INTERPRETATION OF A WILL.

Otago Daily Times, Issue 15788, 12 June 1913, Page 8

INTERPRETATION OF A WILL.

MEANING OF INCOME,

(Psa United Phhss Association.)

AUCKLAND, June 11.

Mr Justice Cooper delivered judgment this morning' in the ca&o of G. T. l r ates and . A. R. Crane against G. T. Yates and others, being an 'application for an originating summons for a declaratory order determining certain questions arising from the construction of the will of Annie Yates, late of Parengirenga.

The judgment was very lengthy. It stated that tho only question upon which there was any controversy was whether the trustees were entitled to £2 10s per centum upon the gross receipts and takings in connection with tho sale of stores ami of gum in the business before any deduction was made either for the cost price of the stores and gum to the trustees or far working and general expenses. The answer, his Honor said, depended upon the reasonable construction of the clause providing that the trustees " shall be entitled to a commission of £'& 10s per cent, upon all of the gross income of mv estate received by them." His Honor was of opinion that "gross income " did not mean " gross receipts,'' but gross gain resulting from the business and gross income from the rest of the estate without, deducting the expenses oi the management of the estate or of the business or any of tho general expenses of the estate or of the busi.ncf=s.

"The term incomc means," said his Honor, " as applied to commercial business, the profits made in that business, the balance of the gain over the loss." The cost of hhe stores and gum must ho deducted before the gross ipcome from the store and gum business was ascertained. The balance was the gross income of the business, and the working and general expenses were not to be deducted.