THE PUBLIC TRUST.

Shannon News, 4 September 1925, Page 4

THE PUBLIC TRUST.

A SUCCESSFUL YEAR,

REPORT PRESENTED TO PARLIAMENT. The report of the Public Trust Office was presented to Parliament yesterday. The business of the Office has again shown a large and gratifying increase. The number of new estates accepted was 3,023, valued at £4,621,869. as compared with 2739 estates valued at £3,781,155. which were accepted during the previous year. It will be seen \that th e new business obtained during th<; year just closed exceeded that of the previous year by almost £1,000,000. The value of the estates and funds under administration on the 31st. March, 1925, was £35,570,642 an increase for the fourth- consecutive year of over £3,000,000. The following brief table shows clearly the remarkable growth of the Office business since 1890:—Tear Value of Estates and Funds under. Administration £ IS9O .. 1.240,098 1895 1,5-62,269 1900 .. 2,192,594 1905 .. ' 3,577.355 1910 7,358,947 1915 13,580,936 1920 20,860,686 1925 35,570,642 It will be seen from the table that, since the year 1910 the business has increased almost, fivefold. Although during the pasf four years the value of estates and funds under administration has increased at a rate exceeding £3,000,000 per annum, the expenditure for the year 1924-25 was considerably less than it was four years previously. For the years 1920-21 to 1924-25 the expenditure excluding depreciation, was as follows: £ 1920-21 226,103 1921-22 202,137 1922-23 178,707 1923-24 . 180,643 1924-25 197.687 The increase for last year as compared with the previous year is aci counted for very largely by the in- ! crease in salaries of the staff resulting i from the general regrading of the ! Public Service. During th e past five-yearly period | the value of estates and funds under i administration by the Public Trustee has increased by nearly £15,000,000, | whilst the expenditure has decreased Iby nearly £30,000, notwithstanding ! the fact that owing to statutory increases each year and the general regrading of th e staff last year the salaries vote has very considerably in- ': creased during the period named. This ! excellent result has been achieved only by the exercise of the strictest economy in every department of the I office work. i The total revenue for the year amf ounted to £299,439, as compared with ' £257,623 for the preceding year. The considerable rise in revenue, accompanied by a comparatively small increase in expenditure, has resulted in a profit of £90,522 on the years' working, as compared with a profit of £65,542 earned in the previous year. It is to be noted that this profit has been made after providing for all the. expenditure which an ordinary commercial undertaking would have- to meet, including the payment of in-come-tax and allowance for depreciation of plant and buildings. The important part played by the Public Trust Office in providing finance for the development of the country generally has been specially exemplified during th past year, when owing t 0 the removal of the restric-. tions imposed by the moratorium, there has been considerably difficulty in obtaining requisite finance. The effect of th e Mortgages Extension Acts was to render "broad-acre" security unacceptable to a large number of private lenders, who sought otner avenues of investment for their moneys. The passing of the Mortgages Final Extension Act, 1924, led to a great demand for money on the part of those who desired to adjust their finances and the assistance given by the Public Trust Office has proved most valuable to the farming community generally. During the year the new money advanced to borrowers was £3,180,533, of which £1,880,978 was advanced on mortgage of freehold lands—chiefly country properties —and £791,287 was lent to local bodies for the carrying out of works of public utility. The total amount of funds invested at the 31st. .. March, 1K25, was £22,106,190, including £14,255,120 advanced to private borrowers and ! 15,832.542 lent to public bodies. The number of wills held for safe custody on tho 31st. March last was 44,102, the new wills deposited during the year having amounted to 4,420. At the present time new wills are being received for deposit at the rate of from four hundred to five hundred per month, and in addition it is known that many wills in which the Public Trustee is nominated as executor are held by banks and solicii'ors. It is therefore evident that within the next few years a large amount of lucrative business must come to the office for administration.