750 £1 Shares, fully paid, in the Perpetual Rays Co., Ltd._De Mortuis Nil Nisi Bona Being a Series of Problems in Executorship Law and Accounts

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.

[Illustration: "Two Sons, who, if the truth was told, Drank much more than

they ought'er."]

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.

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