PUBLIC TRUST OFFICE.

Hokitika Guardian, 30 June 1923, Page 1

PUBLIC TRUST OFFICE.

RESELT OF YEAR'S WORE. The Hon J. (J. Coates, Minister in Charge of the Public Trust Ollice, referring to the pa-t year’s operationsaid the year has again shown a remarkable increase ;n the number ol will-_ deposited for -aie custody by living testator-. During the year 1333 such wills were lodged with tlm Public Trustee, making the total number on deposit, a- at March 31. 1923, 30,7>92. As many will- apnniiumg the Public Trustee executor are known to he lu'ld by solicitors, hanks, and otiiet private persons and institutions, it is I! evident that a large prospective business i- being built up. "The number of new. estate- accepted for administration was 2450. and in no le-- than HR eases the adminis- | ‘ration of Hie e-tale was entirely comI pleted within the financial year. Tin's j i- evidence of prompt admmist ration | in lim pan ol tiie Public Trust Ollice, I and goes far to discount statements | wine!) are -oine! hues made a- In alleged delay- m eomph'liiig the administration. PROFITS FOLLOW ECONOMY. "The financial result of the year's working i- very gratifying, the net profits being (.558.700, a- compared j "'ill: a profit of .CfU.Upl and C'll, lAS respectively for the. two preceding years. Tin- result has been uchicveu largely by the introduction of a strict system of economy, under which savings estimated at approximately CO-t.OOO per annum, have been introduced. The benefit of this policy is -till heing felt. For the year endori .March 31, 1922, the total expenditure of the office was less l>v .£23,3-12 than that of the previous year. The ligures lor the year just- closed show that a further reduction of £21,750 in Utc expenditure has taken place. As these figures represent a net saving after allowing for certain inevitable increases in expenditure -mli as scale increments of salary, etc., ii is clear that Ihe economies which have been t'Heeled have been very substantia!

ones. RF.IHTTXG FEES AND COMMISSION.

"It has long hot'ii Hie practice of the Public Trust Office to share Willi ifs clients all financial benefits derived from tlie working of the office. Tin? commission and other charges made by tlie ollice are intended only to cover the cost of working, and when Hie financial results justify any concession it ha- been the practice to pass the benefit on promptly to clients and beneficiaries of the office. In Hie previous year euiieessions by way of interest allowed on funds on deposit amounted to £57,5(4). In view of the improved re-nlt- on the present year’s working, ii is piopo-ed to grant further substantial concessions to estate- and beneficiaries, firstly, by reducing the commission charged for the admini-trat ion of certain classes ol I'-tates. and. secondly, by waiving all special fee- ill connection with the adui ini-) ia t ion so (hat the commission rates fixed will he tlie -ole reiinmeratioi. received by the ollice tor the ad-mini-i ration. These concessions will repre-enr. a considerable benefit to clients of tlie office, and will serve to mill further popularise the instilni ion."

j Li I" Minister stated that he hopes • to snlimit to ( aiiinet shortly deliuife i proposals for giving effect to Hie sngi nested loiieessions. Tim reduced j "Marges, w hen approved, will apply not only to e-tates coming into the "Ifieo in future, hut to tlio-e which are at present under ndminist rat ion.