PUBLIC TRUST OFFICE

Waikato Times, Volume XXXVI, Issue 2954, 20 June 1891, Page 2

PUBLIC TRUST OFFICE

KEPOKT OK THE COMMIT .SIONKiiS. (liV TELKiiIIAI'II. — I'f.K-'S A'O'OOr \TIOS). 1 WkU.IV: lON', I/l'-t Xirfllt. 11 Thk report, of the Public Trust; 11-irnmi.- 'I sioners, which w.ik lu tnn tii' 1 , t .h'" l of ihn '* I loii-e this aftenioo':, s' ■.tfs ! lii'. '11m-■ti ■- i 1 li. »n at the head ottiee of t-'i-j l'ii'ili:: n-'. ' ' I ).:]!:■«?.IIlUIlt UD abs-illlt.i "MM. "t 111',' pi oper j ' <ir lvunlar system up to 'In |m' - ".!• time in | 1 the C'-im)net of it'i bn-ine--i; til:,!, t.h- I) iol;s j • 111 till) ollico have for vo ir- l""-n kept in a i : careless ,'iii'i urilii>:~h(*' 1 ni ■mi " ; and tint j I tllfi C Jl!' '~1 li I tl' 1 •»!) CII ll as il"' II C ■llllC*"] in j ' :i n ti i li-11. i -.f ,i ct.' iry an 11 irnt it in..' uiui'i'i. | : They find tin; system of ;111 • iiiuir t!i ac- ■ 5 c units of the dep.ntmeiit by the Audit ; I < Ulice has lii-iim in reality a ti• •'>i-i■ in, :.:nl ' that many sccnritie< appeal''-I year alter ' V"«r on tin 1 tettirtw as K'o.l f«r 20- i» till ( i.', and certified to hy t.li ■ Auditor-I Jeneral us correct, although many of tliein h i'l : lull!* before been " foreclosed by the I'ub'ic * Trustee," and ipse lacto cuvjii to exist. Tho clmrpß" made by tin: o()iee are declared - to have been exces-ive, and wlu.u I'lß,oo'J ! was taken from the profits by the Oolnni.il 1 TriKisurer, that amount u\n " iiis|>i'"I r 'V ' swollen by n stun of ne .riy t'iioOO " 'J'li.i 1 Public Trustee is declared to have. ''seldom il"ne his duty effectually '' in .-»iti-fyin<: Mie claims of beneficiaries, or persons entitled ] to participate in estates, the result In.-iiijr i isreat injustice to the parties and the lever- i sion to the colony of many thousands of i pounds. The administration of many estates is "proved to have been imprudent and i unwise, beneficiaries being treated in the most arbitrary and cruel manner." The system of dealing with loans anil irmrtpages is generally condemned. Tho Commissioners express themselves as '•much startled " hy the method adopted for the disposal of the personalty of estates, as disposed in the evidence, as beiiis " m>t <>nly improper and open to grave suspicion, but utterly indefensible and illegal." They recommend that the nrinajre'iient should be vested in a Public Trustee and IVputyTiiistee, with powers nearly eijual, and, further, that bnt.li men should lie of larcr* e niini'Tcial and financial ex| erieuce, and that there should be an a.dvi.-.i.ry board of | two commercial men of special knowledge.