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PUBLIC TRUST OFFICE.

BIG FIGURES AND GREAT RESPONSIBILITIES. ] A recent cable message from Lomlo:>, i which announced that the iirst year's operations of the newly-established Public Trust Office in England captured in the first year the enormous total of £20,1100,000 "worth of trust property, for administration under its Act ' —an Act which became law due mostly to the persistent efforts of the late Sir Howard Vincent, M.P.—recalls to' our notice the operations of our local Public Trust Oflice (states the Dominion). In New Zealand the value of the assets remaining on the books is about £6,000,000 sterling at the present time. Those assets will amount in the next decade, according to the' present estimates, to quite £15,000,000. This estimate 13 gauged not only by the normal increase of business, hut from the circumstance that there are 5000 wills of living persons already on deposit fa the office—a number which is being .added to at the rate of eighteen per Week.

At present the staff is located in three separate buildings, and it is a matter of much gratification that the new handsome Public Trusts Office premises will be ready for occupation in March next. When these premises were designed three years ago it was considered that the local staff could well In. accommodated on the ground door, but such has been the rapid growth of the office that it has been found necessary to take in another floor of the building. There are five stories in this buildiuu', and it is safe to predict that in twenty years the Public Trust Office will need the whole of the space for itself.

The hulk of the business is in connection with tlie administration of wills. The value in connection with those alone is over £2,000,000. The value of the native work is over £1,450,000; while the administration of the various sinking funds reaches the respectable total of £075,000. These sinking funds will rapidly increase, as, since the passing of the amendment to the Loans to Local Bodies Act of last session it is stipulated that all the sinking funds attached to such loans must now vest in the Public Trustee absolutely; that is, the Public Trustee *is sole commissioner of the sinking funds. In what is known as the " pensions" branch, this work is growing very rapidly. This brancli includes the work in connection with the funds of the Civil Service Superannuation, the Police Provident, Post and Telegraph Classification, Teachers' Superannuation, Government Railways Superannnation, and the Permanent Militia Reward Fund, anil the contributions under those headings amounted in caih, for the year just closed, to over £150,000. The amount represented by mortgage investment? of the Public Trust' Office stands -li £2.540,000.

These results are simply amazing \vh«n i one considers that the Office has nor long emerged from its infantile sla«» and that this young country was the first ra Anglo-Saxondom to trv the experiment of a fioveniment office dealing with trust funds. Now we see that largely owing to its conspicuous! success in New Zealand other countries are following suit. We see no limit to the possibilities of our local institution. Its control of the vast interests entrusted to it requires an ever-vigilant care, and the responsibilities attaching to the'' office are of the weightiest kind.

Permanent link to this item
Hononga pūmau ki tēnei tūemi

https://paperspast.natlib.govt.nz/newspapers/TDN19090122.2.37

Bibliographic details
Ngā taipitopito pukapuka

Taranaki Daily News, Volume LI, Issue 329, 22 January 1909, Page 4

Word count
Tapeke kupu
546

PUBLIC TRUST OFFICE. Taranaki Daily News, Volume LI, Issue 329, 22 January 1909, Page 4

PUBLIC TRUST OFFICE. Taranaki Daily News, Volume LI, Issue 329, 22 January 1909, Page 4

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