A RECORD YEAR.

Hokitika Guardian, 13 June 1924, Page 4

A RECORD YEAR.

I’UJSLIC Tlf VST OFF I Cl*.

ESTATES AXJ) FUNDS OVMiI THIRTY MILLIONS.

’flu? progress i)l the office has been noil inuiut:iined. :nul the 1 n>st year ci!!!'.iilute.s a record in every respect.

The value of estate- ami funds under administration on 31st. .March. l-.M, was £32.10-1,72-1, as compared with £2K.9il L72U on 31st .March, 3023 an increase of £3.100.020. .Mr M assay slates: —-

‘ The continuous and rapid growth of the office is shown in the I act that in seven years tile value of the estates administered has been doubled, while in eleven it lias been trebled. For throe successive years the increase has exceeded three million pounds. Xo less than •£& new estates were reported and accented during the y air, o! a total value of £3.7*1.155. and the adnumtratien of 170 oi liu-e estates was <om,deled within the year under review. The number of all estate- dosed was 2002. . , COMMISSION' HAT MS REDUCED ‘•.Following upon the success!ul lesull of the working for the preceding V ear 1923. rates of commission were 'reduced from Ist. April. 10J3. while certain lees previously charged to estates were discontinued so as to make the commission inclusive ol all administration charge-, and there is m> doubt that this ha- had the cllVct cl increasing the business largely, a- shown in (he number and value of the new e-tat 11 is gratifying to be aide to report an increase in the proportion oi large estates, and many of them possessing assets of great value are now under administration- throughout New /calami. A number of estates ol this class were among those accented during the vear just ended, and the wills deposited show that the administration of others of still greater value will he handled in the future.

The numl/er of wills deposited for safe custody by living testators continues to increase very largely. ;.s shown by the number of new wills de-po-ited -5!'97. The number is being added to by from four to live hundred will:, |. month, and the total held on 31-t. March last wa- ffiUiS’J. This does not include wills held on deposit outside the office, appointing the l’ublie Trustee executor. In the last ten years *hc number ol will- held h> the oliiee lui, been increased more than -in fold, and this may he regarded as evidence ef the increasing < onlideiiee ol the pulhie in the administration ol the cira-e. During the year new investin' niy,ere made aimmutiug to £2.1 £3.1 50 L 1.122,571! ia mortgages. £33;i.570 in t lovernun nt securities, and £-!3 u .i-!o in f.eeal 1 todies’ debenture.- making a

total amount invested oil 31st. .March. 1:121. of £|9,590,2*0, double the amount of the inve-tnieut live \..us XF.T PROFIT. £95.5 12. “The net profits for the .'ear are £ lib ..'l2 0- 7d. as eouipaied with £s‘\7ll:t for the preceding year a result that may lie regarded as nm-i satisfactory when it i,s considered that the office has been faced with the difficulties that have keen experienced by all financial institutions during the past few years in the management ot mortgage securities. For the year- ended 31st March. 1021. and 3i-t. March. If 122. the profits were respectively CK 1.(191 and £11.053. Foi seveial yearpreceding 1021 tlm profit.- made by the office had been shared with its clients to the intere-l < indite ! to estate- in the ordinary costrs.'.

Ctl.xi. K-SKiXS TO ( I.IKXTS. ••(in Ist. April. 1020, tlm rates oi m-tere.-t were raised, and the amount el if,,. one- was merged in the increased rat Anart from this aetual increase in the rale-, the s'-lcin of crediting interest "a- more Invonrable to the estates. and it i- c-timuted the.t lie , ~|,,,, ~1 j|,e,y e Hit I’S-i“!l- during the year- 1021 and 1022 ra- £9i • •)" *• •' 1 g.r.,pa--.l to make funher emu I —ions to ill.) client- of the oflice. and pro-p-,-:d- to that iuid are now being considered. • ‘hiycry ivgmd lias hi..ui given to eeonomieai lilaiiagi nielli, and it '' ill he -1.-II liom the aeeiiunt- that l.ol.'ithMi,tiding the vety large volume of new hu-ioe.-,- handled during the year, the exiicnses show a very slight increase o-.vr tlto.-e of til- previous year. The actual working expenses lor the pest lour year?, iti.dit ling depreciation, v hirh ha- increased aununily h.V teasou of tit.' gradual aci|iii-ilic.n ol additional pr. mi-e-. have been a- lollows:102! .... C22ti.lt: I 1022 £2t 12.137 fo-cj J2I7 S. 7f f 7 102! .’Z.” jJlStl.il!-'i •* | i;e economies that have been elfe. led have helped to make pos-iblc the granting ol conees.-ions t<> clients, ami i*wrv (*iic!*s*jivuiir ix liri? l - * ; s <•:,rrv util tin* pnli< y >iiil fnri!u k i.”