PUBLIC TRUST OFFICE

Dominion, Volume 8, Issue 2324, 4 December 1914, Page 16

PUBLIC TRUST OFFICE

.-■•' . ■■'~~' —' 8 —" ' RECORD PROFITS & BIG CON- it ■■ '■■ CESSIONS £ From .time to' tinio the Govern- ; ment has been aceased by its opponents o:E attacking the Publio Trust Offios in the interests, of the legal■ profession. -During last year an organised campaign 01 misrepre- : Bontation was conducted with the . , objeot of making the publio believe ':: that the Attorney-General and his • colleagues had. wicked designs upon' this very important and useful in- . stitution.' At the time people were solemnly assured by one. of. the ". prinoipal Wardist' newspapers that : the'futuro of'thePublio Trust Of-- ; ' fice was in serious jeopardy. ThY facts are that the Publio Trust. Office has prospered and Increased its beneficial Loope under the Reform Administration co a degree unexampled in Its previous history. The facts are on reoord to prove this. When v .tb'e Hon. A. L.' Herdman took charge of the Department in,; 1912 it was understaffed and the members of its staff were underpaid and ..overworked. These evils have been satisfactorily remedied, and in addition the omoe has done far moro work for the. publio, on moro liberal - terms (partio'llarly to people,of limited means), and has,made bigger profits than It ever did before. , ■ Here are tome of tho details taken from, official records:— Clients have been granted an Increased rate of interest. During < the. last financial year the Common , Fund" rate of interest was inoreased from 4} per.cent, on the. first '. £3000, and 4 per cent, on to 4} per cent; on the first'£6ooo, and 4J per cent, on; the excess. " The volume of business ■ transacted by the office has inoreased hy ■ nearly £3,000,000 Binoe" the _Gov- ',■' i eminent took-office arid profits also ■ have largely increased.' .. The following table shows the number • and value of estates dealt with and th« profits realised before and after tha Massey Government asoumad control:—" Wabd ahb Mackenzie Govbbnmentb. ■. Yolna Number of Neb ~■>:•■: of Estate. Profit* ■ Ertates. £ .£ . : IW9 _. 5019 ' 6.399.W7 10,160 1919 ...... «H 7.358.W7 11.75J ' ljll ...... 6118 «,112.«J 11.2*1 1912 ...... «M 9,4 M,959 26,919 • Maseey Government. ./ . ibs „.. mm 11.265.51'- 27,651 l 1914 9223 . 12.Z53.653 ;._ 29,222 The table shows: ■• Volume of business has inoreased by nearly n third of Its former ■ volume since the Government assumed oonti'ol. Profits inoreased in the Bamo period by about 15 per oent. in | ; Bpite of liberal concessions to■'•.' the ' publio and the staff. '-..'■'■'.) In' amending the Publio Trust Act .' |he Government has made the following improvements:— ; ' The Publio Trustoe is enabled to administer estates up to £400 without obtaining an order of the ' Court, thus B'aving poor'people the / expense of a costly legal'process. , ; ■ Two business men have been ap- l ' pointed to the Office Board, so that the Publio Trustee may manage estates to better advantage. Advisory-Trustees have been authorised. .Testators may now join *" ; some relative or friond with the ! Publio Trustee, so as to ensure the propor/managemont of estates. Beneficiaries under a will may invoke the assistance of the Pub- ' ,; lie Trsutee in securing investigations ! and audit of the assets of a private trustee. . .. ' Similarly beneficiaries can appoint •a solioitor to oxaminotbo Publio ,- Trustee's accounts, and # satisfy _ themselves as to-their affairs. All these improvements in the man*., agement and administration of the'.' Public Trust Office' wore carried out b." j the Reform Government, arid the result! i ant benefits to tho public _are em- ; phasised in the rapidly-increasing busij uess which the office is doing. i Set tho facts against the attacks oil Ministers and sea what .Opposition alander* axo worth,