PUBLIC TRUST OFFICE

Dominion, Volume 12, Issue 298, 12 September 1919, Page 8

PUBLIC TRUST OFFICE

A BIG YEAR'S WORK

HANDLING ENEMY PROPERTY

The report of the Public Trust Office, for the year ended March 31, 1919, was presented to the House of itopresentalives yesterday. The Minister in charge (the Sight Hon. W. F. Massey), in a covering statement, draws attention, to the following points: Tlio record profit earned, Tiz„ .£70,155. Tho accession during the year of nearly 4500 new estates to he administered by the office, heing. at tho rate of fifteen per working day. The control of the office of assets and funds to an estimated value of of which ,£10,000,000 has been received on behalf of estates and is held in the common fund or is specially invested; wliiio .£10,000,000 is held in the form of property, r»al or personal, which has not yet been realised. The increase of J1921,i08 in the amount held in the common fund. The increase- of ,£797,199 in the fund invested i in tho office. The accumulation of reserves to a total.of ,i' 859,410, consisting of invested funds arid office property and equipment on which depreciation lias been fully written off. During tho year there has been introduced a. scheme of decentralisation of the. administration of estates, which.will permit of much of the. work hitherto carried out in the head oflico beinj performed locally. Legislative action is required to enable delegation of administration to be extended to district officers other than those in tho four principal centres. Tho Publio Trustee urges it as a matter of importance and a necessary adjunct to decentralisation. ■ The influenza epidemic caused between 000 and ICOO new estates to bo reported fo the office for administration. In tho head office at tho height of tho epidemic no fewer than 218 niheera out of a total staff of 264 wero absent from duty. A laTgo accumulation of work resulted, but it 'was all cleared away by tho end of tho financial year. ■,■■ . Tho Public Trustee Board will tako into serious consideration almost immediately the important question of securing the services in the-principal centres of experts who. are qualified to act as advisors to the local Deputy Public Trustees and district managers in respect of businesses forming part of the estates under administration. It is anticipated that'this departure- will specially commend itself to prospective clients of the office in farming districts. The control of enemy property was a duty imposed on the board by the War Regulations. Practically all goods imported from enemy countries and not taken over'by tho consignors.prior to tho war have been sold. Stocks, shares, etc., tho property of enemy subjects, have been realised. All rents, dividends, and interest payable to enemies are payable to the Public Trustee, and the amount collected under this heading has been nearly £16,000. Practically nil enemy firms in the Dominion have "oeen wound up. Book debts amounting to about .£3OOO only remain to be collected. The assets of twenty prisoners of war, of which the Public 'i'rnstoo is custodian, aggregate in valuo .£15,000. They consist mostly of mort(tcjres and farm proporties. Claims against the enemy amounting to nearly ,£51,C00 hava heen received. Only one claim against .the Russian Gov«vninent has been received.