VALUE OF SHARES

New Zealand Herald, Volume 79, Issue 24177, 20 January 1942, Page 6

VALUE OF SHARES

SUPREME COURT DECISION Judgment was given by Mr. Justice Fair yesterday in the appeal of the Public Trustee (Mr. Trimmer) as administrator of the estate of the late Hugh Went worth Crawford, of Whangarei, journalist, against an assessment of death duties by the Commissioner of Stamp Duties (Mr. Stanton). At the time of his death in August, 1939, Mr. Crawford was the owner of 6017 fully-paid £1 shares in the Northern "Publishing Company, Limited, which publishes the Northern Advocate. For the purpose of assessing denth duty the Commissioner of Stamp Duties fixed the value of each share at £5 ss, but the appellant claimed that the real value at the time of Mr. Crawford's death was £3 13s 2d a share. The judgment traversed the authorities quoted by counsel concerning the principles to be applied in assessing the value of shares not on the market, and having regard to the special value to purchasers desiring to obtain or retain control of the company. His Honor said the shares were to be valued as at the date of Mr. Crawford's death on August 5, 1939, and he computed the value at £4 16s a share. Appellant was allowed costs as lie was obliged to have a case stated to obtain a reduction below five guineas, but as the valuation adopted was nearer respondent's than appellant's valuation the costs were not on the full scale. His Honor allowed 20 guineas cost and witnessee' expenses.