PUBLIC TRUST OFFICE

Nelson Evening Mail, Volume LXIII, 3 August 1929, Page 5

PUBLIC TRUST OFFICE

This useful Stale institution reports another very successful year in 192829. during which the- value of estates and funds under administration rose from t-44 155,548 to £48.334.790, a. record inerea.se of over £4,000,000. The investments made during t ho year amounted to £3.130.642. consisting largely of loans to local bodies and farmers, and to town dwellers for housing purposes. The nin profits for the year _ were £29.467. Taking into consideration the extensive concessions made to clients in

,trill years, Ibis must Vic regarded as a satisfactory result. Ihe Office nlifiiwly i,i,ya income-tax, unci legislation will bo brought down, this session to provide Unit in future the Oflice. will also pay land-tax. . . In addition, provision will, be. made for half the net profits of the Public Trust Office to be paid to the Fund. In this connection, I may exj;,j tju to tionburahto members that the original legislation provided .a Stale einrantoe of the Office, and for dim whole of the profits going lo the Consolidated Knud but amendments were made later (0 allow tile Office to retain and use its profits for the erection of premises and the building-up of reserves, lie 1 üblie Trust Office has now reached a position, however, when a partial return to the original intention is warranted.