PUBLIC TRUST OFFICE

Hokitika Guardian, 11 August 1923, Page 3

PUBLIC TRUST OFFICE

The Public Trustee’s annual report states that there was a steady growth of business during the year, 2-150 new estates having been accepted for administration. The report states that the improvement in the financial post tion of the office has made it possible to consider the granting of further concessions to those persons who do business with it, the aim being to substantially reduce the expenditure, so as to be in a position to confer further concessions on clients of tho office. Ever since tho office was founded, its principal aim lias been to render efficient service to its clients, and not to amass profits. Whenever the surplus of revenue over expenditure has warranted the granting of concessions, this lias been done, either by increasing tho return to beneficiaries on

amounts held in the common fund, or bv a reduction in the charges made for the administration of estates.

Tn last year’s report reference was made to the raising of the rate of interest on amounts held in the common fund, and the liberalising of the methods under which tlie interest was computed, tlie value of the concessions then given to the estates and beneficiaries under this heading being estimated at £'57,500. Tn view of tho favourable results of last year’s working, further concessions of an important nature have been decided upon. As from April Ist, 1923. many classes of fees charged by the Public Trustee in addition to the commission for the administration of estates will be abol islied. Such fees include those charged for tin* obtaining of grants of administration, tlie preparation and filing of stamp accounts, the supervision of repairs to properties, the settlement of mortgages, the registering of the Public Trustee’s title to property, and the preparation of conditions of sal" In has also been decided to abolish the charges made for tlie inspection of rural properties by the Office Rangers, except, in very speieal cases, where a charge may he warranted. The profit for the year was .£58,700. The value of the assets (realised and unrealised) under the control of the Public Trustee on March 31st, 1923, was C1'5,901,798, representing an increase of £3.107.019 for the year now under review. Having had money at its disposal during the greater part of the year, the office lias been able to render financial assistance throughout the year to many estates and beneficiaries at reasonable rates of interest.