PUBLIC TRUST OFFICE.

Shannon News, 25 September 1923, Page 3

PUBLIC TRUST OFFICE.

LAST YEAR’S OPERATIONS.

In the course of his. statement to Parliament on the Public Trust year, the Hon. J. G. Coates said the outslanding leature of tne year’s Avo*rk Avas the greatly improved financial position. The total revenue .amounted lu 3r0ib,092, as compared with. £220,794 tor the preceding; year, while the expenditure decreased from £209,741' to £187,991. The. result was that a profit ot £58,700 had been, earned on the ye arts working, a.s compared with' profits of £10,091 and £11,053 for the iwo previous years.. This result had been achieved after providing for the expenditure 'which an ordinary commercial Undertaking, would have to meet, Including -the payment of income tax and depreciation of plant and buildings. The improvement in the financial position, of the office

bad made it possible to consider the gArming- of lurther concessions to those persons who did business with it. the aim of the present Public Trustee on taking office two years, ago being to substantially reduce the expenditure so as to be. in a position to conler further concessions on clients of the office. liver since the office was lounded its principal aim had been to render efficient service to its clients and not. to -amass profits. Whenever the surplus of revenue over expenditure has warranted the'••granting oi concessions this has been done, either by increasing the return to beneficiaries op amounts 'held in the Common i und, -or by a reduction in the charges made u»r the administration of estates. In last year’s report reference was made to the raising of the rate of interest on amounts held in the Common Fund, - and the liberalising, the methods under which, the interest Ava s computed, 'the of tne concessions then -given to estates ■and beneficiaries under thi s heading being estimated at £57,500.

In last year’s report reference was made to -the interest displayed in other parts of the Empire, and in foreign countries regarding the principle of Stale trusteeship, and it was then mentioned that inquiries had been received from the United States of America and from Canada. During the year just closed further inquiries have reached the Public Trustee from. Rhodesia, Ceylon;, and the Province' of Alberta, Canada. In each case the inquiries have been supplied with full information regarding the const!tuition and Avo-rking of the Public Trust Office of New Zealand. It is gratifying to find that the principle which has been in operation in New Zealand for so long a period is commend, ing itself more and more to the authorities in other' parts of the British Empire.

Apart from, the foregoing matters attention was directed to the following' features appearing in the Public Trustee’s report:— 1. The increase in balances at credit of estates and funds from £15,329,125 to £17,466,787. 2. The increase of £3,407,019 in the total value of estates and funds administered by the Office, making the total value as at the: 31st March, 1923, £28,904,798. 3. The investment of further sums,' totalling £2,441,404, from the Common Fund during the year. Out of this amount £1,275,659 was advanced to private mortgagors, and £955,877 to local bodies for works of public ity4. The increase of the Office reserves to a total of £491,775. ; 5. The receipt of deposits to the value of £l,Ol-2',500 from insurance companies' in terms of the Insurance Companies’ Deposits Act, 1921-22. 6. The closing of the administration of 461 estates in the year in Avhich they were accepted, thus giving convincing evidence of prompt administration. In each of these cases the realisation of the. assets was undertaken at th request of the beneficiaries or because the market conditions were favourable. On. the other hand, where it is advantageous to retain the properties, the Public Trustee has special financial facilities which enable hint to aAxfid forced sales. " 7. The reduction of twenty-one in the number of staff employed, in addition to tne reduction of 121 effected during the preceding year. , 8. The development of the system of training junior officers to provide adequate staff for future, requirements.

9. The establishment of one permanent full-time branch office; five part-time offices; and six 'agencies of the Office, making the total number of offices and agencies 100. 12. The deposit of 4383 additional wills with the Public Trustee for safe custody, making the total number on deposit on the 31st March, 1923, 35,502.