FIXING THE VALUE OF SHARES.

Oamaru Mail, Volume XXXIX, Issue 10766, 15 May 1911, Page 2

FIXING THE VALUE OF SHARES.

(Per , Pbess Association.) Auckland, May 13. Before Mr Kettle, S.M., the Commissioner of Stamps sued the administrators in the estate of the late Albert Edward Bagnall for £127 7s Bd, death duties upon 2800 fully paid £1 shares in Bagnall Bros. (Ltd.). No shares had been sold in the optfii market, consequently it was difficult to determine the value of the shares. A bala,nce-sheet issued in 1909 showed their value was assessed at £1 19s 5d per share, and' the value of the company's assets was based on the Government valuation. Counsel for the defendants claimed that the value of the shares could not he assessed from the balance-sheet. They offered to accept £2 per' share from the Department for the whole concern, and pay stamp duty. The Crown Solicitor said if the Government had to do that in every disputed case they would want a tenmillion loan.

Mr. Cotter offered to accept £1 per share for the shares in dispute. The Magistrate said under the circumstances he must regard the bal-ance-sheet as representing the true value of the shares, and suggested that they should be properly advertised and offered for sale by tender in the open market.

Counsel agreed to adopt this suggestion, and the case was adjourned sine die.