Public Trust Report

Hokitika Guardian, 18 October 1921, Page 3

Public Trust Report

WELLINGTON. October 13. The annua 1 Mport of \.hv I *ub! it* Trust Oflic-L For tlx* \v:ir umlnl MnrHi ,*Ust wjis to l'nr!i;iinout tntliiy. Tlu* I'uiilic Trnstfi* jrvi(*us coinpi'Lln'iisivilß - tin* worl<,inji of this furpt*a<*liinjj: Ilupurt nient. tin* suhjouts to v.hi> !» In.* ilirrcts p*t«t i •:*!:»r attention is that tlu* rat-.* of intcrout r-n ainonnts lu*!il in tlu* c«* , nnn n fund (-u h'dialf of ia l ies }Hid rst-atos has hc<’n iiicres*sod. ahsorhinLC an ad ’ition i] sum of iiKTL.'srs granted to tlu* staff roqiiirvil tho pa, m ».f |('V(’!»o. n| an »d----ditional sum of f.SO.nnn. \pvp’{''i'!oss thon* wjis a profit of I*lo,ooo for tJie yoar. Tho cash hnlanc<»s held at credit of estates wore stated to Be C 18.918,900. an increase of £*2,007,000 over the previous year. In 1917 the <*ash balance amounted to C 8.008.800. The office reserves, built up out of the profits made in successive years amounted on. March 81st., 19*21 to C 187,411. The number of wills held in deposit on behalf of living persons was 28,800 at the end of the year, while 2808 new ~states were accepted for administration. With the fall in the value of wool and other staple products, the report says, the fanners have found great difficulty in many cases in finding money for the payment of interest due under

their mortgages, and a great deal of additional work has been cast upon the Public Trust Office in dealing with these cases The Public Trustee is in a peculiar position in this mutter. On tin* one hand, mortgagors ask for time in which to pay interest, and on the tdihcr -clients ircqiifiv ’the prompt payment of their interest It lias not always been possible to grant the concessions which mortgagors require*. Nevertheless, the office has endoavonr-e-cl to deal with each individual case in as liberal a manner a,s is consistent with its duties as a trustee. R('cognising tin* difficulties of the time, the office has endeavoured to avoid any action* which would sere,, to accentuate the existing strngene-y. It will lie realised that with iiivustincii Is totalling thirteen million pounds in value, this matter has required very careful attention and a failure to ileal with it firmly might easily have created a dangerous position. While* flic* lias very great liabilities to clients, which it is humid to meet it has nevertheless e*a ri-fu-lly refrained from any harsh action against moitgagors. The staff of the Public Trust Office now includes 39 ijiialificel solicitors and 78 qualified accountants. The possession of so large* a qualified staff, the report, comments, is an assurance* that till* technical side of the Department’s weirk will receive satisfacten-y attention.