PUBLIC TRUST OFFICE.

Taranaki Daily News, 29 September 1917, Page 6

PUBLIC TRUST OFFICE.

BIG GROWTH OF 'BUSINESS. The annual report of the Public Tsust Office shows that the net profits for the year were ,£38,862, an increase of £12,754 over those of last year, and the highest in the history of the office. The growth of the business is shown in the following table:N Caoital funds. Net profits. £ £ mo ....... 3,414.168 11,738 1911 4,287,195 25,919 1912 5,070,305 25,919 1913 3,799,446 27,551 .1914 <>,388.707 29,222 1915 7,090.4-20 32,508 1916 7,082,883 46,108 1917 8,058,886 58.882

The report states that "Dr. Fitchett, the present Public Trustee, will be retiring shortly. He took charge on March 1, 1910, and the above table is a striking evidence of the efficiency of his administration." Eighty members of the staff havo left for the front. The lending operations of the office have largely increased. 'During the year under review, advances have been mat e as follow: — » '£ On mortgage ....-..-... .873,417 On (iovfc. securities .. 200 000 To local bodies 312,026 To hospital boards 16,200 To estates and beneficiaries 76,317 Total £1,477,;9G0 As regards local bodies the principle hdopted is that whilst willing to assist them by advances for necessary purposes such as sanitation, roads, bridges, etc., the office will not make advances during war time for unessential purposes such a3 buildings, gas., or electric light works, street improvements, etc. The total number of wills now deposited in the Office is 19,565, aud the number deposited during the year under review was 5257. The total number of estates now in the Office is 1.3,632, and the number that camo in during the year under review 2734. Of these no fewer than 1798 are soldiers' estates, which are being administered by the Office at a loss.

For the year ended March 31, 1016, bonuses totalling 22,90S were distributed thereby increasing by about J per cent, the rate of interest credited' to estates. A similar bonus will probably be distributed for the year under review. Largo as are the office premises of Wellington, the business is fast outgrowing the accommodation they give, and tlie necessity of extending them must soon be faced.