FORTUNES IN SOUTH

New Zealand Herald, Volume LXIX, Issue 21279, 5 September 1932, Page 11

FORTUNES IN SOUTH

SEVERAL LARGE ESTATES j FOUR WITHIN 25 YEARS TOTAL OF OVER £2,000,000 Among examples of large Christehiirch estates of the past which were obtained last week, only one, that of the late Mrs. A. Q. Towncnd, who left, nearly £BOO,OOO, was larger than the figure of £750,000 which is regarded in legal circles as a minimum estimate of the amount left by the late Mr. G. D. Greenwood. Four estates quoted totalled slightly more than £2,000,000, built up in country and other properties, share investments and mortgages. There have been, of course, estates other than those four examples, worth over £300,000 each, and several of over £200,000. The four examples given are the Townend, Banald Macdonald, Allan McLean and Duncan Rutherford estates. Mrs. Townend, who died in May, 1914, left £796,000. The foundation of this fortuno was laid by her inheritance of the Glenmark estate from her father, Mr. G. H. Moore, one of the early Canterbury settlers. Mr. Ranald Macintosh Macdonald, who died on October 21, 1928, left an estate computed at £327,317. Mr. Macdonald was a prominent sheepfarmcr, was a director of Pyne, Gould, Guinness, Limited, and had many other interests.

Mr. Duncan Rutherford left an estate of £372,000 on his death in 1918. One of the largest Christchurch estates was that of Mr. Allan McLean, who founded the McLean Institute for indigent gentlewomen. Mr. McLean died on November 12, 1907.

The total of the McLean estate when it came into tho hands of the solicitors, according to a newspaper report of the day, was £596,000. Out of this, some £,500,000 was payable as legacies to various members of Mr. McLean's family.

Death duties and succession duties make big claims on large estates. By tho Finance Act, 1930, the estate duty payaide on estates exceeding £IOO,OOO was increased from 25 to 30 per cent.