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PUBLIC TRUST OFFICE.

How little is known by the average man or woman of the principles and duties of trustee-ship and yet how important it is! By means of it a large amount of the property of the community passes from one generation to another. By means of trusteeship, too, provision for and protection to dependants and others are afforded. When we realise some of these facta we readily | understand that it behoves us now and then to give some consideration to trusteeship. Sooner or later most of us must needs come into contact with it in one form or another, or we ourselves will be seeking persons to undertake the duties on our own behalf. The choice of a trustee is not tin easy matter. The responsibilities are onerous and exacting, and the average person has not the leisure or the qualifications essential for the proper carrying out of the functious of a trustee. The prime object of the testator is to provide for his dependants or other boneficiaries and in doing so to ensure that the trust funds are safe. Thus the fidelity of the trustee is all important. In New Zealand the legislature has set up a safe and efficient trusteeship in the form of the Public Trust Office, the integrity of which is guaranteed by the State. This admirable institution was established by the late Sir Julius Vogcl in 1872, since which time its services to the community have been wide-spread and' beneficial, and therefore it is little wonder that we find it rapidly increasing in public favour. The continuous growth of the business transacted by it eloquently testifies to the confidence whieji it inspires in the public mind. The past year Has, been a record one for the Department. During the year, 3526 new estates of a total value of £6,511,928 were accepted for administration, whilst the new investments .amounted to £2,761,225. These figures speak for themselves, and an analysis of the rcturtis over a period of years will show how remarkable has been the i progress of the Public Trust Office. In 1892 the value of the estates and funds under administration was £1,284,755. Twenty years later, in 1912, it had grown to £9,493,959, and 16 years later, in 1928, had. reached the huge total of P 44,156,545. The future of the office is also well assured. On 31st March last there were in deposit 58,065 wills of living testaetors who had appointed the Public Trustee their executor. This is a large percentage of the will-making population of the Dominion, and it is estimated that these will represent a prospective business of over £230,000,000. The Public Trust Office has had a long and varied experience and during the period of its existence has administered all classes of estates and encountered every kind of administration problem. To no class of the community should this estimable concern appeal more vhan to the farmers. All over the country farming estates eontrolled by the Public Trustee are efficiently handled on the most approved lines, and at the same time the absolute'safety of funds and property assured.

Every class of business, has its own peculiarities and special features requiring expert knowledge and experience. In addition to its accumulated experience, the Publie Trust Office organisation provides a number cf means whereby, is made readily available to the estates and the benefivaries this special knowledge, at the same time affording the benefit of the State guarantee.

' One of the best known of these means is the provision for the appointment of advisory trustees. A testator may associate with the Publie Trustee in the administration one or more adeisorf' trustees to co-operate with and advise the Public Trustee on special matters. An advisory trustee may be a business associate with an intimate knowledge of the complexities of the estate or the family solicitor or some other person upon whose advice the testator places reliance. One advisory trustee may be appointed for consultations on business matters; another with the maintenance and education of children, and so on. Thus, a farmer may select one or more trusted friends or acquaintances from amongst the farming community, so that his estate will have the benefit of the advisory trustee's advice on all those matters on which he is competent to advise. The provision in regard to advisory trustees is being more and more largely availed of, and in no section of the community is it more popular than with the farmers. This is not to be wondered at, for this system secures the benefits and facilities of the Public Trust Office and at the same time enables recourse to be made to additional specialised knowledge in suitable eases.

Another special and important safeguard for farming estates is provided

by the employment as part of the per- ' manent organisation of the Public Trust Office of a number of farm in- I spectors, skilled in matters pertaining to agricultural, pastoral and dairying interests, in the farming industry generally, in the latest and most approve ed methods of husbandry, in buying and selling and breeding stock, in f arnV?* ing economics and the like. These experts devote the whole of their time to this work and their services and ad- • vice are readily available whenever j and wherever required. How, important is this advice where farming pursuits are being actively carried on, on behalf of an estate! The Public Trustee can confidently undertake the management of a farm and ensure that the manager and others are faithfully carrying out their job; but the .services of the farm inspectors are equally valuable in many other ways. A farm property, may have to be leased. Here again, the knowledge and experience of the farm ; inspectors are available to determine what is best to be done with an area; whether it should be sub- j divided or leased as a whole and the ; covenants to be included in leases to ensure that the tenants do not depre- , cial;e the land in value and productivity. During a tenancy these inspectors; make regular and periodical inspections t$ see that the covenants of a lease are being fulfilled. It is not only in the administration of estates that the Public Trustee renders service to the farmers. A very large proportion of the funds control- i led by the Public Trustee has been advanced by way of mortgage to the farming community at reasonable rates of interest. At the present time the rate of interest charged by the Public i Trustee on approved securities is 6 per \ cent. Mortgages are made either on the flat or by means of the more popular and sounder instalment "system of repayment of principal and interest for periods ranging from 15 to 20 years. Such a system ensures the building up of what may be practically deemed to be a reserve against bad times. Although the policy of the Office must necessarily be directed from one contro, it has been the aim of the Department to do its administration work on the spot. For maiiy years past a very liberal system of decentralisation has been in force, and it has proved to be most effective. We find the establishments of District Public Trustee Offices at Whangarei, Auckland, Hamilton, Gisborne, Hawera, New Plymouth, Wanganui, Palmerston North, Masterton, Napier, Dannevirke, Wellington in the North Island; and Nelson, Blenheim, Christehureh, Groymouth, Timaru, Dunedin and Invercargill in the South Island. Working under these District Public Trustee Offices, and having a permanent staff capable of dealing with all administration needs of the various districts, there are 'sub-offices at Te Kuiti, Taihape, Feilding, Wairoa (H. 8.), Waipukurau, Stratford, Hastings, Levin, Rangiora, Ashburton, Balclutlia and Gore. In addition, there are a largo number of agencies in the smaller towns. By this means the Publie Trust Office organisation is easily accessible to all those who wish to avail themselves of its services. Beneficiaries and interested parties are always able to have ready reference to the accounts and records in the estates, or other matters in which they are interested.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/SNEWS19280831.2.22

Bibliographic details
Ngā taipitopito pukapuka

Shannon News, 31 August 1928, Page 4

Word count
Tapeke kupu
1,341

PUBLIC TRUST OFFICE. Shannon News, 31 August 1928, Page 4

PUBLIC TRUST OFFICE. Shannon News, 31 August 1928, Page 4

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