Chris, I am just going through an “administration” the process is for the executor/administrator first to list the estate and obtain a grant of probate if there is a will or letters of administration if the person died intestate. Once these documents are obtained then the contents of the estate can be transferred to the beneficiaries or sold and the cash value paid out. In the case of shares the “modern” process is that transfer of ownership is free, however if the shares are to be sold then there is a commission fee to be paid which will be deducted from the proceeds of the sale. In some instances there is an Administration fee as well as the selling commission. If several companies were involved then your probate document would be stamped several times. Don’t forget that in the early 20th century the post was very efficient, next day delivery was the norm even if the time of posting was quite late in the day ( even in the 1980’s I could post a letter at the Cardiff main sorting office up to 3am for delivery in London the same day!). Also many larger businesses would have had a bulk delivery of mail by 9 am which would make if possible for the transfer to be effected on the day of delivery and the new certificates be put back in the post the same day. Hope this helps. Alan Wyatt