PUBLIC TRUST.

Taranaki Daily News, 23 September 1919, Page 6

PUBLIC TRUST.

. RECORD OF BUSINESS. * J Jlie annual report of the Public Trtuf WKbe has been presented to Parliament) In a. covering statement the Prime Minister (formerly Minister in Charge) attention to the following points:— ■. j I The record profit earned, viz., £70,155< The accession during the year of nearly 4500 (being at the rate of fifteen pet working-day) to be administered by thi) office. The control by the office of assets and| f .vs to an estimated value of £20,000,- ' 00t, of which £10,000,000 has been re< ceived on behalf of estates and is held in Common Fund or iB specially invested? and £10,000,000 is held in the form of property, real or personal, which has not) been realised. The increase of £021,408 in th< amount held in the Common Fund. The increase of £707,199 in the invested by the office. The accumulation of reserves to total of £389,440, consisting of invested funds and office property and equipment on /which depreciation has been fully written off. v The 7 improvements effected to officq premises and equipments. The necessity for making provision for additional office accommodation in Wellington and at other important centres. The measures taken to accelerate the. administration of estates. The necessity for amending Section 2 of the Public Trust Office Amendment Act, 1912, so as to enable delegation of administration to he extended, to district officers other than those in tha four principal centres. Legislation will be required to render, this condition effective, and the Public Trustee urges it to be a matter of vital importance and a necessary adjunct to decentralisation. The introduction of a scheme of decentralisation of the administration of estates, which will permit of much of the work hitherto carried out in the head office being done locally. The institution of a complete system of inspection as a corollary to decentralisation. The opening of district offices at Dannevirke and Taihapo, officered by members of the staff, and the proposed establishment of ofliees similarly controlled ■at Hamilton, Palmerston North, Blenheim, Ashburton, and Timaru during tha , next financial year, the arrangements connected with which are well in hand. 1 The intended transfer of the estata accounting work from head office to Hamilton, Gisborne, Napier, Hawera, Wat nganui, Palmerston North, Nelson, Invereargill, and such other district offices as may be determined upon. The exceptional conditions created byj the influenza epidemic. Thefincrease of 3187 in tho number o? wills held in safe custody on behalf of living testators, making the total number on deposit, 24,237. The centralisation of tho head office <| estate records system. The inauguration of a reviewing branch, which will provide for a continuous review of the administration o{ estates. The further introduction of specialty advanced machine processes to the accounting work in the head office and at district offices. The proposed appointment of experts to act as advisers of the office in connection with the administration of .es, tates possessing unusual features.