PUBLIC TRUST

Nelson Evening Mail, Volume LXIII, 19 July 1929, Page 7

PUBLIC TRUST

VOLUME OF BUSINESS {•XTUAOHIHN/VRY GROWTH The. Prime Minister (the Right Hon. f«j r ,j. (i. Ward), in discussing, the statement recently published regarding I in- working of tins Public Trust Office during tlio year ended 51st March last, "ave some further particulars about the office which lie considered would be of interest to the public generally and the large number of clients who have shown such steadily increasing confidence in I lie Public Trustee's administration. "Looking back on the past thirty years," said Sir Joseph, "the figures recording the changes that have taken place are remarkable." l u 1899 the value of the estates under administration jjrag £2,110,316.

Ample evidence is afforded by this extraordinary expansion that t ; lie Public Trust Office" is meeting a public need, and that the fullest confidence is reposed in the Public Trustee's administration. The increase in the amount of the cash balances held on behalf of estates and accounts under administration in the Public Trust Office throws a further light on Hie development that is taking place. In 1899 the total cash balances amounted to £956,153.

"If further evidence were needed," added Sir Joseph, "it is given by the fact to which reference was made in my earlier statement that more than 63,000 wills are held by the Public Trustee on behalf of living persons who have appointed him their executor. Fifteen years ago the number of wills so held was only 6427." The present estimated value of the assets affected bv the wills held on deposit exceeds £251,000,000. The new business handled eacli year now reaches imposing figures, and its value in the year ended 31st March last was in excess of seven million pounds — an amount exceeding the total value of the whole business in the Public Trustee's charge less than 20 years ago. In the past five years the value of tho new business has been : £

It is anticipated that there will be a further substantial increase in the current year, and that tho value of new business will possibly reach eight million pounds. The Public Trust Office is an important lending institution, and provides financial assistance' to all classes—to farmers'for the purchase and improvement, of their holdings, to business men for the erection of city buildings, to towji dwellers for the erection of their own homes, and to local bodies for the completion of public works. The expansion of the business generally is reflected in the growth of the office investments as shown in the following table:—

The Public Trust Office has always been self-supporting, and although its integrity is guaranteed by the State, no call has been made on the Consolidated Fund to meet any loss, while it is exceedingly unlikely that any call ever will be made" on the- general taxpayer. To provide against sucli a. possibility, reserve funds have been built up gradually during the 57 years the office has been in existence, until at the present time thev amount to £605,104—a substantial guarantee of financial stability.

In 1904 it was £3,152,882 In 1909 it was £6,399,567 In 1914 it was £12,282,883 In 1919 it wsis £19,242,347 In 1924 it was £32,404,724 in 1929 it was £48,334,790

[n 1904 they wore £1,660,716 In 1909 they were £2,850,111 In 1914 the'v were £6,366,707 In 1919 they were £10,065,027 Li 1924 they were £19,215,388 In 1929 they were £31,043,172

1925 4.621,869 1926 4,651,447 1927 . 5,551,019 1928 .... 6,511,928 1929 . 7,091,350

Total Investments Year. £ 1899 942,641 1904 1,595.330 1909 2,834,370 1914 6,158.332 1919 9,678,933 1924 . 19,895,285 1929 . 30,935.141