WORKING OF BIG ESTATE

Taranaki Daily News, 18 July 1933, Page 5

WORKING OF BIG ESTATE

WHO IS TO PAY FOR LOSSES? ACTION BY PUBLIC TRUSTEE. By Telegraph—Press Association. Auckland, Last Night. A little more than three years ago a successful run-holder in the Bay of Islands district, died, leaving an estate valued for probate purposes at £67,000. To-day legal proceedings were taken in the Supreme Court before Mr. Justice Smith to determine how the losses now arising from the working .of the estate are to be distributed among those interested in it. The estate was that of Walter Clapham Mountain, of Pukerua, Bay of Islands, who died in March, 1930, leaving his property to his wife and children for life, and thereafter to his grandchildren. The Public Trustee, who was appointed trustee, was given leave to carry on the farm, and he had done so during the past two years at a loss. An originating summons to determine the interpretation of the clauses in the will was brought by the Public Trustee (Mr. Blomfield). He asked whether the loss on the working of the property should be borne by capital or by income or by, both. There was the further question of whether, if the loss was to be borne by capital, it should be capital of the farming venture only, or the whole of the capital of the estate. There was the further question of whether the Public Trustee had power to use and occupy the Omapere estate, and if so upon what terms. The Public Trustee considered it was essential to use that land while he was carrying on the main farm.

The case was adjourned sine die pending separate representation for deceased’s son Walter,