PUBLIC TRUST OFFICE

Taranaki Daily News, Volume LVII, Issue 49, 15 July 1914, Page 6

PUBLIC TRUST OFFICE

KKI'OIiT 1!V -M/.VISTEIi.

i XEW miI'JTS FUK YUAII TOTAL j { £-2!t,'_>22. !

Tin* annual report relating to iho JNibii" TruM, Ol'ice was presented to Parliament la*i week by the Mini>ll-r in charge of tin- department |Uon. A. Ilerdmanj. Tin- report, is not from the Public trustee. but is signed ,|>v the Mini-ti'i' himself.

H states that tin* ii''l prolits for the year wen; Salaries paid have increased from tJI-1.772 to LluS.S.'ij. . The report- goes 011 to say, inter ali:i:

"111 order that estiil'- m;iv share in tlie prosperity of tin oili e, the connnonfuiid rate of intei e-t -has been raised from -IVa per cent. 011 the first .t'IJOUO and 4 per cent. 011 the excess, to -t'/i per cent, on tile first IKHHII) and 4'/, per cent. 011 the excess. .Moreover, the new s<ale applies to local bodies' sinking funds, wliieli formerly received only i per cent. These increases amount approximate];, to a year, and came into operation 011 April Ist. 11114. "I'nder powers conferred by hist year's Act tin- olliec hoard has been .strengthened by the appointment of two nonservice members. The gentlemen selected were Mr. (I. K. Toliuirst, for many' years the chief inspector in Xo\v Zealand of the Union Bank, and Mr. W. 1!. Foster, the managing director 0. the Wellington .Meat Kxport Company'. These gentlemen have special knowledge of finance and of stock and station liiat>rs, and [ am satisfied that tlicir presence on the board will not only be of great assistance to the Public Trustee, but will also do much to strengthen the confidence of the public in the office administration of fhe large and important interests entrusted to it.

. "It 'has been decided to close the agency at Masterton, and establish in its stead a branch under officers of tlie permanent staff. The change will result in greater efficiency, without greater 2Xpenso.

"Active sfeps are liein" taken under the West Coast Settlement Reserves Amendment Act. 1013. In almost every instance the European lessees have elected to take new liases. The valuations are in progress, and f am Ihopeful that the scheme of settlement provided by the Act will prove satisfactory to all concerned.

• Tiie effect of the Public Trust OlTitAmendment Act. IfllS, is to greatly extend the functions of the Public Trustee, and thereby increase the usefulness of the otlire. Amongst other things, the Act provides for the appointment of advisory trustees where the Public Trustee rs the estate, also for his appointment 's <ll -l<l.l !:■ 11 trustee where the active administration is iu the hands of privat- trustees. Moreover, in the case of private trust estates, it empowers the Public Trustee to have the awnimfi audited »»•! investigated on the application of an . beneficiary or private trustee. Numerous inquiries have been mild!' on all these points, and I am satisfied that persons interested will avail themselves very freely of the provisions referred to.''