In re Jex-Blake (Deceased) Public Trustee v Jex-Blake - [1939] NZLR 256

Will — Construction — Sheep-farm carried on at Loss for some Years, at Profit in others — Whether Losses to be made good out of subsequent Profits or Capital — Annuities and Life Interests directed to be paid out of Income only — Insufficiency of Income — No Trust for Sale and Conversion until Death of Son — Order for payment of Annuities and Life Interests out of Capital refused.