families. At any rate Septimus Hawkins had red hair and twelve +children, of whom eleven were living, but strangest of all he died +intestate worth £122,600 subject to the payment of Estate Duty, and of +which the Real property was valued at £36,000. + +[Illustration: "Mrs. Hawkins had been very beautiful in her younger +days."] + +Mrs. Hawkins had been very beautiful in her younger days, but time and +children had robbed her of her rosy cheeks; and realising that widow's +weeds did not become her, she withdrew shortly after the funeral to the +seclusion of a country life, where she spent her time ministering to the +sick, and looking after her late daughter Pearl's two small children. The +names of her children in chronological order were as follows:-- + + 1. P earl. Died 1912 + 2. E dward. + 3. R ebecca. + 4. S elina. + 5. E mma. + 6. V era. + 7. E velyn. + 8. R ichard. + 9. A melia. + 10. N athaniel. + 11. C hlotilde. + 12. E rmyntrude. + +How should the property of the late Septimus Hawkins be distributed, and +how much did the respective beneficiaries receive? + + + + +PROBLEM No. 6. + + +Very few men can state with any degree of accuracy how long they will +live, but Nathaniel Hibbert told his Wife he would die at 8 o'clock in the +morning of Tuesday, the 22nd April, 1913, and he did die at that very time +on that very day. He was standing on some scaffolding when a platform gave +way under his very feet, and he broke his spinal cord. In other words he +was hanged. His Solicitor urged him to make a Will and the prison Chaplain +added his earnest entreaties, but Mr. Hibbert turned a deaf ear to all +such suggestions. Even the sight of his Wife and only child did not affect +his determination, and he died intestate. + + * * * * * + +What happened to the £1,200 of which he died possessed? + +[Illustration: "Mr. Chicory loved his wife almost as much as Mrs. Chicory +loved her husband."] + + + + +PROBLEM No. 7. + + +Mr. Chicory loved his wife almost as much as Mrs. Chicory loved her +husband. They had lived together for nearly forty years, and every +Saturday morning throughout that long time Mr. Chicory had faithfully +handed over to his wife his entire earnings, which were not much, and +deducted only 5s. per week, which served as pocket money for Mr. Chicory, +and enabled him to provide coals during the winter months, collection +money at church, oil for the lamps, and sundry presents from time to time +to his children, to say nothing of the Lame Crossing Sweeper. + +Each week a small sum was deposited in the Post Office Savings Bank, and +when Mr. Chicory died, not only had he to the credit of this account a +balance of £108 0s. 10d., but his Cottage, which was valued at £90, was +his own Freehold Property. He had made a Will and paid the Solicitor +10s. 6d. for drawing it up, and nobody could have read what he said about +his old wife, to whom he left everything, without feeling a lump in the +throat. + +On the day of his funeral not one blind was undrawn in all the Cottages +round about, and Mr. Michaelmas, the Carriage Builder, sent a landau +specially for Mrs. Chicory. At least one hundred people went to the +Church, where the good old Vicar read the Service, and the Lame Crossing +Sweeper painted his broom-handle black. + +Mrs. Chicory, some weeks later, paid the Solicitor another 10s. 6d., as +a fee, and asked him to do the rest. + + * * * * * + +What did he do? + + + + +PROBLEM No. 8. + + +Men who are mean during life and who would grudge a present of 5s. to +the postman at Christmas, or who would spend a whole day in another man's +motor car and fail to tip the Chauffeur at the end of the journey, often +prove very generous with their money when they die and can no longer enjoy +the satisfaction of possession, which during lifetime they cherished so +dearly. + +Such creatures usually bequeath their property to Charitable Institutions +at the expense of deserving relatives, who have, at any rate, in Equity, +a claim to at least some small share thereof. + +The Law of Italy corrects this injustice, and no man can will away at +death the whole of his property to strangers, if he leaves a Widow or +Relatives living of a nearer kinship than a First Cousin. + +Now Vincentio Dorando was an Italian subject, whose nearest living +relative was a First Cousin once removed. He had been educated at Oxford +and had spent the greater portion of his life in England, but at the time +of his death he was domiciled in France. He left no property of any sort +in Italy or France, and no duties were found to be payable in either of +these Countries. He had property in England, however, which consisted +of £15,000 Japanese 4-1/2 per cent. Bonds at 94, a Freehold House valued +at £2,500, and some Furniture and Pictures which were stored at Messrs. +Hudson's Repository, and which were valued for Probate at £480. The only +debt due at death was a Tailor's Bill for £62. + +He had made a perfectly valid Will in England, by which he bequeathed all +his property, with the exception of his Real Estate, to his old Oxford +friend, Mr. James Duncan, for life, with remainder over to Mr. Duncan's +eldest son. He left the Freehold House to another Oxford friend, Mr. +Wallstone. + + * * * * * + +Show what Duties were payable to the Inland Revenue Authorities upon the +death of Mr. Vincentio Dorando. + +[Illustration: The Jollybuck Twins--as they appeared, no doubt, to Mrs. +Jollybuck and the Nurse--prospective world-geniuses.] + + + + +PROBLEM No. 9. + + +The Nurse described them as the most wonderful Twins she had ever seen; +but then Monthly Nurses always speak in this way! + +The Mother said that she had never known children exhibit such +intelligence at so early an age; but then Mothers always think in that +way, especially of their first! + +The Father wanted to drown the yelling little brats, and had turned on +both taps in the bathroom; but then Fathers always want to do something +rash! + +Altogether it was a very merry little family, and when the Twins were +three months old and had been duly christened and vaccinated, Mr. +Jollybuck called on his Solicitor and altered his Will so as to provide +for the family which had been so anxiously hoped for and so long in +coming. + +But alas for Mrs. Jollybuck, for whom Widow's weeds were to be so soon +necessary, and a plague on all false chemists who fail to label their +blue bottles "With Care." Mr. Jollybuck swallowed Carbolic Acid instead +of Ipecacuanha Wine, and after the payment of Estate Duty, Debts and all +Expenses, except Legacy Duty, his Estate consisted of £16,000 Cash on +Deposit at the London, City and Midland Bank, £15,000 India 3-1/2% Stock +at 92, and Furniture valued at £500. By his Will he left: + + (a) India Stock and the Furniture to his Widow, free of Duty. + + (b) £6,000 to his Widow. + + (c) £12,000 and the Residue of his Estate to his only Son. + + (d) £12,000 to his Brother. + + (e) £500 to his only Daughter. + + * * * * * + +Draw up a Statement showing the amount each beneficiary under Mr. +Jollybuck's Will is entitled to receive. + + + + +PROBLEM No. 10. + + +Family Trees are almost as interesting to study as Bradshaw, and, at any +rate in this case, quite as instructive. In fact, without a Tree it is +almost impossible to remember who Mrs. Gubbins really was. + +The following, which eliminates all irrelevant matters, gives the +descendants of George Gubbins, the founder of the family:-- + + + GENEALOGICAL TREE OF THE GUBBINS FAMILY + + George Gubbins + _____________________|___________________ + | | | | + George John Charles Oscar + | | | | + John George Oscar Charles + | | | ____________|_____________ + | | | | | | | + George John Charles Rose Violet Daisy Poppy + + +Now John Gubbins, the grandson of George Gubbins, founder of the Gubbins +Family, married Elizabeth Greatheart, on Christmas-Day, and on the +anniversary of their wedding day little George Gubbins first saw the +light. But little George knew not his father, for John Gubbins died when +George was but two months old. + +In his Will John Gubbins appointed his Cousin, George Gubbins, to be his +executor, and thus it was that George Gubbins was brought into close touch +with the Widow Gubbins. + +Friendship ripened into love and resulted in Mrs. John Gubbins becoming +Mrs. George Gubbins. In due course Mrs. George Gubbins presented her +husband with a little boy, who was christened John after his first cousin +once removed. + +Little John grew in grace and played very prettily with little George +Gubbins, who was his stepbrother and second cousin rolled into one, and +altogether it was a very happy little party, until one day little John's +Father, George Gubbins, was knocked down by a Steam Roller just in front +of his own house, and was rolled into his own gravel drive. + +Now the Steam Roller belonged to a Company, of which Oscar Gubbins, son of +Charles Gubbins and grandson of George Gubbins the Founder of the Family, +was a Director. + +Hearing of the accident he hastened to comfort the Widow in her +affliction, and succeeded so well that after a decent interval had elapsed +Mrs. George Gubbins became Mrs. Oscar Gubbins. + +A child was born two years later, three months prior to the death of Oscar +Gubbins, the Father. The little boy was christened Charles, and after the +funeral of Oscar Gubbins, Mrs. Gubbins took her three little boys, George, +John and Charles, to Ventnor, in the Isle of Wight, for a change of air. + +It was in the lounge of the Sea View Hotel at Ventnor that Mrs. Gubbins +met Mr. Charles Gubbins, first cousin to her three late husbands. + +Now Mr. Gubbins had ofttimes heard of the much-weeded Widow, but when he +saw her for the first time with the naked eye, he realised what happy men +John, George and Oscar Gubbins must have been. + +[Illustration: "When Mr. Charles Gubbins saw her for the first time with +the naked eye, he realised what happy men John, George and Oscar Gubbins +must have been."] + +And when Mrs. Gubbins first saw Mr. Charles Gubbins she thought how empty +widowhood really was, and what fine men were the Grandsons of George +Gubbins, Founder of the Gubbins Family. + +Such feelings were not to be denied, and after three months of courtship +Mr. Charles Gubbins and Mrs. Oscar Gubbins were declared man and wife by +the Rev. Stephen Collins. + +For 10 years Mr. and Mrs. Charles Gubbins lived together as happily as a +married couple could, and four beautiful daughters, Rose, Violet, Daisy +and Poppy were born to them. + +And then Mrs. Gubbins died intestate leaving Personal Property valued for +Probate at £12,000, and Real Property valued at £8,000. + + * * * * * + +How was this divided? + + + + +PROBLEM No. 11. + + +Some people say there is no romance in business and that a Brass Plate +never brings Clients. Don't you believe that for one moment. Why, Jones +owed all his misfortunes in life to a Brass Plate and a Motor 'Bus! It +happened as follows:-- + +Mrs. James Wardle's Husband died on the 30th April, 1914. He was always +called Mrs. Wardle's Husband, and he very properly left her his entire +fortune, which, at his death, consisted of the following property:-- + + Freehold Property valued at £6,500, subject to a Mortgage of + £4,500 at 5% per annum. The Interest was paid up to the 31st + March, 1914. + + £3,500 Local Loans 3% Stock quoted at 86-88. + + £2,750 2-3/4% Annuities quoted at 77-8. + + £2,000 Caledonian Railway Consolidated 4% Stock quoted at 98-100 + cum. div. + + £800 3% Bradford Corporation Stock quoted at 95-1/2-96-5/8 cum. + div. + + Life Policies and Bonuses £1,575. + + Household Furniture £350. + + £1,500 Loan at 5% per annum. The Interest had been received up to + 31st December, 1913. + + Sundry Debts due to Testator, £346. + + Sundry Debts due by Testator, £550. + + Funeral Expenses, £42. + +Mr. Wardle had for many years left his affairs entirely in the hands of +his Solicitor, but Mrs. Wardle, who was Sole Executrix, thought--and very +properly too--that the combination of a Solicitor and a Professional +Accountant was to be preferred. She therefore journeyed to the City +with the intention of consulting her Stockbroker on the matter, but by +a curious Providential dispensation, the Motor Omnibus broke down just +opposite Jones' office, and his Brass Plate attracted the Sweet Lady's +attention! + +He prepared the Estate Duty Account, the affidavit being delivered on the +31st July, 1914, and he is now Mrs. James Wardle's Second Husband. + + * * * * * + +Do as Jones did, but ignore Income Tax, and beware of Widows. + +[Illustration: "Julius Jones was a poet."] + + + + +PROBLEM No. 12. + + +Julius Jones was a poet, and although he died prematurely on the 30th +June, 1914, his name will be remembered by posterity as the author of the +beautiful Hymn, of which the first line runs "Farewell, old buck, we part +to meet again!" + +He left the following Estate:-- + + Cash at Bank £1,500 + Household Furniture 350 + Life Policies 2,000 + Securities valued at death at 18,650 + Freehold Property 8,500 + ------- + £31,000 + +Liabilities at death were £200, and Funeral Expenses amounted to £30. +Legal Expenses were also paid, amounting to £170. + +The Securities and the Furniture realised £19,000 and £300 respectively. + +A Legacy of £500 was left to his Nephew (free of duty). + +The eldest Son of the Testator (Patrick) was given the option by the Will +to take over the Freehold Property at £7,500, which he elected to do. The +residue of the Estate was to be divided equally between the three children +of the Testator:-- + + Patrick, + Peter, + Paul, + +but he directed that the amounts of £3,000, £2,000 and £1,000 advanced to +them respectively on the 1st June, 1911, were to be brought into hotchpot. + + * * * * * + +Prepare an Account showing the division of the residue, taking into +account the Duties payable, but ignoring Interest on Advances. + +[Illustration: "Duly witnessed by his aged Housekeeper, Mrs. Uskins, and +the Gardener."] + + + + +PROBLEM No. 13. + + +It would be indelicate to indicate the exact portion of Mr. Hobson's +anatomy that was so fiercely attacked by the mad dog, but it is sufficient +to say that the bite was the indirect cause of his death. + +He anticipated the end, for shortly before he passed away he called in his +Solicitor, Mr. Crawley, and made a fresh Will, which was duly witnessed +by his aged Housekeeper, Mrs. Uskins, and the Gardener. + +The Estate, which consisted entirely of Personal Property, comprised:-- + + (1) Share in the firm of Hobson Bros., £11,500. + + (2) Bonds to Bearer valued at £6,300. + + (3) Cash at Bank £220. + +The debts due by deceased, including a Loan from the Bank secured on the +Bonds to Bearer, amounted to £3,160, and the Funeral Expenses came to £42. + +The Property was bequeathed as follows:-- + + Mrs. Hobson (Widow), £2,500. + + George Hobson (Son, aged 27), £2,000. + + Selina Hobson (Daughter, aged 18), £2,000. + + Wickham Crawley (Solicitor), £200. + + Maria Hawkins (Niece, aged 28), £1,000. + + George Hobson, Junr. (Grandson, aged 4), £1,500. + + Mrs. Uskins (Housekeeper), £500. + + Mrs. Rumbolt (Deceased Brother's Wife), £500. + + Mrs. Hobson, Senr. (Deceased's Mother), £2,000, + + and the Residue to the Widow absolutely. + +Prepare a Distribution Account. + +[Illustration: "London and North Western Consolidated Stock."] + + + + +PROBLEM No. 14. + + +Solomon Solfar was a solemn man, and his Will was proved in solemn form. +He died quietly in his bed on the 1st April, 1912, leaving a Widow, two +Sons (Matthew and Mark), and one Daughter (Mary). + +On the 1st April, 1913, after all Debts, Testamentary and other Expenses +had been paid, the Estate consisted as follows:-- + + £6,000 2-3/4% Annuities at 76-5/8. + + £2,000 Swansea Corporation 3% Stock at 83 (Interest payable 1st + January and 1st July). + + £6,000 London and North Western Consolidated 4% Stock at 103 + (Dividends payable 15th February and 15th August). + + 1,000 Birmingham Small Arms Cum. 5% Preference Shares of £5 each at + £5-1/4 (Dividends payable 1st March and 1st September). + + £5,000 British Westinghouse 4% Debenture Stock at 63 (Interest + payable 1st January and 1st July). + +Mr. Solfar made during his lifetime advances of £500 to each of his +Sons, which at his death were brought into Hotchpot, and interest charged +thereon at 5% per annum. He directed his Estate to be left in Trust, the +Income to be applied, first in payment of £75 a quarter to Mrs. Solfar, +and the balance to be distributed half-yearly in equal shares to Matthew, +Mark and Mary. + +Write up the books of the Trust, ignoring Income Tax, for the year ending +31st March, 1914, the balance of Income in hand on 1st April, 1913 (after +making all necessary payments to the beneficiaries) being £12 0s. 0d. + +[Illustration: Mr. Hopkins' bodyguard, The Pride of Bristol.] + + + + +PROBLEM No. 15. + + +The life of Hezekiah Hopkins had been a warning rather than an example +to others, and the administration of his affairs at death caused his +Executors and Trustees to use words which are only permissible amongst +gentlemen when the ladies have withdrawn from the dinner table. + +Mr. Hopkins died on the 25th June, 1913. + +His Will had been proved, Estate Duty and Legacy Duty had been paid, but +the Trust could not be closed owing to the fact that the Residuary Estate +had been left to Nathaniel Hopkins, a nephew, for life with remainder +over to the said Nathaniel's eldest god-son Walter Blackside, subject to +an annuity of £200 which the Testator had covenanted to pay to the "Pride +of Bristol," a prize fighter, who had acted as bodyguard to Mr. Hopkins +during that gentleman's earthly peregrinations. + +The Residuary Estate consisted of the following property:-- + + (1) Leasehold Property having 30 years to run, producing £900 per + annum. The property, which was valued for probate at £15,000, + and which was subject to a Ground Rent of £100 per annum, was + sold on on the 24th June, 1914, for £16,400 and the proceeds + invested on the following day in Consols at 73, including + brokerage, &c. + + (2) Deceased's Share in the firm of Hezekiah Hopkins & Co. This + amounted to £18,000 upon the death of Mr. Hopkins, and, + according to the Partnership Deed, was to be paid out by + instalments of £6,500 a year including interest at 5% on the + unpaid balances. The first instalment was to be paid on the + first anniversary of deceased's death. + + (3) A Reversionary Interest in the Estate of his Uncle Mr. John + Oppit, the life interest of which was being enjoyed by Mrs. + Oppit. This Reversionary Interest was valued, at the death of + Mr. Hopkins for probate purposes, at £850, and was retained + until the 25th June, 1916, when it fell into possession. It then + consisted of £1,500 India 3-1/2% at 88. + + (4) £10,000 invested in a Loan redeemable on the 24th June, 1915, + with interest at 10% per annum payable half-yearly on the 25th + December and the 24th June in each year. + + The Trustees decided on their own responsibility to retain + this investment, which was redeemed on the due date and the + interest paid in the meanwhile. + + (5) £10,000 India 3% Stock at 84, purchased by Deceased on 18th + June, 1913. + +Upon the 25th June in each year the balance of Corpus Realised was to be +placed on deposit with the Hong Kong and Shanghai Bank at 4%, less any +fraction of £100 which was to be retained on Current Account at the Union +of London and Smith's Bank. + +Mr. Nathaniel Hopkins died on the 25th June, 1916. + + * * * * * + +Write up the books showing the position of affairs when Mr. Blackside came +into the property, ignoring Income Tax. + + + + +PROBLEM No. 16. + + +Mrs. Wiggins was the Life Tenant and Mr. Gilbert Gunter was the +Remainderman of the Property left by the late Ebenezer Wiggins. + +Mr. Gunter had begun to despair of ever enjoying the fruits of Mr. +Wiggins' generous intentions, when, fortunately for him, on the 14th +March, 1914, Mrs. Wiggins got a fish bone lodged in her gullet and died +two hours later. + +The Accounts had been prepared regularly on the 21st September each year, +the anniversary of Mr. Wiggins' death, and the following is the Balance +Sheet, dated 21st September, 1913:-- + +EBENEZER WIGGINS Decd. + + Dr. Balance Sheet, 21st September, 1913. Cr. + + £ s. d. | £ s. d. + To Estate Account 33,900 0 0 |By Investments: + " Income " 125 0 0 | India 3 per Cent.: + | £25,000 at 72 18,000 0 0 + | Chili 4 per Cent.: + | £5,000 at 90 4,500 0 0 + | London United + | Tramways: + | £10,000 4 per Cent. + | Debentures at 70 7,000 0 0 + | West African + | Trading Co., Ltd.: + | 1,000 Shares £1 + | each fully paid 1,000 0 0 + |" Freehold House 2,600 0 0 + |" Furniture and + | Effects 800 0 0 + |" Cash at Bank 125 0 0 + ------------ | ----------- + £34,025 0 0 | £34,025 0 0 + +Mr. Gunter requires Accounts to be prepared, showing the position +of affairs at the 14th July, 1914, and volunteers the following +information:-- + + (1) The Investments remain unaltered, with the exception of the + India 3% Stock, which was sold on the 10th January, 1914, and + the proceeds, viz., £18,500, were invested in a Mortgage at 5% + Interest payable half-yearly on the 10th July and 10th January + each year. + + (2) The Coupons on the Chili 4% Bonds are payable on the 1st April + and 1st October, and the Interest on the London United Tramway + Debenture Stock on the 1st January and 1st July in each year. + + (3) On 3rd July, 1914, a Final Dividend at the rate of 15% per + annum, free of Tax, was declared by the West African Trading + Company, Ltd., and paid on the 8th July, 1914, making, with the + interim dividend paid on the 10th January, 1914, 10% for the + year ended 30th June, 1914, free of tax. + + (4) The Freehold House was let on a full repairing lease at an + annual rental of £146, the assessment was also £146. The rent + is payable quarterly on the usual quarter days. + + (5) The Trustees had paid to the late Mrs. Wiggins £75 on account + of income on the 12th day of each month, including March, 1914. + + (6) The Professional Accountant's fee for writing up the books from + the 22nd September, 1913, to 14th July, 1914, and making the + necessary adjustments was agreed at 100 guineas, and this fee + was to be apportioned between Mr. Gunter and the Estate of Mrs. + Wiggins deceased equally. + + * * * * * + +Write up the Accounts for the period, making the necessary adjustments, +and prepare Balance Sheet dated 14th July, 1914, showing the amount due. + + + + +PROBLEM No. 17. + + +Mr. Montagu Summers had a conscientious objection to the Income Tax, and +a positive loathing of the Super-Tax, and the trouble lay in the fact that +he had amassed a considerable fortune in the City of London. + +Something had to be done, however, to relieve Mr. Summers of a portion +of this scandalous taxation, and so, converting as much of his property +into cash as he could spare, he invested the same in various ways in other +countries. + +He bought Russian 4-1/2% Bonds in Holland of the nominal value of 200,000 +Guilders, and a Freehold Farm near Amsterdam, which cost in English money +about £8,000. + +He bought Freehold Land in Canada, for which he paid £80,000, and +deposited with the Calgary Investment & Security Trust $300,000 at 5%. + +He lent on Mortgage in New Zealand £40,000, and he had a balance of Fcs. +8,600 to his credit at the Swiss Bankverein, Berne. + +[Illustration: "Mr. Montagu Summers had a conscientious objection to the +Income Tax, and a positive loathing of the Super-Tax."] + +On the 14th November, 1913, Mr. Summers died of blood poisoning, the +result of cutting a corn with a blunt razor. + +His property in England consisted of his Furniture and Effects valued at +£3,800, Cash balance at the London, City & Midland Bank, Queen Victoria +Street, £300, and his interest as a Partner in the firm of Montagu Summers +& Nephew, which was agreed at £32,640. + +The Russian Bonds were sold on the Amsterdam Exchange for 180,000 +Guilders, the Farm was valued at 112,800 Guilders, and the Land in Canada +was estimated for duty purposes at $122,000. + +Assuming the Death Duties in Holland to be 5%, in Switzerland nil, and +the rates in the Colonies to be similar to what they are in this Country, +show what Estate Duty would be payable in England. + +The rates of Exchange can be taken as follows:-- + + Holland--12 Guilders = £1 + Switzerland--25 Francs = £1 + Canada-- 5 Dollars = £1 + +All accruing income to be ignored. + + + + +PROBLEM No. 18. + + +Mr. Harold Wimpole died in his Opera Hat, and was buried in Willesden +Cemetery. + +His Will had been proved, Estate Duty had been paid, and the Widow, +who was the sole Beneficiary, had found considerable consolation in the +£56,200 which had come to her. + +This £56,200 represented the Gross Estate, less Debts due by Mr. Wimpole +at his death £1,416, Funeral Expenses £39 17s. 0d. which were regarded by +all, including the Inland Revenue Authorities, as most reasonable, Estate +Duty, Interest on Estate Duty £31 16s. 0d., Testamentary Expenses £140 +3s. 0d. and Legacy Duty. + +[Illustration: "The Curate looked at the Widow, and the Widow looked at +the Curate."] + +Eight months had passed away and the rules of Society permitted Mrs. +Wimpole to smile occasionally; the Curate, who took an extraordinary +interest in Mrs. Wimpole's salvation and the carving of an ancient +Japanese Cabinet, had called for tea. The Reverend gentleman, with a +sandwich in his hand, was recording the incidents connected with the +birth of Buddha, when his fingers happened to touch the spring of a secret +drawer in the aforementioned Cabinet. + +The Curate looked at the Widow, and the Widow looked at the Curate, and +there they stood together, hand in hand, like two young children, in +silent amazement, for the secret drawer in the Japanese Cabinet disclosed +25 4-1/2% Foreign Government Bonds to Bearer, of the nominal value of +£500 each, and several memoranda of Stock Exchange dealings between Mr. +Wimpole and his Broker. The coupons were payable on the 10th March, and +the 10th September in each year, and the last coupon which had been cut +off was dated 10th September, 1912, exactly 8 months previous to the +death of Mr. Wimpole. Mrs. Wimpole consulted the Reverend Oscar Veritas +long and earnestly over the matter, and the Reverend Oscar admitted that +it was a case necessitating very great firmness of character and honesty +of purpose. Ultimately, however, he arrived at the conclusion that Mrs. +Wimpole would be unworthy to bear his name in the future, unless she did +her duty in the present instance. + +What was the pecuniary value of the good man's conclusions to the Inland +Revenue in the matter of Estate and Legacy Duty, bearing in mind the fact +that the Bonds stood at 92 on the day of Mr. Wimpole's death, and 90, ten +months later when Mrs. Wimpole's Solicitor finally settled the matter? + + * * * * * + +Note.--The Honeymoon was spent in Japan. + + + + +PROBLEM No. 19. + + +Sir Robert Rushforth, J.P., was a big man with a big heart and a wooden +leg. He had inherited a fortune, gone bankrupt, and married a Widow, and +if anyone had told him he wasn't a sportsman he would have called that +individual a liar, and opened a second bottle. + +He died on the 4th June, leaving all his property to his Widow, with the +exception of his wooden leg, which he directed to be handed over to the +Royal Hospital for Incurables, at Putney. + +Such was the man, and the contents of his Will so exactly reflected the +character of her husband that Lady Rushforth at once had recourse to the +smelling salts on reading the document. + +He directed the debts, from which he had obtained a legal discharge in +Bankruptcy, to be paid in full, he forgave all his Debtors, and instructed +his Widow, whom he had appointed sole Executrix and Residuary Legatee, +to meet in full all his Gaming Debts. He further directed that a certain +debt, in respect of which he had pleaded in his younger days the Statutes +of Limitation, should be paid in full. + +The name of this latter creditor was Gunter, and the debt, amounting to +£25, was in respect of repairs to certain pig-sties. + +The discharge from Bankruptcy had been obtained by Sir Robert eight years +previous to his death. His liabilities had amounted to £16,200, and he +had paid 2s. 6d. in the £. + +He owed his bookmaker, Mr. Hollins, of Houndsditch, £200. + +He had lent his Vicar, the Rev. Aaron Cranium, £100, his sister Blanche +£300, and his intimate but impecunious friend, Mr. Algernon O'Gizzard, +£50. This latter loan was rendered necessary by reason of the fact that +Mr. O'Gizzard had stood bail for a friend who had got into trouble with +the police, and who failed to put in an appearance before the Magistrates +on the day appointed. Now, Sir Robert happened to be on the Bench that +morning, and ordered the bail to be estreated before he realised with whom +he was dealing. + +Apart from the above property Sir Robert left Personal Estate valued at +£62,000. There was no Real Property. + +Show what Estate Duty and Legacy Duty were payable upon Sir Robert's +death. + + * * * * * + +Note.--The wooden leg was returned by the Secretary of the Royal + Hospital for Incurables at Putney, and being found to be of no + intrinsic value was eventually deposited in the family Mausoleum + at Norwood. + + + + +PROBLEM No. 20. + + +Mr. James Hotchkiss died in the autumn of age on the morning of his 93rd +birthday. + +During his protracted life he had always surrounded himself with every +comfort, and was reputed to be an exceedingly rich man. + +No wonder then that his death should occasion an unparalleled outburst of +grief and hatbands on the part of his weeping relatives. + +After the funeral, the chief mourners met in the library and the Family +Solicitor, with a glass of wine within easy reach, read out the last Will +and Testament of James Hotchkiss Deceased. + +This interesting document brought a ray of comfort to bleeding hearts, for +several substantial Legacies were mentioned, all free of duty, and two at +least of the prospective Legatees were observed to make rapid calculations +on the left shirt cuff. + +[Illustration: "To Rachel and Joyce Proudfoot (my sister's little girls, +aged 32 and 27 respectively), £10,000 each." + +Joyce: "Think of it, Rachel!! Ten thousand pounds!!! Why the young fellows +will simply chase us!!!"] + +To Sophia Hotchkiss ("my own dear Wife") the deceased left his Horses, +Carriages, Motor Car, Household Furniture, Pictures, including the +Landscape by Earp, Linen, Plate, Glass, &c., absolutely. + +To George Proudfoot ("my dear sister's only son") the deceased left his +Hornèd Cattle, i.e., Cows, and £20,000. + +To Rachel and Joyce Proudfoot ("my sister's little girls"), the deceased +bequeathed £10,000 each. The Misses Proudfeet were aged 32 and 27 +respectively. + +To Richard, William and Algernon Hotchkiss ("my never-to-be-forgotten +brother's sons") the deceased left £20,000 each, and to John Willett ("my +faithful valet"), £2,000. + +The Residue of the Estate was bequeathed absolutely to the Widow. + +The Executors lost no time in having the Property valued and the debts due +by the deceased at his death, ascertained, and their efforts disclosed +"a very lamentable state of affairs," at least, such was the opinion +expressed by the Reverend Stephen Collins who had called to comfort the +Widow in her affliction. + +The Horses, Carriages, Motor Car, &c., including the Landscape by Earp, +were valued at £2,000; the Hornèd Cattle, i.e., the Cows, were put down +at £400, and the rest of the Property at £40,893 16s 0d. + +The Debts due by the deceased amounted to £1,720 0s. 0d., and the Funeral +Expenses to £339 7s. 0d. These latter were considered unreasonable by the +Inland Revenue Authorities, and in spite of several very eloquent appeals +addressed to them by the Executors, including a touching letter from the +Reverend Stephen Collins dealing with the blameless life of the deceased, +the amount allowed was fixed at £33 16s. 0d. + +The Testamentary Expenses, exclusive of Estate Duty, amounted to £186 13s. +0d. + + * * * * * + +What amount was eventually received by each Legatee? + +[Illustration: "At the age of 16 he made the acquaintance of Miss +Harriett Hopkins. In the following spring he had successfully reached the +'Walking-out' stage."] + + + + +PROBLEM No. 21. + + +Mr. and Mrs. Turvey were justly proud of their son "'Erbert." He was their +only child, and always wore a Frock Coat, Brown Boots and White Spats on +Sunday. In fact, as everyone said, he gave a tone to Bethnal Green. + +But the ways of Providence are strange, and it is futile to seek for +explanations where none are vouchsafed. It is enough to say that Mr. +Herbert's anatomy came into violent contact with a brewer's dray one +Thursday afternoon, and that a promising young life was cut short at the +early age of 19. + +His Life Story has yet to be written, and it is but the barest outline +that can be here recorded. + +At the age of 16 he made the acquaintance of Miss Harriett Hopkins. In the +following spring he had successfully reached the "walking out" stage. He +was formally engaged at the age of 17 and at 18 he was married. Six weeks +before he died he made two very remunerative investments. He borrowed from +his Employers--without worrying them about so small a matter--the sum of +£6, which he converted into £600 by successfully backing "Hump Back" at +100 to 1 for the "Cesarewitch." He also insured his life for £100. + +Having satisfactorily adjusted the small matter of the Loan without in +any way arousing his Employers' suspicions, he joined a Burial Club, made +a Will, and died ten days later. + +By his Will he appointed his Widow sole Executrix, and divided his Estate +as to one-fourth part to his father Oliver Turvey, as to one-sixth part +to a former landlady Mrs. Korphdrop, and the residue to his Widow. + +The Estate consisted of the following:-- + + Cash £564. + + Insurance Policy, £100. + + Burial Club Money £14. + + Household Furniture and Effects £12. + +The Funeral Expenses amounted to £12. + +Mr. Herbert Turvey was buried on the third Thursday after Guy Fawkes' +Day, and on the following Tuesday fortnight the Widow gave birth to a son. +Both mother and child progressed amazingly and everybody called to visit +Harriett, but chiefly to satisfy their curiosity as to the amount which +she inherited. + + * * * * * + +Don't keep them waiting. + + + + +PROBLEM No. 22. + + +Mrs. George Dumpkins was very vexed that any Estate Duty at all should be +payable, and when she was told that a Corrective Affidavit would have to +be presented she threatened to change her Solicitors. As she very properly +said she had sufficient troubles already without having to pay for more, +and the Chancellor of the Exchequer, whoever he was, ought to be ashamed +of himself for taxing Widows so scandalously. + +She entirely disagreed with the opinion of her Solicitor as to the +necessity of presenting this Corrective Affidavit, and insisted upon +having Counsel's opinion on the matter. The following facts were therefore +submitted to the learned gentleman:-- + +Mr. Dumpkins' Estate had been proved for Probate purposes at £71,000, +but during the year after death the following Assets were realised and +Liabilities settled, viz.:-- + + £18,000 3-1/2% India Stock valued for Probate at 94-7/8, realised + 91-1/2. + + Share in Ship valued at £4,000, realised £3,500. + + Sundry Liabilities estimated for Probate at £8,000, were + subsequently found to be £8,700. (This included £75 cost of + bringing deceased's body from abroad.) + + Stock-in-Trade valued at £10,250, realised £9,400. + + £6,000 Mortgage Debentures valued at £7,500 were sold at par. + +The opinion of Counsel was received in due course, and the Solicitor +smiled. + + * * * * * + +By what amount was the Estate Duty increased or decreased? Ignore any +adjustment in respect of Interest on Estate Duty. + + + + +PROBLEM No. 23 + + +Mr. William Wiggins made all his money out of Pickles, and when he died +his body was embalmed. To use the Widow's words, "'e 'opped it" on the +14th June, 1914. + +He left his fortune to Mrs. Wiggins, his nephew Herbert Huggins (commonly +known as 'Erb 'Uggins), and his cousin Joe Gubbins, in equal portions. + +The Will was duly proved, Estate Duty at 9% was paid, and the interest on +the Estate Duty amounting to £165 3s. 0d. was paid on the 14th November, +1914. + + * * * * * + +What was the value of the Net Legacy received by each Beneficiary? There +was no Real Estate. + +[Illustration: "For nearly 25 years he had been a Judge of the Probate +Division."] + + + + +PROBLEM No. 24. + + +Mr. Justice Oats died in harness. He worked like a horse throughout his +long career on the Bench, and was universally regarded as a thoroughbred +sportsman. For nearly 25 years he had been a Judge of the Probate Division +of the High Court of Justice, and like many others in a similar position, +died intestate. Not that this was the intention of the learned Judge, for +he had prepared a Will on the back of an envelope, but forgetting that +even he was subject to the laws of the land, had entirely overlooked the +necessity for signing it. He died, therefore, intestate. + +His Net Estate, after the payment of the Estate Duty on the Personal +Property, amounted to £68,570, of which the Real Property was valued at +£24,200. + +For many years the Judge had been a Widower, and his only child had died +in infancy. His youngest brother, Alfred, was living, however, and he +had a nephew, the son of his deceased brother Charles. The Judge had, +in addition, three first cousins, one of whom was a lady who had thrice +refused offers of marriage, the acceptance of any one of which would +have made her Lady Oats. She was, however, a Quakeress, and her enemies +hinted that she refused the Judge lest the combination of the name of her +religious faith and her marriage name should bring upon her the nickname +of "Lady Porridge." + + * * * * * + +How was the Judge's property divided? + + + + +PROBLEM No. 25. + + +The following letter was received by the Rev. Stephen Collins on the 22nd +March, 1914:-- + + + 147, Eaton Avenue, W. + 21st March, 1914. + + My dear Mr. Collins, + + As an old and much honoured friend of my late husband may I implore + you to be with us at breakfast on Tuesday, the 1st April, at 9 a.m.? + + My son Montgomery comes of age on that day and I feel that it + would be a particularly appropriate occasion for his Vicar to say + a few words on the seriousness of life, and the responsibilities of + riches. + + Perhaps you do not know that my husband left everything to me except + £10,000 India 3-1/2% Stock which he bequeathed (in my opinion + misguidedly) to our two boys, Montgomery and Algernon, in equal + shares. At the date of the Colonel's death, six years ago, these + were valued at 102, but now, alas, are worth no more than 90. The + Income up to the 6th January last has been regularly handed over to + the boys in accordance with their father's wishes, but on the 1st + April, £5,000 of the Stock will have to be sold and handed over to + Monty. + + Mr. Crawley, my Solicitor, has promised to be present, and I have + sent invitations to my Stockbroker, Professional Accountant, and + the Bank Manager. + + Do come, dear Mr. Collins, + + And believe me to remain, + + Yours very sincerely, + + AUGUSTA MAWSTONE. + + Note.--The breakfast was a great success. Everybody turned up and + the Rev. Stephen Collins spoke for 47 minutes. The £5,000 + Stock was sold at 90 net, and the necessary entries were + made in the books of the Trust, showing the settlement of + Montgomery's interest in the Estate. + + * * * * * + +What was it? + +[Illustration: "The Rev. Stephen Collins spoke for 47 minutes."] + + + + +PROBLEM No. 26. + + +Sir John Hopper, Bart., died on the day set apart for the Feast of St. +Valentine. He had been a Widower for some 12 years, and the age of his +only daughter was 23. + +The Family consisted of four Sons and one Daughter, whose names in order +of age were:-- + + John Long, + George Rhode, + Oscar Truclod, + Charles Grarze, + Rose Marie. + +Sir John died intestate, possessed of the following Estate:-- + + Net Residue of Personalty, £24,000. + + Real Property: + + Freehold Estate 4 miles outside Canterbury, Kent, £5,000. + Delightful situation, 4 Reception Rooms, 8 Bed and Dressing + Rooms, 2 Bathrooms, Modern Kitchen apartments, including + Servants' Hall, usual Offices, Good Stabling and 4 Acres of + Garden. Caretaker within. + + Freehold Estate, 1 mile outside Guildford, Surrey, £8,000. + + Freehold Estate in the City of Nottingham, £10,000. + + * * * * * + +Show how the Estate of Sir John Hopper will be divided. + + + + +PROBLEM No. 27. + + +Colonel Filbert, stepson to the late Sir Hazel Knut, paid a brief visit +to the Brazils, and died on the voyage home on the 1st January, 1914. + +He left a considerable Estate, and bequeathed many useful Legacies, all +free of Duty, to deserving Relations and Friends. One of the provisions +in his Will was to the effect that a sum of £5,300 should be placed on +Deposit at the Bank to be paid over by instalments at regular intervals +to his two Executors, John Bunting and Nathaniel Whittel, and was to be +regarded by them as a Salary for their services. + +Each was to receive a Starting Salary at the rate of £500 per annum, +but whereas John Bunting's Salary was to be increased by £100 per annum, +Nathaniel Whittel's Salary was to be increased by £25 half-yearly. + +As soon as the £5,300 was exhausted the Salaries were to cease, and in the +meanwhile the Interest on the Deposit was to be paid over to the General +Estate. + +The Salaries were to be drawn half-yearly, the first to be payable exactly +six months from the date of Colonel Filbert's death. + + * * * * * + +Write up a Cash Account, showing how the Legacy of £5,300 was divided +between the Executors. + +[Illustration: "Miss Tulip's heart was forthwith pierced."] + + + + +PROBLEM No. 28. + + +Every Sportsman will admit that it is immoral to bet upon a certainty, +and most business men will endorse the maxim that only fools speculate +without inside information. + +Now Mr. Hunter never gambled, but he was open, like most other men, to +a sound speculation, and when he learned in his capacity of Clerk to +a well-known Solicitor that Miss Rose Tulip had inherited a fortune of +£60,000 odd, he naturally felt interested. + +Many obstacles separated Mr. Hunter from the object of his choice, but he +persevered, and on one particularly sunny afternoon he let loose a chance +arrow with such well-directed aim that Miss Tulip's heart was forthwith +pierced. + +The Engagement caused some little flutter in the Dove Cot, and Lady Tulip, +Miss Rose's widowed Mother, at once changed her Solicitors in spite of a +promise on their part to decorate Mr. Hunter with the "Order of the Boot," +a promise which was promptly converted into an accomplished fact. + +Every effort was made to induce Miss Rose to reconsider her decision, but +this only seemed to lead to further complications, for on the 14th July +Mr. George Tulip announced his engagement to Mr. Hunter's only sister, +Rebecca. + +This was the last straw and the lamentations of the proud Tulip Family +were only exceeded by the rejoicings of the Family Hunter. + +The prospective Bridegrooms met and made all the necessary arrangements, +and Mr. Hunter, who had had a legal training, drew up four simple Wills +whereby each left to the Widow, or Widower, all the worldly goods of which +he, or she, was possessed. + +These documents were signed and witnessed, and four days later the double +wedding was solemnized quietly at the Church of Saint Augustine. + +After the ceremony Mr. and Mrs. Hunter and Mr. and Mrs. Tulip journeyed +to Liverpool Street Station and caught the 2 o'clock train to Clacton, +where the honeymoon was to be spent. + +They arrived comfortably in time for tea, and Mr. Hunter insisted on +treating the whole party to Winkles. + +Now, whether it was the Winkles or whether it was the pins, is a matter +upon which the two London Specialists who were called in failed to agree, +but the fact remains that within a very short time of devouring the +aforementioned delicacies, the whole party became alarmingly ill, and two +days later Mr. Tulip and Mrs. Hunter died. + +Mr. Tulip's Estate, which consisted entirely of Personalty, was valued for +Probate at £8,420, and Mrs. Hunter's Estate, which consisted entirely of +Realty, was valued at £72,422. + + * * * * * + +What Legacy and Succession Duty was payable on behalf of Mrs. Tulip, and +by Mr. Hunter? + + + + +PROBLEM No. 29. + + +The Rev. Stephen Collins delivered a very moving address on Total +Abstinence at the Mothers' Meeting on the 14th June, 1913, and three weeks +later Mr. Gunter died. + +Now some of the parishioners were inclined to connect the two events, +particularly as Mrs. Gunter happened to form one of the band of Mothers +on that memorable occasion, and was known to have given her husband Toast +and Water for Supper on the following evening. + +Be that as it may, it is an undoubted fact that Mr. Gunter, in a codicil +to his Will, nominated the Rev. Stephen Collins in place of Mrs. Gunter +as Life Tenant of the Income arising from the property of which he (Mr. +Gunter) died possessed. + +After the payment of all Duties, Debts and Expenses, this property +consisted of Assets producing Income as follows:-- + + (1) £300 per annum, free of tax, payable quarterly on the usual + quarter days. + + (2) £160 per annum, free of tax, payable half-yearly, on the 30th + June and 31st December. + + (3) £140 per annum, free of tax, payable yearly, on the 29th + September. + +The Income was received regularly on the due dates and the Reverend +Gentleman had given a formal receipt for everything due up to and +including the 31st December, 1913. + +On the 30th April, 1914, Stock No. 1 was sold cum. div. at a profit of +£500, and the proceeds were re-invested in a security, the income from +which was £320 per annum, free of tax, payable half-yearly on the 30th +June and 31st December. + +On the 20th June, 1914, Stock No. 2 was sold ex. div. at a loss of £100, +and the proceeds were re-invested in a Stock ex. div. bringing in £140 +per annum, free of tax, payable quarterly on the usual quarter days. + +The Rev. Stephen Collins recognises that the Trustees are honourable men +and that their intentions are worthy, but nevertheless he is anxious and +wishes to be in a position to reassure Mrs. Collins as to the income which +he will receive for the year ending 31st December, 1914. + +It is interesting to note that Mr. Collins has now published the Address +delivered at the Mothers' Meeting on the 14th June, 1913, trusting that +the seed sown broadcast may find its way into fruitful soil. + + + + +PROBLEM No. 30. + + +A prosperous Solicitor usually occupies very dirty offices, and his +furniture is mostly Mid-Victorian and rickety. + +Mr. John Storalore was no exception to this rule and never seemed to +object to such surroundings, but on the contrary always appeared to be +surrounded by such objects. + +He was sitting in his office one June afternoon and was dozing over +some particularly dusty documents when his clerk announced Sir Pufferby +Pawstone. Now Sir Pufferby was an important client who always had his hair +cut and called on his Solicitor when he found himself with nothing better +to do. It is not surprising, therefore, that Mr. Storalore should receive +him with open arms and assume a very profound expression. + +After the usual courtesies had been exchanged, and Lady Pawstone's health +touched upon, Sir Pufferby announced that he desired to make a Will. + +Mr. Storalore was all attention and took elaborate notes of Sir Pufferby's +testamentary wishes, which were extensive and complicated. This done, +Sir Pufferby begged Mr. Storalore to give him a brief and concise account +of the steps which it is necessary for Executors and Trustees to take in +the administration of the affairs of a deceased person from the moment of +death up to the final distribution of the Residue. + + * * * * * + +Do not worry about what Mr. Storalore actually said to Sir Pufferby, for +Sir Pufferby was an old woman, and Mr. Storalore knew his client, but say +what he would have said to you in answer to such a question. + + + + +PROBLEM No. 31. + + +Mr. George Huggins died on the 31st October, 1913, and with the exception +of a few legacies, bequeathed free of duty, he left the whole of his +property to his Widow for life with remainder over to his friend Mr. +Giblets, provided that gentleman outlived Mrs. Huggins. + +Now this arrangement placed Mr. Giblets in an embarrassing predicament, +especially as Mrs. Huggins' health improved so wonderfully after her +husband's death. + +It appeared to Mr. Giblets, therefore, that matrimony was the only safe +solution of the difficulty, and so he went on his knees before the Widow. +But the lady grasped the situation immediately, and declined the honour. + +Friendship being thus early at an end Mr. Giblets resolved to worry the +Widow, bearing in mind the saying that "Worry kills." So he set himself to +quibble about every detail in the administration of the late Mr. Huggins' +Estate, particularly as regards the apportionment of Revenue between +Capital and Income. But the Widow would not worry, and wisely suggested +to the Solicitors that all matters involving accounts should be left to +some first-class Firm of Professional Accountants to settle. + +This was done, and the following are the Cash Receipts and Payments made +by the Trustees up to the 30th June, 1914. + + * * * * * + +What amount was paid to Mrs. Huggins on the 30th June, 1914? + + _Receipts._ + + 1913. £ s. d. + + Oct. 3 Cash at Bank and in house 532 17 4 + Nov. 5 Yorkshire Coal Co., dividends half-year ending + 30th September, 1913, free of tax + + 1914. + Jan. 5 Dividends on India Stock, less tax 47 1 8 + " " 14 Sale of Investments 1,764 8 9 + Feb. 8 Caledonian Railway Dividends, half-year ending 32 19 2 + 31st December, 1913 + March 3 Sale of Furniture 243 6 8 + " " 25 Quarter's Rent of Property to date, less tax at 16 1 10 + 1s. 2d. + " " 31 North British Investment Trust Dividends, 6 70 0 0 + months to date, free of Tax + " 31 West Ham Gas Co., half-year's Debenture 47 1 8 + Interest, less tax + Apr. 5 Dividends on India Stock, less tax 47 1 8 + June 15 Sale of Jewellery 32 5 0 + " " 25 Quarter's Rent of Property 20 0 0 + + _Payments._ + + 1913. + + Nov. 7 Medical Attendance and Nursing fees 31 10 0 + " " 25 Mrs. Huggins, on account 50 0 0 + Dec. 31 Estate Duty 532 6 8 + " " 31 Interest thereon 2 13 3 + + 1914. + + Jan. 16 Valuation fees 15 15 0 + Feb. 1 Widow, further on account 50 0 0 + " " 16 Funeral Expenses 31 10 0 + March 25 Half-year's Ground Rent, due this day, less tax 4 18 11 + " " 31 Debts due at death 73 6 8 + Apr. 1 Widow, further on account 50 0 0 + " " 30 Legacies 250 0 0 + May 3 Duty thereon 20 0 0 + " " 31 Executorship Expenses 5 6 8 + June 1 Solicitor's Costs re Probate 32 6 8 + " " 15 Mason's Expenses, restoring, &c, Tombstone 15 15 0 + " " 30 Paid Widow Balance due to her. + + + + +PROBLEM No. 32. + + +Mr. Nathaniel Soworthy, a great breeder of prize pigs, had the misfortune +to be knocked down one day by his favourite Berkshire Boar, and his head +was cut open on the corner of the pig-sty. Notwithstanding the fact that +Mr. Soworthy prided himself exceedingly on the extreme cleanliness of his +pig-sties, where, as he was often heard to say, he would be quite ready to +eat his own dinner, he discovered on that lamentable occasion what must +have been the sole surviving microbe on the premises which, entering his +circulation, set up blood poisoning with the result that he passed away a +few days later, viz., at 6 p.m. on the evening of the 31st January, 1914. + +Mr. Soworthy was a man of many hobbies, and in addition to his prize pigs +he possessed a unique collection of silver salt-cellars reputed to be one +of the finest in the country. This was valued for Probate at £5,000, while +the pigs were estimated to be worth £2,500. + +In addition he died possessed of the following property:-- + + £5,000 India 3% quoted at 75-3/8-7/8. + + 10,000 Ordinary Shares of £1 each in the Improved Pork Pie Factory, + Ltd., valued at 25/- per share. + + £4,000 Mortgage at 4-1/2% on the farm known as "Little Watchem," + interest payable 30th September and 31st March, paid to 30th + September, 1913. + + Cash in the house, £15. + + Cash at the Bank £355 on Current Account and £2,000 on deposit at + 3%, interest payable 30th June and 31st December. + + £5,000 Policy in the Live Stock Breeders' Mutual Assurance Society, + upon which the Bonus at the date of death amounted to £190. + + Household Goods, Horses, and Motor Car, £3,500. + + Implements of Husbandry, £150. + + The Freehold Estate, comprising Mansion House, Park, and Home + Farm known as "The Piggeries," valued at £15,000, subject to a + Mortgage of £10,000 at 4-1/2%, interest payable 30th November + and 31st May, paid to 30th November, 1913. + + He was also life tenant of Real Property producing £3,000 per + annum, in respect of which there was income accrued due but not + received prior to death amounting to £900. + +By his Will he left the following bequests: + + £1,000 in trust to the President for the time being of the Royal + Society for the Propagation and Improvement of Pigs, to be + invested and the interest awarded annually in prizes for the + best sucking pigs. + + £100 to the Perennial Society of Whole Hoggers, of the local branch + of which he was the esteemed and Honorary President; and + + His famous White Sow, known as the "Soworthy Sow," to his lifelong + friend the celebrated judge of pigs, Mr. Anthony Golightly + Wackenbath. + +The prize pigs were directed to be sold and realised £2,690. The +collection of silver salt-cellars was bequeathed to the Victoria and +Albert Museum on condition that it should be shown as a whole and named +the Soworthy Collection. This bequest was accepted. + +[Illustration: "His famous White Sow, known as the 'Soworthy Sow.'"] + +The debts due at death amounted to £215, and the funeral expenses to £45. + +Within a week of the funeral the famous Soworthy Sow died in giving +birth to a fine litter of ten little pigs, two of which unfortunately +pre-deceased their Mother. The result of this event had been awaited +before sending the Sow to Mr. Wackenbath, who was thus deprived of this +mark of the deceased gentleman's affection. The value of the Sow alive +had been £50, but dead she was not worth more than £3 10s. 0d., while +the litter, whose father was the same Berkshire Boar that had been the +unwitting cause of Mr. Soworthy's death, were worth £2 a-piece. + + * * * * * + +Prepare the Estate Duty Account, the affidavit being brought in on the +31st March, 1914. Show the amount of duty and interest payable. + + + + +PROBLEM No. 33. + + +Referring to the preceding Problem, all bequests were left free of duty +and the residue of the estate was left in equal shares to Mr. Soworthy's +grand-daughter, his brother, and his adopted son. + +The India Stock was sold on the 25th March, 1914, at 77; the Shares in +the Improved Pork Pie Factory, Ltd., realised 24/- per share net on the +25th May, 1914, after receipt on the 1st May of a Final Dividend of 1/- +per Share paid in respect of the year ending 31st March, 1914, an interim +dividend of 6d. per share having been received by Mr. Soworthy prior to +his decease. + +The Mortgage on "Little Watchem" Farm was called in and paid off on +the 30th June, 1914, while "The Piggeries" was directed to be sold and +realised £14,500 after payment of all expenses, completion being made on +31st May. + +The household goods and implements of husbandry were sold at the same time +and produced £3,000 and £120 respectively. + +The Policy money with bonus was received on February 25th and the proceeds +of the sale of pigs on March 5th, while the income from the Real Estate +was received on February 10th. + +Estate and Legacy Duties were paid on March 31st, and the debts, funeral +expenses and legacies were also paid on the same date. Executorship +expenses amounting to £250 were paid on June 14th. + +On the last day of each month such portion of the cash balance as was +available in round thousands was placed on deposit at 3%. + + * * * * * + +Prepare Residuary Account as at June 30th, 1914, and state the duties +payable on the Residue. + + + + +PROBLEM No. 34. + + +Referring to the two preceding Problems, prepare an Account to be rendered +by the Executors to the Residuary Beneficiaries, showing the realisation +and distribution of the Estate, the final payment to the Residuary +Beneficiaries taking place on July 1st, 1914. + + + + +PROBLEM No. 35. + + +To anyone not in the secret, the conduct of Mr. Pipkin would appear +inexplicable, for on March 3rd, 1914, he very deliberately entered a +Tobacconist's shop, ordered a threepenny cigar, and afterwards resigned +his position as Assistant Book-keeper in Messrs. Macfarlane's Grocery +Establishment. + +The secret, however, lay in the fact that Mrs. Pipkin had come into money, +and Mr. Pipkin very naturally felt himself independent of other people +and yearned for the ease and comfort appertaining to the position of a +retired gentleman of means. + +Mrs. Pipkin's fortune consisted of a life interest in the Property left +by Mr. Austen Friars, who died on the 28th February, 1914. + +This property was represented by the following assets:-- + + £2,000 3-1/2% Hongkong Stock, interest payable half-yearly, on the + 1st April and 1st October. + + 200 Shares of £5 each (£2 10s. 0d. called up and paid) in the + Commercial Banking Co., Ltd. + + Freehold House bringing in £80 a year, payable quarterly, on the + usual Quarter Days. This house was assessed at £67, and the Income + Tax was paid by the Tenant on the 5th January, 1914. + + 750 £1 Shares, fully paid, in the Perpetual Rays Co., Ltd. + +April, 1914, was the very happiest month in Mr. Pipkin's whole life, +and he spent most of his time smoking his pipe in his back garden, or +improving his mind by contemplating the educative pictures of the local +Cinema. + +The months of May and June, however, did not prove quite so pleasant, +and by the middle of July Mr. Pipkin actually threatened Mrs. Pipkin that +unless she kept the baby quiet he would look out for another job. + +And then August came round which proved to be the most miserable month +of Mr. Pipkin's whole life, for Mrs. Pipkin was suddenly taken ill after +consuming a liberal portion of Tinned Salmon. Never before did he realise +how much he loved his Wife or what a blow to his heart her death would +be. He never left her bedside and he spared no expense, but, in spite of +all, Mrs. Pipkin passed away on the 19th August, 1914. + +It would be idle to attempt to depict Mr. Pipkin's feelings; it is enough +to say that he became a poorer but a wiser man. + +On the 3rd April, 1914, a dividend for the year ending 31st January, 1914, +at the rate of 7-1/2% was declared on the 200 shares in the Commercial +Banking Co., Ltd., and a similar dividend was declared on the 4th April, +1915, in respect of the year ending 31st January, 1915. + +On the 19th August, 1914, a final dividend at the rate of 15% per annum, +free of tax, was declared on the 750 Shares in the Perpetual Rays Co., +Ltd., for the half year ending 30th June, 1914. An interim dividend had +been received on the 31st January, 1914, in respect of the half year +ending 31st December, 1913, at the rate of 10% per annum, free of tax. + +No interim dividend was paid during the Company's year ending 30th June, +1915; but on the 31st July, 1915, a dividend at the rate of 10%, free of +tax, was declared in respect of the year ending 30th June, 1915. + + * * * * * + +Show the exact amount payable to Mrs. Pipkin and her Estate in respect of +her life interest under the Will of Mr. Austen Friars. + +[Illustration: "Two Sons, who, if the truth was told, Drank much more than +they ought'er."] + + + + +PROBLEM No. 36. + + + On Lady Day the death occurred + Of Hubert Henry Huckett, + Who fell beneath a brewers' dray + And promptly kicked the bucket. + + He left a very charming Wife, + And one enchanting Daughter, + Two Sons, who, if the truth was told, + Drank much more than they ought'er. + + His Will was proved and it was found + He'd left as weird collection + Of Stocks and Shares as e'er was known + Within man's recollection. + + He'd (£) 60 Bags and 40 Coils + 100 Common Can. Pacs., + And (£) 40 Berthas, 60 Lions + And 42 Brazil Tracs. + + He'd 80 Knackers, 20 Breads + And just (£) 400 Saras, + (£) 1,000 Middies, 20 Tanks, + And (£) 57 Claras. + + 200 Chinas (£) 90 Megs, + 10 Virgins (£) 40 Doras, + (£) 1,000 Vestas, Matches 10, + 12 Bones and (£) 80 Noras, + + The Cash at Bank was £80, + The Cash in House was seven, + The Furniture was valued at + Four hundred pounds eleven. + + Debts due at death were £90, + And no one in their senses + Can say that £20 was much + For Funeral Expenses. + + The Trustee read the Will with care + And studied it minutely, + And found that all was left unto + The Widow absolutely, + + Except some Legacies, which made + The worthy man feel dizzy, + He read "I hereby leave my Bags + Unto my daughter Lizzie." + + "I leave the Virgins to my son, + Advising him to hold them, + Unless it proves upon my death + I've previously sold them." + + "I solemnly bequeath my Bones + Unto my second sonny, + Although I know they'll quickly be + Converted into money." + + "I also feel in duty bound + To leave my brother's kiddies + A Legacy, so let his girls + Take over all the Middies." + + "My Trustee gets a hundred pounds + For trouble and attention, + All Legacies are duty free, + Perhaps I ought to mention." + + "Those whom I leave will thus receive, + A generous provision, + And when all's paid, they'll see I've made + A very just division." + +_The following lines were addressed by the Trustee to the Professional +Accountant:_-- + + You are a man, to Law and Figures bred, + I am a Layman, and I fear to tread + The unknown way. + You know the course Executors should take + To carry out their Trust, without mistake, + Without delay. + + Give me then help to ascertain the rate + Of Duty payable on the Estate; + The Residue, + Which goes to Mrs. Huckett, and which may + Be challenged by her lawyer; and I'll pay + A fee to you. + + + PARTICULARS OF INVESTMENTS LEFT BY + H. H. HUCKETT, Deceased. + --------------------------------------------------------------------- + |Short Name |Full Name of Investment. |Amount left |Cum. Div Price | + |of | |by Deceased. |at Date of | + |Investment.| | |Death | + --------------------------------------------------------------------- + |Bags |Buenos Ayres Gt. Southern |£60 Stock |116-117 | + | | Rly. Ordinary Stock | | | + --------------------------------------------------------------------- + |Coils |Californian Oilfields |40 Shares £1 |5-3/4-6-1/4 | + | | Ordinary Shares |each | | + --------------------------------------------------------------------- + |Can. Pacs. |Canadian Pacific Rly. |100 Shares |233-1/2-234-1/2| + | | Common Stock |$100 each |($5=£1) | + --------------------------------------------------------------------- + |Berthas |London, Brighton & South |£40 Stock |89-3/4-90-1/4 | + | | Coast Rly. Deferred Stock| | | + --------------------------------------------------------------------- + |Lions |J. Lyons & Co., Ltd., |60 Shares £1 |6-5/16-6-9/16 | + | | Ordinary Shares |each | | + --------------------------------------------------------------------- + |Brazil |Brazil Traction Light and |42 Shares |89-90 ($5=£1) | + |Tracs. | Power |$100 each | | + --------------------------------------------------------------------- + |Knackers |Harrison, Barber & Co., |80 Shares £5 |1-1/2-2 | + | | Ltd. |each | | + --------------------------------------------------------------------- + |Breads |Aerated Bread Co., Ltd. |20 Shares £1 |4-1/4-4-1/2 | + | | |each | | + --------------------------------------------------------------------- + |Saras |Great Central Rly. |£400 Stock |14-1/4-14-1/2 | + | | Deferred Stock | | | + --------------------------------------------------------------------- + |Middies |Midland Rly. Deferred |£1,000 Stock |70-1/2-71 | + | | Ordinary Stock | | | + --------------------------------------------------------------------- + |Tanks |Tanganyika Concessions |20 Shares £1 |2-3/8-2-5/8 | + | | |each | | + --------------------------------------------------------------------- + |Claras |Caledonian Rly. Deferred |£57 Stock... |18-1/4-18-1/2 | + | | Converted Ordinary Stock | | | + --------------------------------------------------------------------- + |Chinas |Eastern Extension |200 Shares |12-7/8-13-3/8 | + | | Telegraph Co. Ordinary | £10 each | | + | | Shares | | | + --------------------------------------------------------------------- + |Megs |Mexican Rly. 1st |£90 Stock |136-137 | + | | Preference Stock | | | + --------------------------------------------------------------------- + |Virgins |Virginia New Funded Bonds |10 Bonds $100 |84-86 ($5=£1) | + | | |each | | + --------------------------------------------------------------------- + |Doras |South Eastern Rly. |£40 Stock... |58-3/4-59 | + | | Deferred Stock | | | + --------------------------------------------------------------------- + |Vestas |Railway Investment Co. |£100 Stock |14-1/2-15-1/2 | + | |Deferred Stock | | | + --------------------------------------------------------------------- + |Matches |Bryant & May, Ltd., |10 Shares £1 |7/8-1-1/8 | + | |Ordinary Shares |each | | + --------------------------------------------------------------------- + |Bones |Wickens, Pease & Co. |12 Shares £5 |3/4-1-1/4 | + | |Ordinary Shares |each | | + --------------------------------------------------------------------- + |Noras |Great Northern Rly. |£80 Stock... |50-1/2-51-1/2 | + | |Deferred Stock | | | + --------------------------------------------------------------------- + + + + +PROBLEM No. 37. + + +The late Mr. John Bunyon died in affluent circumstances after having, by +the exercise of keen business instincts, overcome those obstacles which +confront every great philanthropist who combines the cause of humanity +with the desire to achieve wealth and fame. + +In his early days he vended to a suffering but suspicious public, a +commodity known as "Bunyon's Specific"; and it was his custom at this time +to commence his nightly oration to his potential patients at the street +corner with the words, "Ladies and Gentlemen, I have extracted corns from +all the Crowned Heads of Europe." + +In later years, when by the aid of judicious advertising he had convinced +the public that no home was complete without his famous Specific, Mr. +Bunyon sold his business to a Limited Company, and on then calculating +his wealth, found himself rich beyond the dreams of avarice. + +He thereupon decided to enter Society, and after some difficulty +procured an introduction to Mr. James Rooker, who obtained for him--for +a consideration--the entrée into that sphere of Social life which he was +so eminently fitted to adorn. On Mr. Rooker's advice, he purchased a +Freehold House in a favourable quarter of the West End of London, but +owing to a desire not to disturb certain Investments, he raised £2,500 of +the purchase price by Mortgage, which at the time of his decease had not +been repaid. + +In view of the great services rendered to him by Mr. James Rooker, Mr. +Bunyon promised to remember him and his family in his Will; which led Mr. +Rooker to be very solicitous concerning Mr. Bunyon's health until he was +certain that a Will had been executed, and subsequently caused him much +speculation as to whether an early decease of his Patron might not be more +beneficial than the advantages to be gained from him whilst alive. + +Mr. Bunyon's death put an end to these speculations, and it occurred +under the following circumstances. Having met Mr. Rooker by appointment +at that gentleman's house, they spent a merry hour at the card table, +much to Mr. Rooker's advantage. They then sallied forth in a Taxi-cab; +when suddenly remembering that he had parted with all his ready cash, +and knowing that Mr. Rooker never paid for cabs on principle, Mr. Bunyon +ordered the chauffeur to drive to Attenborough's and there placed his +diamond pin in pledge for the sum of £5. Feeling somewhat faint after +this exertion, he instructed the chauffeur to drive to a Chemist's where +he ordered a pick-me-up. The Chemist not knowing his customer, considered +his symptoms a fit case for a dose of "Bunyon's Specific," of which Mr. +Bunyon unwittingly partook, and so met his death. + +Mr. Bunyon's Will was found to contain the following Legacies and Devises +in favour of the Rooker Family:-- + + Mr. James Rooker, my Diamond Pin. + + Mr. Tracey Rook Rooker, 1,000 Shares in "Bunyon, Ltd." + + Mr. Ricardo Rook Rooker, my Freehold House in London. + + Miss Christabel Rook Rooker, £100 of Consols out of my £2,000 + Consols. + + Miss Emmeline Rook Rooker, £100 payable out of my £2,000 Consols. + +It was found that both the Shares in "Bunyon, Ltd." and the Consols, had +been sold shortly before Mr. Bunyon's death. The Freehold House was valued +at £6,500, the Diamond Pin at £25. + + * * * * * + +The Net value of his Estate when aggregated was £108,000. What did the +Rooker Family receive, and what duties were payable by them? + +[Illustration: BY APPOINTMENT TO H.M. THE KING J. MILES & Co Ltd Printers +68 & 70. Wardour St, London, W. ] + + + +[TRANSCRIBER'S NOTE: In the following, the original text of the Foreword +is repeated with an informal English translation by proofer "Lucy 24" +(Louise Hope). This was not in the original text, but is provided by the +transcribers for the convenience of the reader. The English text below is +placed in the public domain.] + + + + +Foreword. + +By D. F. de l'Hoste Ranking, M.A., LL.D. + + + De mortuo illo quid dicam? + What shall I say about the deceased? + + "Nilnisi bonum" ut aiunt. + "Nothing but good" as they say. + + Sed quid si nil boni fecit? + But what if he didn't do any(thing) good? + + De bonis licet loqui. + One can talk about his goods. + + At si nulla bona reliquit? + But what if he left no goods? + + De eo tacere decet: + One should keep quiet about that: + si neque bonum fecit nec bona acquisivit nil valet. + if he neither did good nor acquired goods, he is worthless. + + Sed si bona reliquit in sermonem hominum semper venit; + But if he left property, people always talk about him; + vitia operta sunt; + his faults are concealed; + pecuniam fecit, illa quidem "non olet." + he made money, and it "doesn't smell". + + Quem heredem instituit? + Whom did he name as heir? + Extraneis haec omnia livori proxima videntur. + To outsiders all these seem next door to envy. + + Te autem si tu aut cognatione aut affinitate propinquus + exspectatio tenet. + But you--if you are close, either by acquaintance or relationship, + expectation grips you. + An mea interest? Si sic habet, quanti? + But does it concern me? If that's how it is, how much? + Suave est ex magno tollere acervo; + It's pleasant to receive a big heap; + ejus pecunia quid non facere possim? + with his money, what couldn't I do? + + Siste, amice; aliquantulum cogita; + Stop, friend; think a little; + supersunt multi cognati; + there remain many friends; + fieri potest ut aut cum aliis bona partire debeas, + aut exheredatus sis. + it may be that either you have to share the goods with others, + or you are disinherited. + + Gerrae! Sine dubio testamentum fecit: + Nonsense! Without a doubt he made a will: + et cum ratione constat me alicuius rei legatarium esse. + and it's reasonable to think I was left something. + Nemo enim magis eum fovit; + For nobody took better care of him; + alii omnes cognati asseclae; solus eum amavi. + all his other friends only cared about his money; I alone loved him. + + Insipiens, inter os et offam multa intervenire possunt. + O fool, many things can come "between the mouth and the morsel" + [Latin idiom, like "many a slip between cup and lip"?] + Audi de gente Fulvia fabellam: + I've heard the story of the Fulvian people: + de multis mutato nomine narratur. + it is told of many, with the name changed. + + (In scena est coenatio Georgii Fusci, argentariorum interpretis. + (Setting: The dining room of George Black, assayer of money. + Fuscus, bene coenatus, alterum cyathum Falerni sorbillat. + Black, having dined well, is enjoying his second glass of port. + Accurrit uxor, commota; + His wife runs in, excited; + in manu litteras resignatas tenet). + in her hand she holds a signed paper.) + + U. Georgi! + George! + + F. Quid tibi nunc est? Num quid novi est? + What's the matter with you? What's happening? + + U. Amita mea Maria decessit! + My aunt Mary has died! + + F. Bene! nunquam postea illud vile Sabinum necesse erit obsorbere: + Good! I will never again have to drink her vile claret: + magnum est solatium. + that's a great solace. + + U. At tu Georgi semper id laudasti! + But George, you always praised it! + + F. Et tu simul filiaeque semper miratae estis Persicam illam + detestabilem + And you and your daughter always admired that detestable Persian + et psittacum dissonum, et laudibus extulistis: + and the raucous parrot, and sang their praises: + pretium fuit vetulae placere. + that's the cost of pleasing old women. + + U. Esto: illa vero suavia erant. + Never mind: They were really agreeable. + At hic mihi litterae a cognitore ejus Semaureo allatae: + But this letter was sent to me by her solicitor [Semaureus]: + dicit se hodie vesperi te conventurum. + he says he is coming to [see] you this evening. + + F. Demiror si testamentum fecit! + I'll be amazed if she made a will! + Sin minus omnia ad te perveniunt, + If not, everything goes to you; + tu heres ex asse; + you are the [default/intestate] heir; + cognati alii desunt. + there are no other relatives + + U. Est quidem mariti nepos iste. + There's that nephew of her husband. + + F. Nullus: tu sola heres: + That's nothing: you alone are the heir: + si intestata omnia ad te. + if she [died] intestate, everything goes to you. + + U. Tabulas vere fecit: + She really made an accounting: + cognitor scribit se te conventurum quia + her solicitor writes that he is coming to you because + testamentum ad rem tuam maxime pertinet. + her will greatly concerns your business. + + F. Mihi crede igitur! + Then believe me! + Aliquid magni tibi legavit: + She left you something big: + haud verisimile illam quidquam juveni Albo legasse: + it's hardly likely that she left anything to young White: + nunquam illam observavit; + he never paid any attention to her; + homo nil est nisi pictor ignotus aut aliquid simile: + he is nobody except an unknown painter or something like that: + uxorem quoque duxit quamdam inopem, + he also married some penniless woman, + et eis saepe amita tua subvenire debuit. + and your aunt always had to come to their assistance. + + U. Fores pulsantur: advenit cognitor! + There's a knock at the door: her solicitor has arrived! + + F. Dic famulae ut alteram cyathum ponat. + Tell the maid to bring another glass. + + (Ingreditur Dominus Semaureus.) + (Enter Mr [Semaureus].) + + Quid agis vir doctissime? + How are you, my esteemed friend? + Mea uxor dixit te venturum; + My wife said you were coming; + nonne ob testamentum amitae ejus? + is it about the will of her aunt? + + S. Sic res habet, Fusce; + That's how it is, Black; + venio ad te quod hoc res tua maxime refert; + I come to you because this concerns you greatly; + et scio te onus suscepturum. + and I know you will take up the burden. + + F. An sic habet? + Is that how it is? + Vetulae illi multa bona provenere ut opinor. + The old lady left a large property, I think. + + S. Permulta: super haec te consulendum putavi. + Very large: I thought to consult you about it. + Hic mecum tabulas attuli ut eas inspicias. + I have brought the accounting with me so you can study it. + + F. Bene est; Dignissima erat; cui semper plurimum tribui. + Good; she was a worthy lady; I always said so. + Falerni sume cyathum. + Have a glass of port. + + S. Benigne dicis; dimidium: + You are very kind; half a glass; + bona venia uxoris tuae est mihi in animo + with the permission of your wife I am thinking of telling you + summas testamenti reddere; + the amounts in the will; + ad illam quoque pertinet. + it concerns her too. + (Testamenta allata resignat.) + (Opens the will he has brought.) + + Post nonnulla famulis legata ita instituit: + After several bequests to servants, it states: + + "Fratris filiae Mariae lego Persicam et Psittacum + To my brother's daughter Mary I leave the Persian and the Parrot, + quae animalia tantopere admirata est, + which animals she greatly admired, + certa fiducia se illis hospitium praebituram; + in the full confidence that she will provide a good home for them; + eidem etiam lego annulum meum gemmatum. + to her I also leave my diamond ring. + Nepoti ejusdem Mariae viro Georgio Fusco lego omne + To my niece Mary's husband George Black I leave + quod in hypogaeo superest vinum illud Falernum + all the wine that remains in my cellar because + quod semper laudabat." + he always praised it. + + F. (In malam rem.) + (Black is unhappy.) + + S. "Quod ad ceteras possessiones + As to my remaining possessions, + Georgius Fuscus heres esto ex asse: + let George Black inherit all: + (subridet Fuscus et uxori in aurem susurrat "ita ut dixi.") + (Black smiles and whispers in his wife's ear "as I said.") + + S. (Conversa tabula) + (Turning the page) + "et rogo eum ut cum primum potuerit haereditatem adire, + "and I ask him to go to the inheritance as soon as possible, + omnibus et fundis et mobilibus venditis, + to sell both real property and chattel, + pecunias in cautionibus publica auctoritate factis + to deposit the money in a bank + collocet et fructus reddat nepoti mariti mei + and give the interest to my husband's nephew + Jacobo Albo et uxori suae in aetatem + John White and his wife for their lifetimes + aut utri eorum vita superarit: + or to whichever of them outlives the other: + eis mortuis ut inter liberos eorum caput dividat: + when they die, the capital is to be divided among their children: + aut liberis sine prole defunctis + or if their children die without offspring + caput reddat ad sodalitatem Anthropophagis Africanis + the capital goes to the African Cannibal Mission + informandis et nutriendis institutam: + established to educate and provide for them: + praemio sint fiduciario viginti in annum librae." + let the executor's pay be twenty pounds a year." + + F. Anus odiosa et malefica! + Hateful and malicious old woman! + At enitar ut testamentum rescindatur; + I will try to overturn the will; + inofficiosi testamenti querelam instituam! + I will make a complaint about this useless will! + Delira fuit! + She was mad! + + S. Immo mentis omnino compos fuit, Improbe: + On the contrary she was of completely sound mind, unworthy man: + sic summa fide clamabo et testabor. + I will affirm and witness to this. + Verba tua pro tempore et re indecora. + Your words are spontaneous and unfitting. + Tui piget me: evado. + I am ashamed of you: I shun you. + + F. Maria! + Mary! + + U. Georgi! + George! + + Uterque. Exsecrabilis Illa! + Both. Detestable woman! + + (Aulaeum tollitur.) + (Curtain.) + + + + + +End of the Project Gutenberg EBook of De Mortuis Nil Nisi Bona, by +Ernest Evan Spicer and Ernest Charles Pegler + +*** END OF THE PROJECT GUTENBERG EBOOK 41888 *** |