PUBLIC TRUST OFFICE.

Shannon News, 24 June 1924, Page 3

PUBLIC TRUST OFFICE.

©STATES AND FUNDS OVER THIRTY MMiMQNS.

«J? e ' ' pi ':°e res s of the office has been well maintained, and th e past year constitutes a record hi eiyTesX lbe value of estates and funds under administration on -Ist March, 1924 was £32,404,724, as compared with £28,904,798, on 31st March, 1m -an increase of £3,499,926. Mr Massey states:—'The continuous and rapid growth oi tlhe office is shown in the fact Uiat i m seven yeans the value of the -estates administered has been doubled I while, m eleven it has bem trebled!' *or three successive years, the increase has exceeded three million pounds. No less than 2739 new estates were reported and accepted ?*™ g i K *' e ****•,• <* a total value of £3,781151), and tlie administration of ;,m° ? ese ' estates was completed witnin the year', under-review The number of all estates' closed ' was

COkVIAHSSIOaN RATES REDUCED ( * upon, toe successful result oi the work for the preceding year, /1923, rates of commission were reduced from Ist April, 1923, while certain fees previously charged to estates were discontinued so as to make trie ooininission inclusive of all administration charges, and there is no doubt that this has had the effect of increasing the business largely, iaa shown in the number and value of. the new estates. It is gratifying to be able to report an increase in tlhe proportion of large' estates, and many of them possessing assets of great, value are now under administration throughout New Zealand \ number of estates of this class were among those accepted during the year just ended, and the wills deposited show that the administration of others of still greater value will be handled in, tliei future.

The number of Wilis deposited for safe custody by living testators continues to increase very largely, as shown by the number oi new wills deposited—so 97. The number is being added to by from lour to five hundred wills a month, and the total held on 31st March last was 39,682. This does not include wills held on deposit outside the office, appointing the Public Trustee executor. In the past ten years the number of wills field by Uie office has been increased more than six-ioid, and this may be regarded as evidence of Uie increasing confidence of the public in the administration of the office.

"During .toe year new investments were made amounting.to £2,198,185 £1,422,870. in mortgages, £326,570 in Qoveiinment securities, and £438,745 in Local, Bodies' debentures—making a total amount invested on 31st March, 1924, oi £19,895,285, doubl© the amount of the investment five years ago...

NET PROFIT, £65,542. ''Tile not profits i'o,r the year are £65,542 Os 7d, as compared with £58,700 for tile preceding year—a, result that may he regarded as most satisfactory when it is considered that ■the office lias been faced with the difficulties Uiat have been experienced by all financial institutions during Uie past lew yeans' in Uie m-aix-aguiiitfut oi mortgage securities. For Uie years ended 31st March, 1921, and 3lst March, .1922, the profits ware respectively £10,691 arid £11,053. For several years preceding 1921 the profits mane by Uie office had been shared with its clients by the payment, oi bonuses in addition to Uie interest credited to estates in the ordinary course. CONCESSIONS TO CLIENTS.

"On Ist April, 1920, the rates of interest were raised, and. the amount or, Uie .bonus was merged in the increased ■'rates. Apart lrom this actual increase in .the'rates, the system of crediting interest was made more favourable to Uie estates, and it is estimated Uiat the value oftiiese concessions during Uie years 1921 and 192|2 was £97,50Q. It is proposed to make further concessions to - the clients of tile office, and proposals to Uiat end are now being considered. "■Every, regard, has been given to economical management, and it will be seen from the accounts that netwiUistanding Uie very large volume of new business handled during Uie year, the expenses show, a very slight increase over tiiose of the/ previous year. The actual working expenses for the past four years, excluding depreciation, which (has increased .annually, by reason of Uie gradual acquisition of additional premises, have been as follows:

1921 ..; ..; ... ... ... £226,104 W& ... , ... ... £202,137 1923 ... £178,707 1924 ~, „, ... ... , f . £180,643 , "The economies that have b&eii effected have helped to make possible Uie granting of concessions to clients and every endeavour is being made to carry out the policy still further."