RECORD OF FINANCE

Sun (Auckland), Volume II, Issue 355, 16 May 1928, Page 14

RECORD OF FINANCE

PUBLIC TRUST’S YEAR

ESTATES DOUBLE IN SEVEN YEARS Though the value of estates under the administration of the Public Trustee has doubled since 1921, and the huge total of £22,000,000 has been added to estates and funds, the expenses of management hav e increased by only £3,852. This contrast was brought out by the Prime Minister in a statement made recently at Wellington. He said that new business recorded on the books of the Public Trust Office for the year ended March 31 established a fresh record. “New estates, representing the huge sum of £6,511,928, were accepted for administration during the year, and the acceptances for the first month of the new financial year strongly indicate that the business is being well maintained,” said Mr. Coates. “At the beginning of the year, on April 1, 1927, the value of the estates in the Public Trustee’s charge was £41,043,523, and at the end, on March 31 last, it had increased by another £3,112,025, making th© total value £ 44,155„548. The difference between the new business accepted during the year, and the net increase in the total value at the end of the year represents, of course, the estates wound up and distributed. “There was a marked increase in the value of the local business in the case of every branch in New Zealand. The business has been doubled in the past seven years, the huge total of £22,000,000 haying been added to the value of the estates and funds under administration in that period. ECONOMICAL MANAGEMENT “The utmost attention has been given to economical management, and notwithstanding the large volume of new business and the distribution of so many estates, there has been only a slight increase in the working expenses of the previous year, and this is accounted for by the statutory increments to the salaries of the staff, which have, however, been largely offset by economies effected in other directions.”

The result of the economical management had been to make it possible to extend further benefits to clients, and during the year large concessions had been made to certain classes of estates. Further evidence of the remarkable confidence shown by the public in the office was seen in the constant influx of wills completed by living persons- appointing the Public Trustee executor. On March 31, ihe total number of wills held bj him was 58,065. It was estimated that the new wills to b© deposited during the current year would reach nearly 7,000 in number. The policy of allowing advisory trustees to be associated with the Public Trustee had proved very .popular.. “On a conservative basis it is estimated that the present value of the assets to be dealt with under the wills deposited represents £230,000,000 so that a successful future of the office may be regarded as assured” continued Mr. Coatee. During the year advances by way I ° a i 1 ® vere made up to the amount of £3,065,524, the greater part of which was invested on picked securi- °* ruxal lands - The sum of £540,568 was invested in local-body debentures. - NET PROFITS EXCEED £30,000 1 "Jk? x, Public Trust Office,” concluded the Prime Minister, “is selfcontained, accepts responsibility for its own finances and has always been ab }? Pay ° wn and meet its obligations. While it enjoys the guarantee of t ie State it has made no call on the Consolidated Fund for' any and with its strong reserves ° ut . °. f lts own profits it Is unlikely that it ever will. £ “5 1 , profltß for the year were £ <*1,105, and m view of the many inconcessions to the beneficiaries of the office which came into operation during- the financial year lust closed this result must be regarded as satisfactory.” 64 “

YEAR OF STEADY PROGRESS

AUCKLAND TERMINATING BUILDING SOCIETY • A- year °t steady progress is shown Mi™°T eport °. £ . the Auckland Co-oper-ative Terminating Building Society, to be presented to the 31st annual meeting scheduled for May 30. There has been a steady demand for shares in the new groups Which provide for appro! pnations ot £BOO. The 66th group has been added, and the 67th is aboSt to on °Ju£e 27 ”?* ballOt to take place The older groups have terminated in turn under the rules. As indicated In ? ear f 5°l Jort ' groups 7 to 13 went into liquidation during the year and are now paying dividends. Groups 13 and 14 also ceased operation, and will declare the first dividend shortly. The termination of group 15 will take place this year. .o , society’s income amounted to £*.2b,542, an increase of £7,487, compared with the previous year. The contributions from the newer groups more than compensated for the fallingofC in revenue from the older ones. The receipts since the inception of the society have now amounted to £3,196.800 Appropriations for loans, during the year amounted to £138,00(f, representing a substantial increase in spite of the withdrawals of subscriptions. There was a steady demand throughout the year at satisfactory tender prices in the later groups. In the older groups the sales by tender were limited in number, many sales becoming ballots at the meetings. The ballots sold by the winners realised prices considered satisfactory. Repayments were well maintained, considering the financial stringency experienced. The advances made and authorised since the commencement of the society now total £2,553,069, of which £1,783,148 has been repaid, leaving the balance owing £769,921, tor which the securities held are considered ample. The profits earned during the year amounted to £18,144, and the profits withdrawn £9,918, showing a net increase of £8,226. The total profits of the society have therefore reached £204,141. The report states that although not the chief purpose of the society, the steady accumulation is further proof of the successful nature of the business. As last year, appropriations totalling £ 2€,000 will be made at the annual meeting. The directors retiring by rotation are Messrs. J. M. Barr, W. Lambourne and J. W. Wiseman. Owing to the death of Mr. R. J. Entrican, a fourth vacancy occurs on the directorate. Eight nominations have been received. CHICAGO WHEAT (United P.A.—By Telegraph—Copyright) (Australian Press Association.) Reed. 9.5 a.m. CHICAGO, Tuesday. Wheat. —May, 1 dollar 515 cents a bushel; July, 1 dollar 523 cents; September, 1 dollar 52 7-8 cents.