be a sugar card; and to you, Sir, I turn for advice and guidance in
the responsibilities which I am shortly to assume.

1. Will the Government accept a sugar card (as they do War Stock) in
payment of Estate Duty?

2. What is the correct method of valuation? Does one calculate the
market price by so many years' purchase based on one's estimate of the
duration? Or will quotations be obtainable on the Stock Exchange?

3. My relative has left it in the discretion of his Trustees to
distribute a part of his estate for charitable purposes. Could the
Trustees, under their discretionary power, hand the card to the
Trafalgar Square authorities in reduction of the National Debt? Or
ought they first to obtain the consent of the residuary legatees?

4. There is a tenancy for life of part of the residue. If the card is
comprised in such part, and the tenant for life became bankrupt, would
the card vest in his Trustee in Bankruptcy? If so, what becomes of
the remaindermen's rights? Perhaps the best plan would be to put on a
_distringas_ with the deceased's grocer.

5. Have the Trustees power on their own initiative to lease the card
for a term of years? Or should the approval of the transaction by the
Court, under the Settled Estates Act, be first obtained?

6. With whom do the Executors register the Probate, so as to perfect
their title? Lord RHONDDA, Sir A. YAPP, or the grocer?

7. On the true construction of the Finance Acts, 1894-1916, do you