PUBLIC TRUST OFFICE.

Shannon News, 30 June 1925, Page 2

PUBLIC TRUST OFFICE.

ANOTHER RECORD YEAR. VALUE OF ESTATES OVER, £35,000,000. Tiie Hon. the Minister of Finance (;lie lion. W. Nosworthy), in announcing the result of the year’s working of the Public Trust Office for vhe year ended 31st March, 1035, states that the business transacted during the year 1 exceeds all previous records.

The value of the estates and funds turner administration on the 3.lst March, 1935, was £3.5,570,643 —an increase for the fourth consecutive year uf over three million pounds. “The iuiiowipg figures,” said the Minister, "will give an indication of the remarkable growth of the office: “In 1890 the value of the estates and funds under administration w r as U L,340,098; in 1895, £1,563,369; in 1900, £3,193,594; in 1905, £3,577,355; in 1910, £7,358,947; ill 1915, £J3,550,936; ill 1930, £20,860,686; ill 1935, ‘£35,570,642. It will be seen that the value has increased oy nearly fifteen million pounds m ttie past nve years, and that in fifteen years it lias increased, almost fivefold. “The now business entrusted to the

office during the year also exceeds all previous records. 3033 new' estates were accepted for administration of a total value of £-4,621,869, representing an increase of £840,714 over the new easiness for the previous year, which was itself ahead of all earlier records. Of the estates reported during the year 490 were administered completely and closed wfithin the year. T iie total number of estates closed d .ring the year was 1921, of a total value of £1,317,163. “The reduction of the charges in April, 1933, and the discontinuance of certain special fees so as to make the commission inclusive of all services, has led to the appointment of the Public Trustee as executor of an increasingly large number of wills affecting estates uf considerable value, and it is gratifying to be able to report that wealthy testators, are showing a growing confidence in the office, so that there is a steady growdli in the value of the estates under administration. ; “The number of wills held for safe custody on behalf of living testators on 31st March last was 4-4,102, and the number "is being added to constantly at the rate" of between lour and five hundred a month. This number does not include wills in which the Public Trustee is appointed executor, hut which urei held outside the

office. , “The new' investments made during the year amounted to £3,180,533 £1,880,978 in mortgages, £50,551 in iuvivnment securities, and £791,287 in local bodies’ debentures, other investments £457,717, making a total amount invested on 31st March, 1920, of £22,106,190. ■‘The net profits for the year are £90,622 6s Id, as compared with £65,542 0s 7d for the preceding year—a return exceeding that of any previous year. In 1921 and 1922 the profits amounted to £10,691 and £11,053 respectively —returns reflecting the difficult times through which the Dominion was then passing. “Since those years conditions have show'll a very marked improvement, and the business of the office lias steadily progressed on more profitable lines, and it is exceedingly pleasing to he able to afford particulars of a .year showing the best results yet attained. , . “This result has not been achieved merely as a result of an increased revenue. Every attention lias been given to economical management, and notwithstanding the fact that the value of the estates and funds under administration on 31st March last exceeded the value on 21st March, 1921, by more than fourteen million pounds, .. ~ ( >y).-.*»!sos of management decreased by £28,416. “The increase in the expenses for the current year over those of the previous year is largely accounted for bv the increases in salaries following upon the regrading of the -Public Service. Apart from that the increase in the expenses has been very small, notwithstanding file huge volume of new' business handled during the year under review. “The question of the accounts, organisation, and control of the many businesses (including farming businesses) carried on by the Public Tiustee as in his capacity as executor, Trustee, or committee, etc., continues to receive the most careful attention, and every effort has been made to mind up" a system that will make for efficient and economical management, ensure that each business is placed on a sound basis immediately it comes under the Public Trustee’s control and provide every possible safeguard for the business assets. It is recognised that this matter is one of the utmost importance, and the Public Trustee will continue to give if . the closest attention. “The prospects of the office are verv encouraging. The new business entrusted to its care grows continuallv, and the circle of its influence is steadily extending. An enormous voU ume of business is already assured for the coming vears. and it is confidently felt that- in the future the growth will be even greater and more rapid than it has been in the past. “Every effort will be made to give the public the best service on the most advantageous terms that conditions will from time to time permit.’