PUBLIC TRUST

Hokitika Guardian, 17 June 1930, Page 3

PUBLIC TRUST

A H ECO HI) YEAH

£8,000;000 N E\Y J!I IS I NESS

(By Telegraph-

-Press Association)

WELLINGTON, June 16

liiteresting figures have been made available for publication, by the Prime Minister. Hon. G. W. Forbes, a s to the operation ol the Public Trust Office for the year ended March 31st, 11)30. In doing so, .Mr Forbes referred to the forecast contained in a statement issued hv his predecessor in office in July, 1929, to the effect that the value of new business obtained by the office during the year 1929-30 might possibly reach the sum of £8,000,000. and added that this forecast. had been more than justified the now ibusiness for the year now under review having, reached the. unprecedented total of £8,473,910. as compart'd' with the total new business of £7,091.350 'for the preceding year, which' itself .constituted a record.

As exemplifying-the remark able and sustained growth of tlio office, the folJ jiving (list, ,which shows the value of new. business in each of the past' five years is of interest: 1925, £4.021,8(59; 1920, £4,651,447 1927, £5,551.019';. 1928, £6,511,92’5; 1929

£7,091,350; 1980, £8,473.916. As evidencing, the rapid development of the office, it is intoresing to note that the ■ new .•business obtained during the year just closed » exceeded bv over £7.090,000 the total value 'of assets and fundes under administration by'the Public Trustee in the year 1.9T0, which represented the accumulation of thirty-emht years’ operations by the office. The figures for the month of March, 1930. were a still more, striking illustration of the pre-sent-day growth of the office. Paring that month alone the new .business :"moun)ted to £1,159,309, which was almost ecpial to the total -value of estales and funds under administration by the office in 1892, after twenty vears of existence.

KSTAW AND BUNTS UXDTR ADMINISTRATION.

On April Ist. 1929, the value of estates and funds under administration ’'v the Public Trustee amounted to £48.334,790. llv March 31ct. 1930. the total value of assets and funds nnd'r administration had risen to £53.049,437, representing an increase fur the second year in succession oT wore than £4.000,000 in the value of estates and funds.

The difference between the value of the new l>”siness accepted and the

net increase for the year in the value of estates and funds under administration is accounted for hv the realisation of assets and the distribution, of the proceeds, and by the transfer of assets to those entitled, the office possessing special- facilities for the prompt and efficient adhiinitration of the estates, entrusted to it. As a result of the organisation which hasboon evolved through lung years of experience, the office is in an exceptional position to realise assets to the best advantage! where such realisation is necessary or is desired, by the beneficiaries and those entitled before disposing of assets in estates, and *n eases where the conditions are unfavourable for, or tbe beneficiaries do not desire, realisation, the office lias special facilities for financing estates in order that realisation may be postponed to a more opportune time. Anything in tbe nature of a sacrifice for tbe assets is thus avoided. Tim following figures, which were supplied by the Prime. Minister, reveal the exceptional and uninterrupted growth which lias marked the operations of the office over the past thirty

years. Tn 1900 the value of estates under administration was £2,192.594: in 1905 it was £3,577,355; in 1910 £7,358,947; in 1945, £13,580.936: in 1920. £20,860.686; in 1925, £35,570,642; and in 1930, £53,049,437.