PUBLIC TRUST OFFICE
'ANNUAL REPORT INCREASING BUSINESS—MORE V PROFITS. •'■ The annual report of tho Public Trust Office was presented to the House of Representatives yesterday by the Hon. A. L. Hordmaii. ■■ ■■■ . ■ ' . .The net profits for the year were £29,222. The growth of: the business ;is shown by the following table, which covers the past six years:—..' ". . ''. . .' ■■. . ' ;• :• Number '■' ; I ; Tear-;, on v .'Value of- '/Net' ended.: ■: ■■■staff.*-- , ! Estates.- profits. 1909 •:..... 103 6,399,567 10,850 1910. ...... 112 7,368,947 11.738 1911..:,..::... 138 -- 8,112,342.; . 11,241 1912 :...... 160 9,493,959) 25,919 1913 ....... 182 11,2(33,311 27,551 1914 ; ....... ; 205 .12,282,833 ■'■.■ 29,222 In , order that estates riia'y share in the prosperity of the office, says the Public the common fund rate of: interest has been raised from U per cent, on the first £3000 and 4. per cent, oil the excess, to- 4J.per cent;' on tho first , £6000 ;ajul 4* percent, on the .excess. ;Moreover,' the; new.scaje applies to. local bodies' sinking funds, •which' , formerly received only 4 per,cent, rheso increases amount. approximately .to £3.000 a year, and canio into operation on Apnll,'l9l4. :. : ' '-; vj: TJnder powers, conferred by last year's Aqt- thb 'oflico Board, has beeii strengthened' by,'.the;.,appointment of two nonService.members. Tho'gentlemen selected, were .Mr." G.. E. Tolliiirst, for - many years'the Chief Inspector in New Zea-landofthe-Uiiion'Bankyand Mr: Wi.O. Foster,'the. managing .director of the Wellington- : Meat . 'Export-, , .Company; Tliese'igentlenion have special knowledge of finance and,of -stock; arid station matters.'.aiid.l am satisfied'that thdir-'pre-•'sonpe-on;the-board Will-not. only bo of CTcatvassistance,to; the, , Public Trustee; • butc will also;do much to strengthen the confidence of the public.in'tho offico administration of, , tho largo ailil important interests: entrusted to it... ■ -. '■'-' '•The; following is a statement showing ,the net. profits of ithoTubjiO-Trust Office! for the ten'.years" ended 'March 31, 1914:—1905, £13.955 7s. 2d.";-1006, £11,959 195. : 9d.;' 1907.C £11,653. 3s. 6d.; 1903,-.£9,639 14s. 6d.;'1000, , £10,850 lls.:4d::; 1910, £11,73S 17s. 10d.; -1911, £11,241 65. , 8d.';,.1912, :£20,f119.185. ,Bd.; ;1913, ,, £27,55i , ;85: ; 4d.; 1914, £29,222.. . .//It ;willVbe seen.'fhat the.-profits'.for, the last.'year,are .the "largest; bii recbrcK : It has been decided to, close the agency at Masterton/; and establish' in its' stead a?"branch"•under officers, of the permanent staff. : Tho. change "I will-'re suit :,'iri. greater ..efficiency,: .without greater; '/ex-; ponse.:/ :' ;'; '}':yy', '■■ ■]' ■ :/' ; : : •.'. ': • ,, : , - - ■'Activ.e steps'are being;. taken under the. West Coast.Settlemont, Reserves Amend-. ;meht 'Apt, 1913.. In: ahnoßu' every ; instance tho European , lessees'have elect-; ed..to take new leases. , ',. are.'.in'progress, and I :am*.hopeful.'that; tho;'scheme iof.settlomenii.': provided .by ;tlie:Act.will 1 prove .satisfactory to■-. Tall concerned.': •'. !■.•':'■■. i. v^. , :.■'.;' .-.- ■■■,':■■ . ;.The".effect: of: tho PAbio. Trust Oißco Amendment Act, 1913,;, is i to. greatly extendjthe fiiriatioiis of. tho Public Trus T , fee,'and thereby,increase the uiefuln'ees of thc.otfice , .'-.) Aniongst ptlief things,;the Act provides for tho ,; appointment of Advisory Trustees where the Public Trus-. tee. administers , 'the estate* also for his appointment as CustodiaiuTrusteo where the' active, adntinistratipn is .in; the , hands', : p'f 'jpr jviiti "trustee's;.j,;)V[oreqver,; ,iib 'iqaseV:pf.'priya{e- : powors';;ttie Public Trustee tolihaye the accpuntß audjtod and'investigated'6iV the Application a?' ; ahy beneficiary or 'private; tmntee. -Numerous inquiries,hayo been, niade'.bn all;,theso.:. points,/'and;;!.,:'nm; satisfied. : thnt"-persons ;-interest<>cUwill avail;themselves very/freely of the pro r referred ,, to!;. ',■:. ;■; ;, ■■.•' '■ ■-";;.■ '"-.■:'
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Dominion, Volume 7, Issue 2199, 11 July 1914, Page 5
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495PUBLIC TRUST OFFICE Dominion, Volume 7, Issue 2199, 11 July 1914, Page 5
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