PUBLIC TRUST

Hokitika Guardian, 15 September 1928, Page 2

PUBLIC TRUST

INCR EA SING BUSIN-ESS.

AVELLINGTON, Sopt. 13

Further steady and continuous expansion in all departments is recorded in the annual report of the Public Trust Office.

The new business reported for the year constitutes a record for the office. During tlie year 3526 new estates of a total value of £6,011,928, wore accepted for administration, as compared with 3581 estates of a value of £551,019, accepted during tlie year preceding. This is the first occasion upon which the new business for any one year has exceeded £6,000,000.

The value of estates and funds under administration on Alarch 31st. 1928, was £44,155,548, tlie corresponding figure for the previous year being £41,043,523.

The total revenue during the year amounted to £275,544, a slight increase over that for the year preceding, whilst the expenditure, exclusive of salaries and depreciation, showed an increase of less than £2OO over that for the previous year. Despite the considerable increase in the volume of business conducted, office investments. which lust year stood at £26,179,886 have now reached a total of £28,465,903. The volume of investments during the year lias been heavy, and, exclusive of those on behalf of estates, the funds of which do not form part of the common fund, amounted to £3,065,524. Apart from the new money invested renewals of existing mortgages were granted to the extent of £1,714,612. 'flic amount dealt with during the year, either by way of renewal of loans on mortgage or grants of new loans on mortgage was thus £4,780,136. The total loans approved under the instalment system during the year amounted to £1,397,145, while, including the amounts -granted on jymewal of existing mortgages, the tofcitl sum dealt with during the year was £2,050,678.

It is estimated that wills on deposit represent prospective; business of over £230,000,01)0, and this, in itself, assures the future of the office.