High Court of Australia
Privy
Councm. as)
1948. July 23.
Lord Macmillan Lord Simonds, Lord Normand, 'Lord Oaksey,
Lord
'MacDermott.
HIGH COURT {1948.
(PRIVY COUNCIL]
UNION TRUSTEE COMPANY OF Saar Appa LIMITED . 4 Seca. 5 pre | PLAINTIFF, AND BARTLAM AND OTHERS . 5 B o RESPONDENTS. DerrenDAnts,
ON APPEAL FROM THE HIGH COURT OF AUSTRALIA.
Erecutors—Trustees—Trustee company—Commission—* Income "—Proceeds of business —Trustee Companies Acts 1928-1944 (Vict.) (No. 3793—No. 5022), s. 17.
The appellant company was a trustee company within the meaning of the Trustee Companies Acts 1928-1944 (Vict.) and, therefore, entitled, under s. 17 of the Act, to commission at rates specified in respect of "the capital value of any estate committed to the management " of the company as executor and "income received by such . . . company as executor." Pursuant to powers conferred by a will of which it was an executor the company carried on a pastoral business on properties forming part of the testator's estate. It kept books of account in respect of annual accounting periods, including live-stock accounts for sheep, cattle and horses, and a working account for each of the accounting periods. The live-stock accounts showed the stock on hand at the beginning of the year of account, the purchases and natural increase, and the sales and deaths, of stock during the year, and stock on hand at the end of the year. The stock on hand respectively at the beginning, and at the end, of the year were brought into account at standard values, and the balance was carried to the working account ; proceeds of the sale of wool were also credited to the working account. Debited in the working account were various items of expenditure immediately connected with the carrying on of the business, such as salaries, wages and shearing expenses.
Held that the income derived from carrying on the business upon which the plaintiff as executor was entitled to receive commission should be ascer- tained upon ordinary accounting principles; the amount of profit appearing from the live-stock accounts, the gross amount arising from the sale of wool and any other proceeds of the sale of produce of the business should be
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