PUBLIC TRUST OFFICE.

Press, Volume LXI, Issue 18421, 30 June 1925, Page 10

PUBLIC TRUST OFFICE.

ANOTHER RECORD YEAR. VALUE OF ESTATES OVER £35,000,000.

The Hon: the Minister of Finance (tho Hon. W. Nosworthy), in announcing the result of the year's working ot the Public Trust Office for the year ended March 31st, 1925, states that the business transacted during the rear exceeds all previous records. The value of the estates and iunds under administration on Mcrch 31st, 1925, was £35,570,642—an increase tor the fourth consecutive year of over three million pounds. "The following figures," said the Minister, "will give an indication ot the remarkable growth of the office:— "In 1890 the lvalue of the estates and funds under administration was £1:240,098: in 1895, £1,562.269; m 1900, £2.192,594; in 1905, £3,577,355; in 1910. £7,358,947; in 1915, £13,580 936; in 1920, £20,860,686; in 1925, £35,570,642. It will be seen that the value has increased by nearly fifteen million pounds in the past five years, and that in fifteen years it has increased almost fivefold: "The new business entrusted to the office during the year also- exceeds all previous . records. 3023 new estates, wero accepted for administration of a total value of £4.621.869, representing am increase of £840.714. over the new business for the previous year, which, was itself ahead of all earlier records. Of the estates reported during the ,ycar 490 were administered completed and closed within the year. Tho total'number of estates closed during the vear was 1921, of a total value of £1,317.163. . "The reduction of the charges m April, 1923, and the discontinuance of certain special fees so as to make the .commission inclusive/of all services, has led to the appointment of the Public Trustee as executor of an increasingly largo number of wills affecting estates of considerable value, and it is gratifying to be able to report that wealthy testators are showing a growing confidence in the office, so that there is n. steady growth in the value of the estates -under administration.

"The number of wills held for safe custodv on bohalf of Jiving testators 'on March 31st last was 44,102, and the number is being added to constantly at the rate of oetween four and five hundred a month. This number does not include wills in which the Public Trustee l m appointed executor, but which are held outside the office. , f 'The new investments made during the rear amounted to £3,180,533 — £1.580,978 in mortgages, m Government securities, and £791,287 in local bodies' debentures, other investments £457,717, making a total amount linvested on IMarclh 31st, 1925, of £22,100,190. •VThei net profits for the year are £90,522 Os Id, as compared with £65,542 0s 7d for the preceding year—a return exceeding that of anv previous vear. In 1921 and 1922 the profits amounted to £10,091 and £11,053 respectively—returns reflecting the difficult times through which the Dominion was then passing. '"Sin.ce? those years conditions have shown a very marked improvement, and the business of the office has steadily progressed on more profitable lines, ancT, it is exceedingly pleasing to be able to afford particulars of a year showing the best results yet attained. "This result has not been achieved merely as a result of an increased revenue. Every attention has been g.ivdrt to economical management, and notwithstandimg the fact that the value of the estates and funds under administration on March 31st last exceeded the value on March 31st, 1921, by more than fourteen million pounds, the expenses of management decreased by £28,416. _ "The increase in the expenses for the current year over those (if the previous year is largely accounted for by the increases in. salaries following upon the regrading of the Public Service. Apart from that the increase in the expenses has been very smaJl, notwithstanding the huge volume of new. business handled during the year under review.

"The question of the accounts, orgsinisation, and' control of the many businesses (including fanning liusinesses) carried on by the Public Trusted in his capacity as executor, trustee, or committee, etc.. continue to receive the most careful attention, and every effort has been made to build up a system that will make for efficient and economical management, ensure that each business is placed on a sound basis immediately it comes under the Public Trustee's control, and provide every possible safeguard for the- business assets. It is recognised that this matter is one of the utmost importance, anil the Public Trustee will continue to give it the closest attention. "The prospects of the ofice are very The new business entrusted to its care grows continually, and the circle of its influencs is steadily extending. An enormous volume or business, is already assured for the coming years, and it is confidently felt th:it in the future the growth will be even greater and more rapid than it has been in the past. "Every effort will be made tc give the public the best service on the most advantageous terms that conditions will from time to time permit." • —i