PUBLIC TRUST OFFICE

Hokitika Guardian, 1 July 1925, Page 1

PUBLIC TRUST OFFICE

ANOTHER RECORD YEAR. VALUE OF ESTATES OVERITT(XX),OOO. Tile Hon. the Minister of Finance (the Hon. AY. Nosworthy), in announcing the result oi the year’s working of the Public Trust Olllco for the year ended March 31st, 1923, states that the business transacted during the year exceeds all previous records. The value of the estates and funds under administration on March 31-4. 1923. was .033,370,012 —an increase for the fourth consecutive year of over three million pounds. “The following figures.” said the Minister, “will give an indication of the remarkable growth of the office : “In 1891) the value of the estates and funds under administration was Cl ,210,00 s ; ill 1893. C1.3(52,209; in 190'), £2,192,591; in 1905, £3.377.335; in 1910, 17,35.2,017; in 1015, £13,580,930; in 1920, £20,800,08(5; in 1925, £35,570,012. It will he soon that the value has increased by nearly fifteen million pounds in the past, five year'-, and that in fifteen years it has increa.-.ed almost fivefold. •• The new business entrusted to the office during the year also exceeds all previous records. 3023 new estates were accepted for administration of a total value nl C 1.021,2(i9. representing an increase ol £810.711, over the now

business fur the previous year, which was itself ahead of all earlier records. Oi l!u* estates reported during the year 190 wore administered completely and closed within the year. The total number of estates closed during the year uas 1921. of a total value of Cl .31 7. Ili.'i.

"The redaction of the charges in April, 1923. and (he discontinuance of certain special fees so as to make the commission inclusive of all services, has led to the appointment of the Public Trustee as executor of an icreaxingly large mi miter of wills affecting estates of considerable value, and il is gratifying to lie able to report- that wealthy testators are showing a growing confidence in the office, so that there is a steady growth in the value of the estates under administration. “The number of wills held for safe custody on behalf of living testators on March 31st last was 11.102, and the number is being added to constantly at the rate of between four and live hundred a month. This number does not include wills which the Public Trustee is appointed executor, hut which arc held outside the office.

“The new investments made during the year amounted to £3.180,533 £1, V SO.97S in mortgages, £50,531 in (ojvernmeiil securities, and £791.287 in local bodies’ debentures, other investments £157.177. making a. total amount invested on March 31st. 1925, of £22. llill. i9O. “The net profits lor the year are £90.522 (!' Id, a> compared with £05.542 Its 7d for the preceding yeartv return exceeding that of any previous year. In 1921 and 1922 the profits amounted to £'10.091 and £11,053. respectively—returns re 11 acting the difficult times through which the Dominion was then passing. “Sims' t.liox' years conditions have show n a very marked improvement ami the business oi the office lias steadily progressed on more profitable lines, and, it is exceedingly pleasing to fio able to afford particulars of a year showing the best results yet attained. •This result has not been achieved merely as a result of ail increased revenue. Every attention has been

given to economical management, and notwithstanding the fact that the value of the estates and funds under administration oil March Hist last exceeded the value on March Hist, 1921, by more than fourteen million pounds, the expenses of management decreased by C2S, lib.

"The increase in die expenses for the current year over those of the previous year is largely accounted for by tin- increases in salaries following upon the regrading of the Public Service. Apart from that the increase in the expenses has been very small, notwithstanding the huge volume ol new business handled during the year under review. "The question of the accounts, organisation. ami control ol the many businesses (including farming businesses) carried on by the Public Trustee in his capacity as executor, trustee or committee, etc., continue to receive the most careful attention, and every effort lias been made to build up n system that will make for efficient and economical management, ensure that each business is placed on a sound basis immediately it comes under tile Public Trustee’s control, and provide every possible safeguard for the business assets. It is recognised that this matter is one of the utmost importance, •uni the Public Trustee will continue to give it the closest attention. “The prospects of the office are very encurnging. The new business entrusted to its care grows continually, and the circle of its influence is steadily extending. Ail enormous volume of business is already assured lor tire coming years, and it i.s confidently felt that in the future the growth will be even greater and more rapid than it has been in the past. ‘■Every (-[foit will he made to give the public the best service on the most advantageous terms that conditions will from time to time permit.”