Mr. Montagu Summers had a conscientious objection to the Income Tax, and a positive loathing of the Super-Tax, and the trouble lay in the fact that he had amassed a considerable fortune in the City of London.

Something had to be done, however, to relieve Mr. Summers of a portion of this scandalous taxation, and so, converting as much of his property into cash as he could spare, he invested the same in various ways in other countries.

He bought Russian 41/2% Bonds in Holland of the nominal value of 200,000 Guilders, and a Freehold Farm near Amsterdam, which cost in English money about £8,000.

He bought Freehold Land in Canada, for which he paid £80,000, and deposited with the Calgary Investment &Security Trust $300,000 at 5%.

He lent on Mortgage in New Zealand £40,000, and he had a balance of Fcs. 8,600 to his credit at the Swiss Bankverein, Berne.

On the 14th November, 1913, Mr. Summers died of blood poisoning, the result of cutting a corn with a blunt razor.

His property in England consisted of his Furniture and Effects valued at £3,800, Cash balance at the London, City &Midland Bank, Queen Victoria Street, £300, and his interest as a Partner in the firm of Montagu Summers &Nephew, which was agreed at £32,640.

The Russian Bonds were sold on the Amsterdam Exchange for 180,000 Guilders, the Farm was valued at 112,800 Guilders, and the Land in Canada was estimated for duty purposes at $122,000.

Assuming the Death Duties in Holland to be 5%, in Switzerland nil, and the rates in the Colonies to be similar to what they are in this Country, show what Estate Duty would be payable in England.

The rates of Exchange can be taken as follows:—

Holland—12 Guilders = £1
Switzerland—25 Francs = £1
Canada— 5 Dollars = £1

All accruing income to be ignored.