DAVENPORT ESTATE

New Zealand Herald, Volume LXXII, Issue 22215, 16 September 1935, Page 12

DAVENPORT ESTATE

VALUATION REDUCED ASSESSMENT FOR PROBATE [by telegraph—own* correspondent! TE KUITI. Sunday A reduction from £4250 to £4OOO was made by Mr. F. H. Levien, S.M., in the valuation of the Davenport sheep and cattle station made for the purpose of assessing the death duties in the estate of Edward Lancashire Davenport. The administrator of the estate, A. E. Davenport (Mr. Mackersey) last Court day applied for a reduction of the valuation from the £4250 at which the property had been assessed for probate purposes by the V aluation Department, pointing out that it was at present o:n the open' market at £2OOO. Mr. Mackersey said then that because of the double death duties, probate duties would have to be paid on £BSOO in respect of a property which the estate was willing to sell for £2OOO. In giving his reserved decision, Mr. Levien said that the property had been developed by G. M. Davenport for a number of years. The latter was murdered on October 9, 1934' and his son, Edward Lancashire Davenport, died as a result of injuries on October 11. A special valuation was made as for the property on October 9 for the purpose of estimating death duties in the estate of G. M. Davenport. Then the property was assessed at £5280. A previous valuation of the property made in 1919 gave the capital value as £6313,, There was, Mr. Levien continued, no objection made by G. M. Davenport to this valuation, and it was ■still current, as the rateable value of the property. By agreement between the parties, the special valuation was fixed at £4250 and death duties were paid in the estate of G. M. Davenport on this amount. The magistrate then went on to deal with the valuation in the estate of Edward Lancashire Davenport. To substantiate that £4250 was the value on October 11, the Government valuer submitted to the Court a statement of estimated receipts and expenditure, with the stock on the place. After the death of Edward Lancashire Davenport the administrator, A. E. Davenport, came to New Zealand. He had no wish to carry o n the property, and acting, no doubt, on competent advice, offered it at the quick sale price of £4OOO. However, no offer was received. Mr. Levien was unable to reconcile the figures of the witnesses for the applicant with those submitted by the Government valuer, the latter being more comprehensive. Quoting authorities, Mr. Levien went on to determine that a valuation should be dependent on the amount which a property might reasonably be expected to obtain in the market, and that skill in farming, etc., should not be determining eletnents. There was no evidence to indicate what were the profits prior to 1934, nor any evidence of any desire on the part of G. M. Davenport to sell the property. "In my opinion, the valuation as at October 11, 1934, should be reduced to £4000," said Mr. Levien. "This sum was the sale price fixed on it about that time, apparently on good advice."