Part 4

Within a week of the funeral the famous Soworthy Sow died in giving birth to a fine litter of ten little pigs, two of which unfortunately pre-deceased their Mother. The result of this event had been awaited before sending the Sow to Mr. Wackenbath, who was thus deprived of this mark of the deceased gentleman's affection. The value of the Sow alive had been £50, but dead she was not worth more than £3 10s. 0d., while the litter, whose father was the same Berkshire Boar that had been the unwitting cause of Mr. Soworthy's death, were worth £2 a-piece.

* * * * *

Prepare the Estate Duty Account, the affidavit being brought in on the 31st March, 1914. Show the amount of duty and interest payable.

PROBLEM No. 33.

Referring to the preceding Problem, all bequests were left free of duty and the residue of the estate was left in equal shares to Mr. Soworthy's grand-daughter, his brother, and his adopted son.

The India Stock was sold on the 25th March, 1914, at 77; the Shares in the Improved Pork Pie Factory, Ltd., realised 24/- per share net on the 25th May, 1914, after receipt on the 1st May of a Final Dividend of 1/- per Share paid in respect of the year ending 31st March, 1914, an interim dividend of 6d. per share having been received by Mr. Soworthy prior to his decease.

The Mortgage on "Little Watchem" Farm was called in and paid off on the 30th June, 1914, while "The Piggeries" was directed to be sold and realised £14,500 after payment of all expenses, completion being made on 31st May.

The household goods and implements of husbandry were sold at the same time and produced £3,000 and £120 respectively.

The Policy money with bonus was received on February 25th and the proceeds of the sale of pigs on March 5th, while the income from the Real Estate was received on February 10th.

Estate and Legacy Duties were paid on March 31st, and the debts, funeral expenses and legacies were also paid on the same date. Executorship expenses amounting to £250 were paid on June 14th.

On the last day of each month such portion of the cash balance as was available in round thousands was placed on deposit at 3%.

* * * * *

Prepare Residuary Account as at June 30th, 1914, and state the duties payable on the Residue.

PROBLEM No. 34.

Referring to the two preceding Problems, prepare an Account to be rendered by the Executors to the Residuary Beneficiaries, showing the realisation and distribution of the Estate, the final payment to the Residuary Beneficiaries taking place on July 1st, 1914.

PROBLEM No. 35.

To anyone not in the secret, the conduct of Mr. Pipkin would appear inexplicable, for on March 3rd, 1914, he very deliberately entered a Tobacconist's shop, ordered a threepenny cigar, and afterwards resigned his position as Assistant Book-keeper in Messrs. Macfarlane's Grocery Establishment.

The secret, however, lay in the fact that Mrs. Pipkin had come into money, and Mr. Pipkin very naturally felt himself independent of other people and yearned for the ease and comfort appertaining to the position of a retired gentleman of means.

Mrs. Pipkin's fortune consisted of a life interest in the Property left by Mr. Austen Friars, who died on the 28th February, 1914.

This property was represented by the following assets:--

£2,000 3-1/2% Hongkong Stock, interest payable half-yearly, on the 1st April and 1st October.

200 Shares of £5 each (£2 10s. 0d. called up and paid) in the Commercial Banking Co., Ltd.

Freehold House bringing in £80 a year, payable quarterly, on the usual Quarter Days. This house was assessed at £67, and the Income Tax was paid by the Tenant on the 5th January, 1914.

750 £1 Shares, fully paid, in the Perpetual Rays Co., Ltd.

April, 1914, was the very happiest month in Mr. Pipkin's whole life, and he spent most of his time smoking his pipe in his back garden, or improving his mind by contemplating the educative pictures of the local Cinema.

The months of May and June, however, did not prove quite so pleasant, and by the middle of July Mr. Pipkin actually threatened Mrs. Pipkin that unless she kept the baby quiet he would look out for another job.

And then August came round which proved to be the most miserable month of Mr. Pipkin's whole life, for Mrs. Pipkin was suddenly taken ill after consuming a liberal portion of Tinned Salmon. Never before did he realise how much he loved his Wife or what a blow to his heart her death would be. He never left her bedside and he spared no expense, but, in spite of all, Mrs. Pipkin passed away on the 19th August, 1914.

It would be idle to attempt to depict Mr. Pipkin's feelings; it is enough to say that he became a poorer but a wiser man.

On the 3rd April, 1914, a dividend for the year ending 31st January, 1914, at the rate of 7-1/2% was declared on the 200 shares in the Commercial Banking Co., Ltd., and a similar dividend was declared on the 4th April, 1915, in respect of the year ending 31st January, 1915.

On the 19th August, 1914, a final dividend at the rate of 15% per annum, free of tax, was declared on the 750 Shares in the Perpetual Rays Co., Ltd., for the half year ending 30th June, 1914. An interim dividend had been received on the 31st January, 1914, in respect of the half year ending 31st December, 1913, at the rate of 10% per annum, free of tax.

No interim dividend was paid during the Company's year ending 30th June, 1915; but on the 31st July, 1915, a dividend at the rate of 10%, free of tax, was declared in respect of the year ending 30th June, 1915.

* * * * *

Show the exact amount payable to Mrs. Pipkin and her Estate in respect of her life interest under the Will of Mr. Austen Friars.

PROBLEM No. 36.

On Lady Day the death occurred Of Hubert Henry Huckett, Who fell beneath a brewers' dray And promptly kicked the bucket.

He left a very charming Wife, And one enchanting Daughter, Two Sons, who, if the truth was told, Drank much more than they ought'er.

His Will was proved and it was found He'd left as weird collection Of Stocks and Shares as e'er was known Within man's recollection.

He'd (£) 60 Bags and 40 Coils 100 Common Can. Pacs., And (£) 40 Berthas, 60 Lions And 42 Brazil Tracs.

He'd 80 Knackers, 20 Breads And just (£) 400 Saras, (£) 1,000 Middies, 20 Tanks, And (£) 57 Claras.

200 Chinas (£) 90 Megs, 10 Virgins (£) 40 Doras, (£) 1,000 Vestas, Matches 10, 12 Bones and (£) 80 Noras,

The Cash at Bank was £80, The Cash in House was seven, The Furniture was valued at Four hundred pounds eleven.

Debts due at death were £90, And no one in their senses Can say that £20 was much For Funeral Expenses.

The Trustee read the Will with care And studied it minutely, And found that all was left unto The Widow absolutely,

Except some Legacies, which made The worthy man feel dizzy, He read "I hereby leave my Bags Unto my daughter Lizzie."

"I leave the Virgins to my son, Advising him to hold them, Unless it proves upon my death I've previously sold them."

"I solemnly bequeath my Bones Unto my second sonny, Although I know they'll quickly be Converted into money."

"I also feel in duty bound To leave my brother's kiddies A Legacy, so let his girls Take over all the Middies."

"My Trustee gets a hundred pounds For trouble and attention, All Legacies are duty free, Perhaps I ought to mention."

"Those whom I leave will thus receive, A generous provision, And when all's paid, they'll see I've made A very just division."

_The following lines were addressed by the Trustee to the Professional Accountant:_--

You are a man, to Law and Figures bred, I am a Layman, and I fear to tread The unknown way. You know the course Executors should take To carry out their Trust, without mistake, Without delay.

Give me then help to ascertain the rate Of Duty payable on the Estate; The Residue, Which goes to Mrs. Huckett, and which may Be challenged by her lawyer; and I'll pay A fee to you.

PARTICULARS OF INVESTMENTS LEFT BY H. H. HUCKETT, Deceased. --------------------------------------------------------------------- |Short Name |Full Name of Investment. |Amount left |Cum. Div Price | |of | |by Deceased. |at Date of | |Investment.| | |Death | --------------------------------------------------------------------- |Bags |Buenos Ayres Gt. Southern |£60 Stock |116-117 | | | Rly. Ordinary Stock | | | --------------------------------------------------------------------- |Coils |Californian Oilfields |40 Shares £1 |5-3/4-6-1/4 | | | Ordinary Shares |each | | --------------------------------------------------------------------- |Can. Pacs. |Canadian Pacific Rly. |100 Shares |233-1/2-234-1/2| | | Common Stock |$100 each |($5=£1) | --------------------------------------------------------------------- |Berthas |London, Brighton & South |£40 Stock |89-3/4-90-1/4 | | | Coast Rly. Deferred Stock| | | --------------------------------------------------------------------- |Lions |J. Lyons & Co., Ltd., |60 Shares £1 |6-5/16-6-9/16 | | | Ordinary Shares |each | | --------------------------------------------------------------------- |Brazil |Brazil Traction Light and |42 Shares |89-90 ($5=£1) | |Tracs. | Power |$100 each | | --------------------------------------------------------------------- |Knackers |Harrison, Barber & Co., |80 Shares £5 |1-1/2-2 | | | Ltd. |each | | --------------------------------------------------------------------- |Breads |Aerated Bread Co., Ltd. |20 Shares £1 |4-1/4-4-1/2 | | | |each | | --------------------------------------------------------------------- |Saras |Great Central Rly. |£400 Stock |14-1/4-14-1/2 | | | Deferred Stock | | | --------------------------------------------------------------------- |Middies |Midland Rly. Deferred |£1,000 Stock |70-1/2-71 | | | Ordinary Stock | | | --------------------------------------------------------------------- |Tanks |Tanganyika Concessions |20 Shares £1 |2-3/8-2-5/8 | | | |each | | --------------------------------------------------------------------- |Claras |Caledonian Rly. Deferred |£57 Stock... |18-1/4-18-1/2 | | | Converted Ordinary Stock | | | --------------------------------------------------------------------- |Chinas |Eastern Extension |200 Shares |12-7/8-13-3/8 | | | Telegraph Co. Ordinary | £10 each | | | | Shares | | | --------------------------------------------------------------------- |Megs |Mexican Rly. 1st |£90 Stock |136-137 | | | Preference Stock | | | --------------------------------------------------------------------- |Virgins |Virginia New Funded Bonds |10 Bonds $100 |84-86 ($5=£1) | | | |each | | --------------------------------------------------------------------- |Doras |South Eastern Rly. |£40 Stock... |58-3/4-59 | | | Deferred Stock | | | --------------------------------------------------------------------- |Vestas |Railway Investment Co. |£100 Stock |14-1/2-15-1/2 | | |Deferred Stock | | | --------------------------------------------------------------------- |Matches |Bryant & May, Ltd., |10 Shares £1 |7/8-1-1/8 | | |Ordinary Shares |each | | --------------------------------------------------------------------- |Bones |Wickens, Pease & Co. |12 Shares £5 |3/4-1-1/4 | | |Ordinary Shares |each | | --------------------------------------------------------------------- |Noras |Great Northern Rly. |£80 Stock... |50-1/2-51-1/2 | | |Deferred Stock | | | ---------------------------------------------------------------------

PROBLEM No. 37.

The late Mr. John Bunyon died in affluent circumstances after having, by the exercise of keen business instincts, overcome those obstacles which confront every great philanthropist who combines the cause of humanity with the desire to achieve wealth and fame.

In his early days he vended to a suffering but suspicious public, a commodity known as "Bunyon's Specific"; and it was his custom at this time to commence his nightly oration to his potential patients at the street corner with the words, "Ladies and Gentlemen, I have extracted corns from all the Crowned Heads of Europe."

In later years, when by the aid of judicious advertising he had convinced the public that no home was complete without his famous Specific, Mr. Bunyon sold his business to a Limited Company, and on then calculating his wealth, found himself rich beyond the dreams of avarice.

He thereupon decided to enter Society, and after some difficulty procured an introduction to Mr. James Rooker, who obtained for him--for a consideration--the entrée into that sphere of Social life which he was so eminently fitted to adorn. On Mr. Rooker's advice, he purchased a Freehold House in a favourable quarter of the West End of London, but owing to a desire not to disturb certain Investments, he raised £2,500 of the purchase price by Mortgage, which at the time of his decease had not been repaid.

In view of the great services rendered to him by Mr. James Rooker, Mr. Bunyon promised to remember him and his family in his Will; which led Mr. Rooker to be very solicitous concerning Mr. Bunyon's health until he was certain that a Will had been executed, and subsequently caused him much speculation as to whether an early decease of his Patron might not be more beneficial than the advantages to be gained from him whilst alive.

Mr. Bunyon's death put an end to these speculations, and it occurred under the following circumstances. Having met Mr. Rooker by appointment at that gentleman's house, they spent a merry hour at the card table, much to Mr. Rooker's advantage. They then sallied forth in a Taxi-cab; when suddenly remembering that he had parted with all his ready cash, and knowing that Mr. Rooker never paid for cabs on principle, Mr. Bunyon ordered the chauffeur to drive to Attenborough's and there placed his diamond pin in pledge for the sum of £5. Feeling somewhat faint after this exertion, he instructed the chauffeur to drive to a Chemist's where he ordered a pick-me-up. The Chemist not knowing his customer, considered his symptoms a fit case for a dose of "Bunyon's Specific," of which Mr. Bunyon unwittingly partook, and so met his death.

Mr. Bunyon's Will was found to contain the following Legacies and Devises in favour of the Rooker Family:--

Mr. James Rooker, my Diamond Pin.

Mr. Tracey Rook Rooker, 1,000 Shares in "Bunyon, Ltd."

Mr. Ricardo Rook Rooker, my Freehold House in London.

Miss Christabel Rook Rooker, £100 of Consols out of my £2,000 Consols.

Miss Emmeline Rook Rooker, £100 payable out of my £2,000 Consols.

It was found that both the Shares in "Bunyon, Ltd." and the Consols, had been sold shortly before Mr. Bunyon's death. The Freehold House was valued at £6,500, the Diamond Pin at £25.

* * * * *

The Net value of his Estate when aggregated was £108,000. What did the Rooker Family receive, and what duties were payable by them?

[TRANSCRIBER'S NOTE: In the following, the original text of the Foreword is repeated with an informal English translation by proofer "Lucy 24" (Louise Hope). This was not in the original text, but is provided by the transcribers for the convenience of the reader. The English text below is placed in the public domain.]

Foreword.

By D. F. de l'Hoste Ranking, M.A., LL.D.

De mortuo illo quid dicam? What shall I say about the deceased?

"Nilnisi bonum" ut aiunt. "Nothing but good" as they say.

Sed quid si nil boni fecit? But what if he didn't do any(thing) good?

De bonis licet loqui. One can talk about his goods.

At si nulla bona reliquit? But what if he left no goods?

De eo tacere decet: One should keep quiet about that: si neque bonum fecit nec bona acquisivit nil valet. if he neither did good nor acquired goods, he is worthless.

Sed si bona reliquit in sermonem hominum semper venit; But if he left property, people always talk about him; vitia operta sunt; his faults are concealed; pecuniam fecit, illa quidem "non olet." he made money, and it "doesn't smell".

Quem heredem instituit? Whom did he name as heir? Extraneis haec omnia livori proxima videntur. To outsiders all these seem next door to envy.

Te autem si tu aut cognatione aut affinitate propinquus exspectatio tenet. But you--if you are close, either by acquaintance or relationship, expectation grips you. An mea interest? Si sic habet, quanti? But does it concern me? If that's how it is, how much? Suave est ex magno tollere acervo; It's pleasant to receive a big heap; ejus pecunia quid non facere possim? with his money, what couldn't I do?

Siste, amice; aliquantulum cogita; Stop, friend; think a little; supersunt multi cognati; there remain many friends; fieri potest ut aut cum aliis bona partire debeas, aut exheredatus sis. it may be that either you have to share the goods with others, or you are disinherited.

Gerrae! Sine dubio testamentum fecit: Nonsense! Without a doubt he made a will: et cum ratione constat me alicuius rei legatarium esse. and it's reasonable to think I was left something. Nemo enim magis eum fovit; For nobody took better care of him; alii omnes cognati asseclae; solus eum amavi. all his other friends only cared about his money; I alone loved him.

Insipiens, inter os et offam multa intervenire possunt. O fool, many things can come "between the mouth and the morsel" [Latin idiom, like "many a slip between cup and lip"?] Audi de gente Fulvia fabellam: I've heard the story of the Fulvian people: de multis mutato nomine narratur. it is told of many, with the name changed.

(In scena est coenatio Georgii Fusci, argentariorum interpretis. (Setting: The dining room of George Black, assayer of money. Fuscus, bene coenatus, alterum cyathum Falerni sorbillat. Black, having dined well, is enjoying his second glass of port. Accurrit uxor, commota; His wife runs in, excited; in manu litteras resignatas tenet). in her hand she holds a signed paper.)

U. Georgi! George!

F. Quid tibi nunc est? Num quid novi est? What's the matter with you? What's happening?

U. Amita mea Maria decessit! My aunt Mary has died!

F. Bene! nunquam postea illud vile Sabinum necesse erit obsorbere: Good! I will never again have to drink her vile claret: magnum est solatium. that's a great solace.

U. At tu Georgi semper id laudasti! But George, you always praised it!

F. Et tu simul filiaeque semper miratae estis Persicam illam detestabilem And you and your daughter always admired that detestable Persian et psittacum dissonum, et laudibus extulistis: and the raucous parrot, and sang their praises: pretium fuit vetulae placere. that's the cost of pleasing old women.

U. Esto: illa vero suavia erant. Never mind: They were really agreeable. At hic mihi litterae a cognitore ejus Semaureo allatae: But this letter was sent to me by her solicitor [Semaureus]: dicit se hodie vesperi te conventurum. he says he is coming to [see] you this evening.

F. Demiror si testamentum fecit! I'll be amazed if she made a will! Sin minus omnia ad te perveniunt, If not, everything goes to you; tu heres ex asse; you are the [default/intestate] heir; cognati alii desunt. there are no other relatives

U. Est quidem mariti nepos iste. There's that nephew of her husband.

F. Nullus: tu sola heres: That's nothing: you alone are the heir: si intestata omnia ad te. if she [died] intestate, everything goes to you.

U. Tabulas vere fecit: She really made an accounting: cognitor scribit se te conventurum quia her solicitor writes that he is coming to you because testamentum ad rem tuam maxime pertinet. her will greatly concerns your business.

F. Mihi crede igitur! Then believe me! Aliquid magni tibi legavit: She left you something big: haud verisimile illam quidquam juveni Albo legasse: it's hardly likely that she left anything to young White: nunquam illam observavit; he never paid any attention to her; homo nil est nisi pictor ignotus aut aliquid simile: he is nobody except an unknown painter or something like that: uxorem quoque duxit quamdam inopem, he also married some penniless woman, et eis saepe amita tua subvenire debuit. and your aunt always had to come to their assistance.

U. Fores pulsantur: advenit cognitor! There's a knock at the door: her solicitor has arrived!

F. Dic famulae ut alteram cyathum ponat. Tell the maid to bring another glass.

(Ingreditur Dominus Semaureus.) (Enter Mr [Semaureus].)

Quid agis vir doctissime? How are you, my esteemed friend? Mea uxor dixit te venturum; My wife said you were coming; nonne ob testamentum amitae ejus? is it about the will of her aunt?

S. Sic res habet, Fusce; That's how it is, Black; venio ad te quod hoc res tua maxime refert; I come to you because this concerns you greatly; et scio te onus suscepturum. and I know you will take up the burden.

F. An sic habet? Is that how it is? Vetulae illi multa bona provenere ut opinor. The old lady left a large property, I think.

S. Permulta: super haec te consulendum putavi. Very large: I thought to consult you about it. Hic mecum tabulas attuli ut eas inspicias. I have brought the accounting with me so you can study it.

F. Bene est; Dignissima erat; cui semper plurimum tribui. Good; she was a worthy lady; I always said so. Falerni sume cyathum. Have a glass of port.