Holland--12 Guilders = £1
Switzerland--25 Francs = £1
Canada-- 5 Dollars = £1
All accruing income to be ignored.
PROBLEM No. 18.
Mr. Harold Wimpole died in his Opera Hat, and was buried in Willesden
Cemetery.
His Will had been proved, Estate Duty had been paid, and the Widow,
who was the sole Beneficiary, had found considerable consolation in the
£56,200 which had come to her.
This £56,200 represented the Gross Estate, less Debts due by Mr. Wimpole
at his death £1,416, Funeral Expenses £39 17s. 0d. which were regarded by
all, including the Inland Revenue Authorities, as most reasonable, Estate
Duty, Interest on Estate Duty £31 16s. 0d., Testamentary Expenses £140
3s. 0d. and Legacy Duty.
[Illustration: "The Curate looked at the Widow, and the Widow looked at
the Curate."]
Eight months had passed away and the rules of Society permitted Mrs.
Wimpole to smile occasionally; the Curate, who took an extraordinary
interest in Mrs. Wimpole's salvation and the carving of an ancient
Japanese Cabinet, had called for tea. The Reverend gentleman, with a
sandwich in his hand, was recording the incidents connected with the
birth of Buddha, when his fingers happened to touch the spring of a secret
drawer in the aforementioned Cabinet.
The Curate looked at the Widow, and the Widow looked at the Curate, and
there they stood together, hand in hand, like two young children, in
silent amazement, for the secret drawer in the Japanese Cabinet disclosed
25 4-1/2% Foreign Government Bonds to Bearer, of the nominal value of
£500 each, and several memoranda of Stock Exchange dealings between Mr.
Wimpole and his Broker. The coupons were payable on the 10th March, and
the 10th September in each year, and the last coupon which had been cut
off was dated 10th September, 1912, exactly 8 months previous to the
death of Mr. Wimpole. Mrs. Wimpole consulted the Reverend Oscar Veritas
long and earnestly over the matter, and the Reverend Oscar admitted that
it was a case necessitating very great firmness of character and honesty
of purpose. Ultimately, however, he arrived at the conclusion that Mrs.
Wimpole would be unworthy to bear his name in the future, unless she did
her duty in the present instance.
What was the pecuniary value of the good man's conclusions to the Inland
Revenue in the matter of Estate and Legacy Duty, bearing in mind the fact
that the Bonds stood at 92 on the day of Mr. Wimpole's death, and 90, ten
months later when Mrs. Wimpole's Solicitor finally settled the matter?
* * * * *
Note.--The Honeymoon was spent in Japan.
PROBLEM No. 19.
Sir Robert Rushforth, J.P., was a big man with a big heart and a wooden
leg. He had inherited a fortune, gone bankrupt, and married a Widow, and
if anyone had told him he wasn't a sportsman he would have called that
individual a liar, and opened a second bottle.
He died on the 4th June, leaving all his property to his Widow, with the
exception of his wooden leg, which he directed to be handed over to the
Royal Hospital for Incurables, at Putney.
Such was the man, and the contents of his Will so exactly reflected the
character of her husband that Lady Rushforth at once had recourse to the
smelling salts on reading the document.
He directed the debts, from which he had obtained a legal discharge in
Bankruptcy, to be paid in full, he forgave all his Debtors, and instructed
his Widow, whom he had appointed sole Executrix and Residuary Legatee,
to meet in full all his Gaming Debts. He further directed that a certain
debt, in respect of which he had pleaded in his younger days the Statutes
of Limitation, should be paid in full.
The name of this latter creditor was Gunter, and the debt, amounting to
£25, was in respect of repairs to certain pig-sties.
The discharge from Bankruptcy had been obtained by Sir Robert eight years
previous to his death. His liabilities had amounted to £16,200, and he
had paid 2s. 6d. in the £.
He owed his bookmaker, Mr. Hollins, of Houndsditch, £200.
He had lent his Vicar, the Rev. Aaron Cranium, £100, his sister Blanche
£300, and his intimate but impecunious friend, Mr. Algernon O'Gizzard,
£50. This latter loan was rendered necessary by reason of the fact that
Mr. O'Gizzard had stood bail for a friend who had got into trouble with
the police, and who failed to put in an appearance before the Magistrates
on the day appointed. Now, Sir Robert happened to be on the Bench that
morning, and ordered the bail to be estreated before he realised with whom
he was dealing.
Apart from the above property Sir Robert left Personal Estate valued at
£62,000. There was no Real Property.
Show what Estate Duty and Legacy Duty were payable upon Sir Robert's
death.
* * * * *
Note.--The wooden leg was returned by the Secretary of the Royal
Hospital for Incurables at Putney, and being found to be of no
intrinsic value was eventually deposited in the family Mausoleum
at Norwood.
PROBLEM No. 20.
Mr. James Hotchkiss died in the autumn of age on the morning of his 93rd
birthday.
During his protracted life he had always surrounded himself with every
comfort, and was reputed to be an exceedingly rich man.
No wonder then that his death should occasion an unparalleled outburst of
grief and hatbands on the part of his weeping relatives.
After the funeral, the chief mourners met in the library and the Family
Solicitor, with a glass of wine within easy reach, read out the last Will
and Testament of James Hotchkiss Deceased.
This interesting document brought a ray of comfort to bleeding hearts, for
several substantial Legacies were mentioned, all free of duty, and two at
least of the prospective Legatees were observed to make rapid calculations
on the left shirt cuff.
[Illustration: "To Rachel and Joyce Proudfoot (my sister's little girls,
aged 32 and 27 respectively), £10,000 each."
Joyce: "Think of it, Rachel!! Ten thousand pounds!!! Why the young fellows
will simply chase us!!!"]
To Sophia Hotchkiss ("my own dear Wife") the deceased left his Horses,
Carriages, Motor Car, Household Furniture, Pictures, including the
Landscape by Earp, Linen, Plate, Glass, &c., absolutely.
To George Proudfoot ("my dear sister's only son") the deceased left his
Hornèd Cattle, i.e., Cows, and £20,000.
To Rachel and Joyce Proudfoot ("my sister's little girls"), the deceased
bequeathed £10,000 each. The Misses Proudfeet were aged 32 and 27
respectively.
To Richard, William and Algernon Hotchkiss ("my never-to-be-forgotten
brother's sons") the deceased left £20,000 each, and to John Willett ("my
faithful valet"), £2,000.
The Residue of the Estate was bequeathed absolutely to the Widow.
The Executors lost no time in having the Property valued and the debts due
by the deceased at his death, ascertained, and their efforts disclosed
"a very lamentable state of affairs," at least, such was the opinion
expressed by the Reverend Stephen Collins who had called to comfort the
Widow in her affliction.
The Horses, Carriages, Motor Car, &c., including the Landscape by Earp,
were valued at £2,000; the Hornèd Cattle, i.e., the Cows, were put down
at £400, and the rest of the Property at £40,893 16s 0d.
The Debts due by the deceased amounted to £1,720 0s. 0d., and the Funeral
Expenses to £339 7s. 0d. These latter were considered unreasonable by the
Inland Revenue Authorities, and in spite of several very eloquent appeals
addressed to them by the Executors, including a touching letter from the
Reverend Stephen Collins dealing with the blameless life of the deceased,
the amount allowed was fixed at £33 16s. 0d.
The Testamentary Expenses, exclusive of Estate Duty, amounted to £186 13s.
0d.
* * * * *
What amount was eventually received by each Legatee?
[Illustration: "At the age of 16 he made the acquaintance of Miss
Harriett Hopkins. In the following spring he had successfully reached the
'Walking-out' stage."]
PROBLEM No. 21.
Mr. and Mrs. Turvey were justly proud of their son "'Erbert." He was their
only child, and always wore a Frock Coat, Brown Boots and White Spats on
Sunday. In fact, as everyone said, he gave a tone to Bethnal Green.
But the ways of Providence are strange, and it is futile to seek for
explanations where none are vouchsafed. It is enough to say that Mr.
Herbert's anatomy came into violent contact with a brewer's dray one
Thursday afternoon, and that a promising young life was cut short at the
early age of 19.
His Life Story has yet to be written, and it is but the barest outline
that can be here recorded.
At the age of 16 he made the acquaintance of Miss Harriett Hopkins. In the
following spring he had successfully reached the "walking out" stage. He
was formally engaged at the age of 17 and at 18 he was married. Six weeks
before he died he made two very remunerative investments. He borrowed from
his Employers--without worrying them about so small a matter--the sum of
£6, which he converted into £600 by successfully backing "Hump Back" at
100 to 1 for the "Cesarewitch." He also insured his life for £100.
Having satisfactorily adjusted the small matter of the Loan without in
any way arousing his Employers' suspicions, he joined a Burial Club, made
a Will, and died ten days later.
By his Will he appointed his Widow sole Executrix, and divided his Estate
as to one-fourth part to his father Oliver Turvey, as to one-sixth part
to a former landlady Mrs. Korphdrop, and the residue to his Widow.