The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1899-10-07
MASTERS REPORT
On the Accounts of Bruc,
Cartwright.
AS Trustee Of the Estate of n. w
Holt. Deceasec-s.nefIciaries
Chargeabis with Shortage.

The following report has been made
to Judge Perry by Henry Smith. as
master appointed to examine the ac-
counts OF the Holt Estate:
IN THE CIRCUIT COURT. FIRST
CIRCUIT OF THE HAWAIIAN |
ISLANDS - IN PROBATE - IN
CHAMBERS.
In the Matter of the Estate OF X. W. |
Holt, Deceased Testate-Master's |
Report.
To Hon. A. Perry, First Judge Of the
Circuit Court of the First Judicial
;Circuit:
The following report Is respectfully
submitted to the court on the accounts
OF Bruce Cartwright, trustee.
The trustees account for 1867. pre-
viously examined and reported upon
by the master, has not yet been passed
upon by the court; therefore. three
ANNUAL accounts now await disposition
in conjunction with the trustees res
ignation.
have already in my former report
found the trustees account for 1867
correct. and recommended its approval
Heving examined the trustees aC-
count for 1878 and found IL correct.
now recommend approval OF the
same.
i am unable TO report the correct
ness OF the trustees account for 1889.
The non-disposition OF the trustees
| ACCOUNTS for several years was owing
| TO an objection raised by the two ben
eficiaries, namely, James X. Holt Sr
and John ID. Holt ST., bdsed on their
| claim that in HIS settlement OF the nine
| distributiVe shares or the alienated
one-tbird part of the personally paid
to the heirs OF the late o. ]. Holt. the
trustee, according to the DIRECTORS
claim, had overpaid them. by reason of
which the amount of the personally. to
wit, the sum of S27,750. had become
| reduced to what IL now Is. say the
| sum OF 1925, or n shortage OF say
$425.
| IL was further claimed that the q. j.
Holt heirs should be surcharged with
| the alleged overpayment.
| After the filing OF the masters re-
port on the trustees account for 1867.
it appears that these DIRECTORS had en-
| gagged the services OF an expert ac-
countant, whose analysis OF the older
accounts ] have seen. For that reason
il became necessary for me. aside
from the duty of combining myself To
the examination Of the current annual
| accounts. to again scrutiniZe the ac-
counts covered by the experts 9naly-
sis in order to satisfy myself rs to- the
correctness OF the DIRECTORS claim sus-
tanned by the expert Having done
so, I now report that / agree with the
expert as to the overpayment. but dis
agree with him that IL Is chargeable tu
the q. ]. Holt heirs. On the contrary.
i find that the overpayment was main
~ to the directors themselves. and
that the small proportion overpaid ia
the O. J. Holt heirs was subsequently
returned to the trustee.
/ shall now proceed To- show the re-
suit OF my own analysis of the aC-
counts which have been exported:
| In the 1875 account five distribu-
tive shares were paid plus the sum ot
$221.75, allowed for four months ac-
crued interest. Eight months thereaf-
ter, or at the close OF the financial
year, the net income for that period
was distributed without any deduction
of said s221.75 prospectively allowed
and paid with the distributive shares
hence the first overpayment. OF thi:
amount the o. j. Holt heirs were PAID
four-twenty-seventh or. total 81
$50 .S5, while the sum OF slSS.90 wa:
paid to the directors. Another erroi
committed at that time was in th'
fractional apportionment, for. insteaS
OF 4-27ths the pro rata rate shoul'
have been ACIDS, which. had IL beer
applied, would have reduced thu
amount then received by. the directors
In the 1856 account, when TIVE
more shares were paid. the same erro
again occurred in the failure To ceduc
the sum of S9i.16 for accrued interes
prospectively allowed and paid will
the distributive shares This time tn
overpayment was again on the pro rat
of 2-27ths. or a total OF s6.96 paid q
the o. J. Holt heirs, and the sum q
$500 was paid to the DIRECTORS. Her
| again, the pro rata basis used Wa
wrong, for, instead of 2-2Iths IL SHOULD
, have been 2-2Oths. which. had IL bee
applied, would have further reduce
the amount then received by. the oh
iectors.
Altogether, for the failure to- deduC
accrued interest prospectively above
TO the distributes, the total overpay
, ment to the directors alone amounte
TO S216.1O.
In the adjustment OF all the over
payments to the q. J. Holt heirs tse
: account for 1860 the sum OF sl.OI2
: 30. then supposed to be the correct &c
: tai was returned by them to- the tru'
, tee. As to this returned amount u
: expert, in his report. says that II va
) excessive" by sli5.15. But repoi
!, that the excessiveness was due To- u
!. wrong fractional basis OF apportioI
ment of the accrued interest in the wv
instances I have just mentioned.
!, that same account the said Sl.O12.5
3 returned amount. was paid 10 the ol
s jectors alone.
s Now, then, take the same excess
. sI45.15 found by the expert Git migl
as we'll be S14S.9O. so as to balance Il
9 difference) and add to- IL the total %
erpayment have just referred To.
wit. the sum OF s276.iO. we shall the
2 find the long-looked-for shortage
y $425.
y therefore find and do hereby re
ommend that the two directors he su
. charged with the amount. which wou
= nut the nersnnaltv of the estate mn