VALUE OF SHARES

New Zealand Herald, Volume 78, Issue 24141, 6 December 1941, Page 13

VALUE OF SHARES

DECISION RESERVED Further expert evidence as to the value of shares in the Northern Publishing Company, Limited, Whangarei, was heard by Mr. Justice Fair in the Supreme Court yesterday. The Public Trustee (Mr. Trimmer), as administrator of the estate of the late Hugh Went worth Crawford, of Whangarei, journalist, appealed against an assessment of death duties by the Commissioner of Stamp Duties (Mr. Stanton). The appellant claimed that the value of the late Mr. Crawford's shares in'the Northern Publishing Company was £3 13s 2d cash, or a total of £22,012 3s lOd, but the commissioner valued them at £5 5s each, or a total of £31,589 ss. The appellant asked the Court to amend this valuation. In opening the respondent's case Mr. Stanton submitted that the value of the shares could not be less than £4 10s 6d, the figure given in evidence for the appellant by Mr. J. A. Sherriff, secretary of New Zealand Newspapers, Limited. A public accountant, Mr. D. H. Steen, gave his reasons for valuing the shares at £4 15s lOd, and the Commissioner for Stamp Dutjes, Mr. G. P. Pearce, estimated their value at £5 Bs. His Honor said the matter was far from simple and ho would take time to consider his decision. He thanked counsel for their very capable presentation of the case, which had covered a great deal of ground.