PUBLIC TRUST OFFICE

Dominion, Volume 10, Issue 3196, 21 September 1917, Page 3

PUBLIC TRUST OFFICE

BIG GROWTH OP BUSINESS

The annual roport of the Public Trust Office shows that the net profits for the year were ,£58,862, an iucroaso 0fJ512,75-l over those of last year, and (he highest in the history of the office. Tho growth of tho business is shown in the following tableCapital funds. Not rrofits. £ £ 1910 3,414,168 H.73S 1911 4,287,195 11,241 1012 5,070,305 25,919 1913 5,799,443 27,551 1914 G,306,707 29,222 1915 7,086,420 32,508 1916 7,052,858 46,108 1917 8,058,886 1 58,862 The report states that "Dr. Fitchett, the present Ptibli; Trustee, will be retiring shortly. He took charge on March 1, 1910, and the above table is a striking evidence of the efficiency of his administration." Eighty members of the staff have left for the front. ■The lending operations of the Office have largely increased. During the yenr tinder review, advances have been made as follow:— ' £ , On mortgage 873,417 On Government securities 200,000 - To local bodies 312,026 To hospital boards 16,200 To estates & beneficiaries 76,317 Total '. £1,477,960 As regards local bodies the principle adopted is that whilst Milling to assist them by advances for necessary purposes such as sanitation, roads, bridges, etc., tho office will not make advanoes during war time for unessential purposes such as buildings, gas, or electric light works, street improvements, etc. The. total number of wills now deposited in the Office is 19,565, and the number deposited during the year under review was 5257. The total number of estates now in the Office is 13,632, and the number that came in during the year nnder review 2734. Of these no fewer than 1798 sre soldiers' 'estates, which are being administered by the Office at a loss. For the year ended Maroh 31, 1916, bonuses totalling 22,908 ixere distributed, thereby increasing by about i per cent, the rate of interest credited to estates. A similar bonus will probably be distributed for the year under review. Large as are the office premises in Wellington, the business is fast outgrowing the accommodation they give, and the necessity of extending them must soon.be faced.