ESSENCE OF PARLIAMENT.

Tuapeka Times, Volume V, Issue 237, 15 August 1872, Page 6

ESSENCE OF PARLIAMENT.

Mr Yogel, in moving the second reading of this Bill, said that it was framed to over* come t c difficulty experience I in obtaining persons willing to undertake the onerous position of trustees in some cases, and in others, where persons possessed of considerable property found it not easy to obtain persons of trustworthy character to whom to entrust so great a responsibility. These causes had led to wealthy people leaving the Colony for the purpose of residing in older countries where greater security in the direction indicated was obtainable. A provision in the Bill made the State responsible for the conduct of the trustee, and other important powers were provided for. It enables building and friendly societies to deposit valuable securities with the trustee, and gives power to the Supreme Court to appoint the trustee guardian of minors or lunatics. At present the expense of transfer of a trust from one trustee to another was very expensive ; but by a transfer to the public trustee this expense would be avoided.

Mr Gillies admitted that the present Bill was an improvement upon the one introduced a few sessions ago, but still it was inadequate to the fulfilment of the purpose it sought to accomplish. For instance, how was it possible the one trustee whom it was proposed to app >int could simultaneously supervise the affairs of large estates in the Middle Island and others in the North Island, while a clause in the Bill provided that he should be in Wellington every day in the year. Be thought it absolutely necessary that such an officer should be on the spot where the property was situate, so that he could take advantage of rise in values, and make leases, &c. Another point was that iv estimating the advantage of the Bill, they should estimate the cost it would entail. The gentleman who would be appointed would, of course, be a person of great experience, and would necessarily be paid a high salary. They were, it was true, told that if the Bill did not work satisfactorily they could repeal it next year, but the House knew very well that that virtually took all power from them, because it was not probable that an army of officials once organised would be easily disbanded.

Mr Stafford thought the necessity for such a Bill would be more readily admitted the more it was examined. He thought the objaction urged by AJr Gillies in reference to there being a single trustee could be overcome by the appointment of an officient local deputy system. He did not agree either that the Bill should be objected to on account of the expeuse it would create, because he thought the payment of any officers necessary to the carrying out of its provisions should be met by fees derived from the property to which it imparted security. With this alteration, and the making of provision for intestacy, he thought the measure a very advantageous one, and he would suggest that tho Act should not be compulsory in its operati n, but that the benefits to be obtained from thi employment of a public trustee should be left to those who chose to avail themselves of the security afforded by it. After a few observations, the debate was adjourned on ths suggestion of Mr Stafford.