1935-07-26 — Page 5

ESTATE DUTY ACTION

CHIEF JUSTICE. DISMISSES APPEAL BY THE CHATER TRUSTEES

The append brought by the trilées of the will of the late Sir Catchich Paul Chofer (Messrs. Beacons) against a decision of the late Duty Commbe«inner, wan dialssed by the Chief Justice, Fir Atholl MacGregor, in a judgment delivered at the Supreme Court yesterday,

Owing to indisposition, 1s Lordship was not present in Court, and his fudgment was rend out by the Pulae Judge, Mr. Justice I. E. Lindsell.

THE

HONGKONG TELEGRAPH. FRIDAY,

bell (1902) I.K.B. p.113, ro: Waller (1910) 1 Ch. p.16 and A.G. v. Wat son (1917) 2 K.B. p.427.

сляет

In these cases the facts In the firal three are clearly distinguishable from those with which we are here concerned. In each of these textator had by express direction in- structed his trasters to set aside a fand mufflelent to meet the payment.

f the annuities, In each

of these

GILINEXION|BSES

"TELEGRAPH" ART

SUPPLEMENT

To-morrow's Picture Features

in

JULY

26, 1935.

Further entries Amateur Photograph Com petition will be reproduced in to-morrow's issue of the Tele- preph Pictorial Supplement. In addition there will be many pictures of topical inter ent. Groups will inchide the party given at Government House to the Committee mem- bers and helpers of the Wa- men's International Club, and the farewell party given at the Sailord and Soldiers Home to Me. W. II. Edmond

se it was held that the fund su set aside was property settled by the Lostator's will, or to put it in an other way, thut by the will property, for an ustice or interest in property, stod for the time being lusited to or in must for a person or persons hy! wavy of

withi sucession. It Was

alone. Following the. death of Lady, to appropriate and get apart nuts frets, and these facts Chater, the Trustees brought an of my residuary estate juvestments that the Court in each of these cases nction for a raling that no further representing such a capital fund was concerned, at an examination duties should be Pala on the estate, niall at the time of appropriation be of the Judgments shows how careful Bums the learned Judges were to make it but this was dismissed. An nipeni sufficient to produce onl was then brought against the de- directed to be pabl by clause five of clear that their reasoning did cision, and in giving his judgment on this my will with enrh a berul mar-extend to the ease of the simple gift

the

opin-

of an annuity. Chief in for contingenseless in nis append yesterdag,

Jon of my trustees shall be sufrient. Thus in re Campbell, Asquith Justice said:

Prize-day at the Kowloon Estate duty was paid on the wide and Pollard for the appellants,

School WH be 11. Thinwal by the trustees

Junior The Sir Catchick Paul of the estate of the deceased when arrende, state: of the Will of

hestrated, whilst amuigat lloy Chater, deceased, against a decision: probate was granted

templated by the Settled Land Act

wali

og o i fund was not made by the trustees to 1989 a. the ordinary

pic forms case of of the Estate Duty Commissioner.

An, meen in lope wie renta The material provisions of the wili, meet the anmity to the whlow of the timents in which a life estate or

deceased, which was paid out of the kome such limited estate is followed vist of Hogarinnar. of the deceased are as follower

weneral incurs of the estate as nad e interets in romaninder. A gift of

on armnity is

14 hit a gift of such when each payment here due,

An annuity

the

in 1926.

Points of Law

No

[

נו

Cam

nat

con-

for the Crown:

for

NEW YORK STOCK U.S. COMMODITY

EXCHANGE ·

1

MARKET · LOWER

YESTERDAY

New York. July 25. The following reports on the New York Stuck miniket have been received through Mera, Swan, Culbertson & Prilz:

-

PRICES

LATEST CABLEU

QUOTATIONS

The following quotations on the New York commodity exchange aro issued by Rentor:

New York Colton July 24.

The Wall Street Journal report on October

marktet:--Stocks to-day December fyeaterday's

were irregularly lower as Traders, Inrenry (1988) expecting a technient recession, tank † March their profits. However, suflicient buy-May Ing milers developed to prevent July wide decline. Utility issues were up-Spot word, whilst many Preferred fastes reached the year's high level. Stocks on the Curb Exchatige were while Bond have ruled irregular,

ןזין

11.37/37

July

11.51

1142

11.47747 11.37/37

11.49

11.39

11.41

11.36/30

11.42

unquoted

12.25

12.20

New York Rubber

11711

11.83

11.847811 11.91/31

12.03

12.12/8

12.10

120220 1235/35

XG

86

HA

HF

BG

*7

N7%

dull. July

September December S. C&F. New York atter cables: January

12.245 Jower The mother wa

profit March Baking, hut ingent line was Total sales:-138 lots

vidlene Steelcap pekee. Iniso are

Cidengo Wheat July you deph and further stages September

Herenther

1. B

!docent.

For the past

..

That

Crying

totalled

May A121 p

פיוז!

share dining the corda pembung period Wednesday's sale:;;

24,770,000 bushels

HORROR!st you.

New York und € hans o comandity | July

Mees September

Comprar Co

(5) bequeath the following an nuities all clear of death duties and Income tax pay

payable to the respective parties

hereinafter enumerated com

comary legacy payable by instal. death by qual mencing from my

The anguitant, Lady Marin Chris. ments and Sir R.H. Pintay A.G, and: KWANGTUNG quarterly payments the first payment tine Chuder, died on March 11, 1935. Vaughn Hawk her in each cus to be made at the ex fa thour circumstances the trustees argue thus "It is not teenvary piration of three months from my content but no estate duty is pay the purposes of this case to consider.

wife during her life, death (n)

able by reason of the rer of the hew the matter would stand if there. thousand****

An annuity of ten the annual mari

annuity, and they hase their-caten were merely the gift of an

terms, And no pants sterling,

will in general Ition on No- provisions of section by

Canton, July 25.. of the Estate Duty Ordinance, 1982, provision for appropriation

Kwangtung Province luis spreial fund to provide for it. which rende na follows:

the authority states, that! such an annuity might be reproduced its “Loch Ness" monster, rust daninge 14 "severe, but not sen- August 2. (1) 1f estate duty has already red merely on the footing of a

nicets with on pad in respret of nay settled cicil herelt and the Ruty (if any) property since the date of the settkulary legacy, payable by install for according to reports received satiopal. The market

hilly realtring ngl hedging, but appears ends his J.J.

ans

(8) Subject

the payment to my funeral and testamentary

THNEES

* י

of

res and debts and any legacies: bequeathed by this my will or by any

13/14271

vest,

legacies and annuities

Your Eyes!

br

Sanent, upo

of any Pas.

July

K2

DUNLOP "65"

(SIXTY FIVE).

GOLF BALLS

THE LONGEST

LASTING

GOLF BALL

IN THE WORLD.

Chiengo Corn

8434

MONSTER TUAT KILLED 42 MEN

thaourh Swan, Colbertion as a res

Codken We met wa quiet, ta stently with no sporial feature in evidence.

784

ጸጋ' 76%

8316

76

Berember

63%

63

017

Mny

36

Wednesday's malega -

Winning Wheat

STOCKS AT

#966,000 bushels!

now

Wheat:

8216

XIM 8215

New York Silk

1.42 1.44

1.-4-4

1.40

141

1.42

1.40 1,41 1.41%

Montreal Silver

68.20 47.65/68.00

· 68.06/05 68.36 69.40 69.00/30

her

Fruth

Toyanan, #

the death of

one of

the pints"

Stirling

In Judgment

these words "1

maily

tantrict

1

the province,

Traders

69.30n 49.30

42 to be two-sided pending definíté res duly quenthed by this my will or by any i partjes ta a marriage, no estato duty to add that it was admitted sa villagers have been killed recently mits of rust infestation both here September estimates December und in Canada. Private coleft hereto my trustees shall shall be nyable on the death of theị kết

argument that this decision test by a huge serpent which has ter-f the growing crop are sharply re- Total sales-172 lots in) 1 declare that my trustees other party to the marriage unless credute the ease of a simple gift of orbed the population of that dis-ethe

such person was at time of

Jaly shall be at liberty if they think for her death or und been at any time an annuity in general terms where triet for some time past.

Rudder: Advices from the Nether September is 1101 there

was finally

shot i no such trust for payment The serpent during the cantiuance of the settle,

Artunis wer" i December A particular dead by a man more intrepid thon fonds are re-assuring.

improving interest has steady m ment competent to dispose of such of the annuity out of

January property. (2) For the purposes of this fund ns in the present case. Ide the rest and this individual

displayed by CORDEN, Make The Most Of

ennire in giving judgment in this case scetion, the term settlement me, to leave that ense entirely untouched" how received a large reward from who were neilers early in the session Total sales:-1 contrnets. any deed, will,

for, a agreement

The teal Magistrate,

-were reported to be buying at the settlement, or other Instrument, or

There are various conjectures | close of the market. The report that afloat about the nature of this the Regulation Unnmitter is meeting any number of instruments, whether. made before or after or partly before In re: Waller, Sargant J. Odenth-dealing monster, which somie on July 30 is dented, and partly aft

after the commencement of mirrors tuo of your internal evadition, this Ordinance, under or by further: "The gift of the annuitylieve to have been a giant python i

virlo simplieiter wond not, In my opinion, of which instrument or instruments at any rate I am not aware of any of a type occasionally found if they are neither. then

any property, or any estate or any decision to that effect, have rendered remoter districts, Reuter, probability your liver is sluggish, you

interest in any property, stands for any part of the testator's estate, a are constipated, and your food trues

the time being limited to or in trust settled fund or have

subjected the in clogged with matter.

Your eyes are your main feature; by their expression and appearance you are often judged. They are

Your eyes should be bright and clear

זן!

waele

To make the most of your eyes, therefore, avoid constipation to the pleasant, effective, non-habit-forming way, by taking an occasional dose of

kasalive, Pinkotion.

Milely

10

Another Ruling

PORN FOR JAWA S

in

that

estate

Sugar The market was all, but

fully teddy. The "spot" situation; is sound, with buyers showing amore! interest at the 3.20 to 3.28-reat level. A little sugar

nifered at 325: rents,

WARM

REUTER QUOTATIONS

not Dow Jones Average:

for any persons by way of succession, urnuity to the payment of set'ement of the Finance Act 1894, and and the term settled property mens estate duty-that is to say that the upon the unauitant's death

n settle principal gift of the annuity would duty became payable in respect of the property comprised in

t lave rendered it able to cole-the benefit which accrued to the re- ment.

ment estate duty at all.

shary estate upon the death of the The short point which I have

The case of A.G. v. Watson derided annuitant by the cesser of the un decide is whether on the frets of this not a settlement

ing more than this: that an annuitant nuity. Were that principle These so there is ne is ting pills correct constipation. liven as defined in sub-section (2) of that whose annuity was to he paid out of accepted the appellants in this care the residuary estate, as in the pre-would not have been driven to rely up the liver, nid digestion, keep the section.

25 of sent case, without any provision for on the provisions, of, section eyes clear and bright, the breath

can find nothing sweet, the skin free from blemishes;

setting aside a fund to peet the the Ordinances but they also are of great help in relieving M. MacNamara for the appells annuity payments had an interest in in the report of that ease which in piles. Chemists everywhere sell rodies on the derisions in A.G. v. the testator's residuary estate within any way supports Mr. MacNamara's Pakettes,

Osen (1899) 2 Q.3. p.253 re: Camps the meaning of the relevant sections contention regarding the correct in-

Ferpretation of that section.

Cuses Quoted.

Groans for Append

Quality

FOODS

at lower

prices

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Mr. Potter hus drawn 'my attention to the case of Re: Earl of Caroar- von's Estates (1997) 1 Ch, p.138 and Re: Lord Alington and the London County Council's Contract (1927) N 1. z. With these authorities de not propose to deal at length: shult confine myself to ono passage from the judgment of Russell J. in Tord Alington's case:

!

In re-Campbell was not cited by Tume I. but when that ease is looked at all that is decided was that where a fun was set aside out of a mixed residue to provale by the income Thereof certain annuities, upon the cesser of which the persons entitled to residue would be entitled to the

funt, settlement estate duty was pay- able on so much of the residue

been set aside. It was held that

Гот

the furl was limitel in trust persons by way of succession. That decision does not justify the pro- sition that the existence of a join- ture charged on an estate, vested in An owner in feu made, under the ław. the estate

estate.

it did the whole of the residuary estate would have been subject settlement estate duty, I must fur- ther point out that Stirling L.J. care- fully confines the decision to the case of a fund being set asi

11

aside ter pravide inn annuity, and keeps open the case of a simple gift of an inuity where there is no trust for its payment out

a particular fund.

It is possibly the fear that a suc- cessful argument might render the whole of the residuary estate subject to settlement estate duty that "bun restrained persons in the position of the appellants from advancing in the High Court of Judlenture such

avgument an I have listened to in this case.

Appral Fails

ILTO

In my opinion the appeal fails 90 far as this ground of appeal is enn- cerned.

The appellants in their statement of grounds of appeal further contend: (8) The trustees further contend (in paragraph 10 of the sajl Ac- caunt) that if estate duty were pay- nhle by reason of the circumstances which had happened such estate duty should be calculated In accordance with the Third Schedule of Or-

nce No. 3 of 1932 but that having

to the fact that section 13 (5) of Ordinance No. 10 of 1916 and the explanatory clause of the Third Schedule of Ordinance No. 16 of 1916 had not been incorporate In Ordinance No. 3 of 1932 such duty was impossible to calculate and was therefore not payable..

This submission has not been

WATER LEVELS

FOR WEST, NORTH AND EAST RIVERS

for

Common The River Conserving Kwangtung Proviare anus the following Burt of water lovela, In. Enalish' feet, for the West, North and East Rivera:

Highest Lowest W. LA W. L

nti on secant creato

Plate

of Olmerentiati

West River

July Juir

July 24. July 25.

AL

Shtables North River

141.0

1

11.6

124,60

12186

at Twingyuen

26.00

0

K.2 11.0

34.31

33.70

Et River

22.15

Mt Shastal

+27.6

G

5.0

4.7

North River

40 Bonds

OGR

96.92

at Sheklun

15.2

4.5

11 Commodity Index

54.01

54,06

*Gouge brukell.

Industrial flail- Utilities

-CONDITIONED

Triö

^ PAT. SINCLAIR Piano.

xerfously argued, nor is Mr. Mac The Gloucester Namara's diffidence In this matter difficult to understand. The conten- tlan is in my judgment entirely with- out foundation. The Ordinance of 1932 provides in section D (8). simple machinery for the calculation of

In such cases as duty

this, and the fact that the Ordinance also con tains a schedule for use whore ap plicable, in the calculation of rover- sionary interests in entirely beside

This appeal in dismissed with costa.

'Phone 50185 25869

the point. 31664 I

11

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