PUBLIC TRUST OFFICE.

Shannon News, 23 September 1924, Page 2

PUBLIC TRUST OFFICE.

THE YEAR'S WORKING. The report on the working of the Puoiic irust uifice, which was presenicd io me House tins week by the Miniver ot Finance, snows a most satisiactory state oi progress during the last twenty years. In 1904 the value Qf estates, under the administration oi the ofltce was £3 ( s?i,o;<s., anu smce (nut year a steady increase has oneii snown until lor the year J.&A* tue figures have reached £32*404,724.

lhe report states that the growth of business uurmg the year, has been Weil maintained, 2729 estates, of a total value of £3,781,155, having been accepted for administration. On March 31, 1924, there were 10,537 estates and funds under administration, the total value being £32,404,724. For the third year in succession the increase Qi business has exceeded £3,000,000. Notwithstanding the large increase .of business during the past year, the working expenses axe only slightly in excess of those iox the previous year,. The expenditure tor the year 1923 was £178,707, while lor 1924 it was £180,643, an increase of only £936 excluding depreciation. The total revenue amounted to £257,623, as. compared with £246,692 for the previous year. This resulted in the earning ot a profit of £65,542. as compared with £58,700 for the preceding year. This 1 profit has been •ma.de alter providing for the expenditure which an ordinary, commercial undertaking would have'to. meet,' including the payment Qf income tax and allowance., of depreciation on piunt and buildings. The Public Trustee has been in a position to materially assist in. the development of the. cojuntry by providing funds for advance on mortgage: to farmers and;Ptbers, ; and for loans to local bodies lor works of public utility. During the year the new money advanced reached the considerable total of £2,198,185. Of this large sum £1,422,870 was advanced by way of mortgage,-- chiefly on country securities, . was invested in local body debentures. The small number of cases in which securities ■lOl pmce advances have had to be taken over by the Public Trustee and realised a,t a, loss is a. tribute to the care which has been exercised in making the investments of trie office. The number of wills deposited with the Public Trustee tor sate custody continues to increase at a rapid rate. During the year. 5097, additional wills were received, making the total on deposit as at March 31, 1924, 39,682. Many wills in which the Public Trustee is named as executor are also held by banks private solicitors. l'he following return ; shows the yearly increase of. wills deposited for a period of ten years from March 31, 1914, to March; 31 t 19%*iNuinber oi Aviiis. on deposit at—

March 31, 1914 6,427 Net increase lor year ending—--1915 ......... i^.;..:...„f .,.. Ml 7 1916 :.. "."." 3.541 1917 V ..;.... M ..;- 4.884 1918 <....;,......,.. ~.._ 4,781 1919 T. 3,187 1920 : 1.555 ' 1921 2,564 1922 ;„... 3,483 l'J23 3,663 1924 4,180 Number of wills on deposit—at March 31, 1934 , 39,682 fn regard to the foregoing table, it should be" remembered that from the outbreak of war until peace was declared a large number of soldiers' wills were deposited, so that the number now being received has overtaken that reached during the war period.

The death has occurred at Hamilton of the Mr Samuel Howan, tor many years resident in the Foxton district, 'at the age of 81. The late Mr Howan \\:>.s born in London, England, and came to New Zealand sixty-two years ago, settling in Foxton, where he subsequently lived for forty , years. Deceased could recall many, interesting events in which (he assisted duiring the troublous times with v the Natives in those early days when every man took up arms if necessary to protect his home and family. Deceased married in 1864 and reared a family of thirteen children, ot whom three sons and four daughters are now living. One of lihe daugters is Mrs Peter Arcus, of Levin!. The Jate Mr Howam was a man of sterling character and high integrity and his generous nature endeared him to a large circle of friends and relatives.