PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1901 Session I, H-12

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' 1901. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Presented to both Houses of the General Assembly by Command of His Excellency.

The Public Teustbe to the Eight Hon. the Colonial Treasurer. Sic,— Public Trust Office, Wellington, 31st March, 1901. I have the honour to report that the business of this office during the past year has been very satisfactory. A large profit, £5,691 9s. 5d., on the year's working has been obtained; and there have been no losses on investments. I believe the time has arrived when a reduction in the office charges should be made, and the scale of fees simplified. This will diminish the profits for the next few years ; but, on the other hand, it will increase the popularity of the department, and before long the increased business should more than make up any loss. I regret to say that the building for the head office has not yet been started. A convenient and valuable site has been secured at a very satisfactory figure ; but it has been found that the amount of the office funds authorised by Parliament to be expended in the erection and furnishing of the offices will not be sufficient. I trust that a larger sum will be granted during the coming session. The office funds are well invested. The liberal terms given for the repayment of moneys lent on mortgage should continue to attract borrowers. There has been no trouble in administering the West Coast Native Eeserves. During last year a number of old leases of parts of these reserves have expired, and in most cases largely increased rentals have been received for the new leases. In regard to the Brunner Disaster Fund, a question has been raised on the interpretation of the document creating the trust, as to the power to discontinue the allowance to any widow on remarriage. The doubt will be settled by cases now pending in the Supreme Court. Only two complaints concerning the administration of the department were made during the year. On investigation these were proved to be unfounded. Considering the number of estates dealt with by the office, and the many funds intrusted to its care, complaints as to its working are very few. The number of wills deposited in the office by which the Public Trustee is appointed executor has largely increased during the past year. This is a satisfactory indication of the growing confidence of the public in the institution. I have, &c, J. W, Poynton, The Right Hon. the Colonial Treasurer. Public Trustee.

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Revenue and Expenditure of the Public Trust Office for the Fifteen Months ended 31st March, 1895; and for the Years ended 31st March, 1897 to 1901.

Income of the Public Trust Office Year by Year, from 1896 to 31st March, 1901.

Fifteen Months ended 31st March, 1895. Year ended 31st March, 1897. Year ended 31st March, 1898. Year ended 31st March, 1899. Year ended 31st March, 1900. Year ended 31st March, 1901. Expenditure. Salaries ... . ... Commission to agents Clerical assistance and auditing ... Legal expenses Stationery, printing, and office requisites Miscellaneous Unauthorised Deficiency in realisation of mortgages Balance, being excess of revenue £ s. d. 8,571 15 11 1,348 8 8 £ s. d. 7,719 6 10 739 2 10 £ s. d. 7,673 10 9 728 14 10 £ s. d. 7,889 7 7 1,102 15 3 £ s. d. 8,213 4 9 1,398 19 8 £ s. d. 8,409 10 2 2,187 14 8 410 11 8 690 19 4 278 13 0 503 6 0 244 3 0 229 12 9 272 11 6 244 0 4 240 0 0! 245 11 6 272 7 5 363 16 0 990 8 0 4,523 19 0 412 19 6 379 0 6 3,390 1 3 89 3 7 408 2 3 3,627 9 7 254 18 7 560 13 3 4,122 0 0 443 2 10 425 6 9 4,359 18 9 595 13 6 3,826 15 7 340 4 9 180 7 4 488 0 6 1,940 4 3 1,221 11 4 4,766 9 2; 4,014 17 7 5,973 12 6 5,691 9 5 Revenue. 19,229 11 1 114,500 12 8| |l7,933 0 11 119,137 8 10 20,856 13 11 21,347 6 Commission and charges Interest in excess of amount credited to estates Miscellaneous 7,197 9 10,163 6 1,868 15 1 7 5 6,898 15 5 8,274 14 8,647 11 1,010 15 6 0 5 9,802 18 8,473 11 860 19 6 1 3 10,415 9,835 606 7 4 2 2 6 3 11,557 12 10 8,971 18 1 817 15 10 6,376 5 1,225 12 2 1 19,229 11 1 14,500 12 8 17,933 0 11 !l9,137 8 10 20,856 13 11 21,347 6

Class of Estates. Fifteen Months ended Slst March, 1895. Year ended Slst March, 1896. Year ended Slst March, 1897. Year ended 31st March, 1898. Year ende d 31st March, 1899. Year ended 31st March, 1900. Year ended Slst March, 1901. intestates' .. tVills, Trusts, Sinking Funds, &c. Heal and Lunatics' .. Native Reserves tYest Coast Settlement Reserves Miscellaneous £ s. d. 1,615 7 7 £ s. d. 1,494 15 9 £ s. d. 1,642 6 9 £ s. d. 1,877 14 4 £ ' s. a. 2,380 2 1 £ s. d. 2,888 13 3 £ s. d. 2,845 14 2 2,275 10 1 839 1 9 731 0 4 1,555 17 9 524 5 5 628 5 6 2,115 12 0 545 0 1 536 0 2 2,959 19 9 521 16 6 567 3 1 3,645 18 2 810 18 11 575 2 5 3,400 7 1 1,135 18 10 597 16 7 3,897 6 2 958 8 0 962 14 6 1,264 17 2 2,340 7 7 1,569 8 6 1,909 14 9 1,345 11 9 1,939 16 9 1,361 10 0 1,997 6 3 1,265 11 11 1,986 4 3 1,554 6 4 1,444 7 4 1,735 5 9 1,976 0 1 'nterest 9,066 4 6 10,163 6 7 7,682 7 8 7,560 7 2 8,124 7 6 6,376 5 2 9,285 9 11 8,647 11 0 10,663 17 9 8,473 11 1 11,021 9 5 9,835 4 6 12,375 8 8 8,971 18 1 Total income Total expenditure 19,229 11 1 17,289 6 10 15,242 14 10 14,902 15 0 14,500 12 8| 13,569 14 3 |17,933 0 11 13,471 19 7 19,137 8 10 16,314 3 7 20,856 13 11 15,886 15 10 21,347 6 15,655 17

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Capital Funds of the Public Trust Office, and how Invested, from 1895 to 31st March, 1901.

Number and Estimated Value of Estates in the Public Trust Office. The following was the number and estimated value of estates in the Public Trust Office on the 31st December, 1893, and on the 31st March on each of the years 1896 to 1901.

On 31st March, 1895. On 31st On 31st March, March, 1897. 1898. On 31st March, 1899. On 31st March, 1900. On 31st March, 1901. 'he capital funds of the Public Trust Office amounted to ... )f which the amount held in cash at credit of the Public Trustee's Account was £ 668,937 £ 858,638 £ 961,638 £ 956,153 £ 1,056,868 £ 1,672,304 12,101 16,664 48,667 13,512 27,880 53,925 Leaving a balance invested of 656,836 841,974 912,971| 942,641 1,028,988 1,618,379 'he investments consisted— Of those made by the Public Trustee out of the Common Fund, and amounting to ... Of those made by the Public Trustee for estates, and amounting to ... ■ Of those made by other trustees of properties afterwards transferred to the office 358,296 259,279 588,483 205,942 631,816 251,643 653,710 264,296 794,987 214,411 1,407,419 196,230 39,261 47,549 29,512 24,635 19,590 14,730 656,836 841,974 912,971 942,641 1,028,988 1,618,379 'he capital funds invested were applied to investments— In Government securities of the colony, to the amount of In local bodies' securities, to the amount of; In mortgages of real estate, to the amount of In fixed deposits, to the amount of In companies, to the amount of ... 295,108 1,839 354,933 444 4,512 354,108 1,839 482,206 251,708 7,839 651,160 380 1,884 160,308 12,839 766,371 1,689 1,434 137,778 19,439 871,771 607,798 19,239 991,261 81 3,821 Total 656,836 841,974 912,971 942,641 1,028,988 1,618,379

Nui iber of Esti ites. Class. On 31st Dec, 1893. On On 31st March, 31st March, 1896. 1897. On 31st March, 1898. On Slst March, 1899. On 31st March, 1900. On 31st March, 1901. Wills and trusts (including sinking funas accounts) Intestates' estates Real estates Lunatics'estates .. Native reserves West Coast Settlement Reserves Unclaimed lanas 371 868 117 271 102 293 447 812 91 434 107 293 52 466 781 86 510 112 293 86 493 797 84 558 112 293 76 538 821 79 507 115 293 138 576 903 75 555 110 293 155 684 867 69 .626 110 293 249 Total .. 2,236 2,334 2,667 2,898 2,022 2,413 2,491 ! lue of Estates. Class. On 31st Dec, 1893. On 31st March, 1896. On Slst March, 1897. On Slst March, 1898. On Slst March, 1899. On 31st March, 1900. On Slst March, 1901. £ £ £ £ £ £ £ Wills ana trusts (incluaing sinking funas accounts) Intestates' estates.. Real estates Lunatics' estates Native reserves West Coast Settlement Reserves Unclaimed lands 543,239 84,436 23,465 51,278 348,500 400,000 673,478 86,132 14,686 73,995 350,000 600,000 8,662 744,742 88,751 11,161 88,133 355,000 600,000 10,376 789,162 97,140 10,572 85,890 355,000 600,000 12,550 865,446 133,409 8,414 111,793 357,500 620,000 13,754 933,567 136,697 8,313 113,525 363,076 622,604 14,812 1,022,838 134,820 7,459 159,087 363,076 622,604 17,070 Total .. 1,450,918 1,898,163 1,806,953 1,950,314 2,110,316 2,192,594 2,326,954

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The Government Loans to Local Bodies Sinking Fund. (Placed under control of Public Trustee by Section 5 of "The Government Loans to Local Bodies Act Amendment Act, 1892.")

"The Government Advances to Settlers Act, 1894," Debenture Sinking Fund. Statement showing Principal Moneys paid over to the Public Trustee, and Amounts withdrawn for Reinvestment.

Amounts recei ived by the Public Trustee. During the Year ended 31st March. From Consolidated Fund. Transferred from Land Assurance Fund. Net Income from Investments. Total Receipts during each Year. £ s. d. 14,000 0 0 20,428 19 7 11,406 13 7 13,384 18 0 14,960 1 10 16,496 3 8 17,866 7 8 19,245 9 8 19,541 1 2 £ s. a. 7,015 11 9 4,494 1 5 3,802 4 6 4,461 12 7 4,986 14 0 5,498 14 6 5,955 9 2 6,415 3 2 7,127 6 8 £ s. d. £ s. a. 21,015 11 9 26,081 17 0 17,356 18 8 20,804 13 10 23,597 19 9 26,472 1 7 29,764 5 1 33,709 13 5 34,982 14 4 1893 1894 1895 1896 1897 1898 1899 1900 1901 1,058 16 0 2,148 0 7 2,958 3 3 3,651 3 11 4,477 3 5 5,942 8 3 8,049 0 7 8,314 6 6 Total 147,429 15 2 49,756 17 9 36,599 2 6 233,785 15 5

During the Year enaed 31st March. Amounts reoeivea by Public Trustee from Superintendent. Net Income from Investment withdrawn by Superintendent. Amounts of Principal withdrawn by Superintendent for Reinvestment. Balance at Creait on 31st March in each Year. 1896 1897 1898 1899 1900 1901 £ s. d. 3,369 12 7 23,843 17 6 71,187 19 8 104,473 0 2 136,532 5 10 155,237 9 6 £ s. 20 17 435 1 2,112 5 1,177 8 1,221 13 1,912 2 a. 3 7 3 0 1 8 £ s. a. 171,284 13 10 118,443 6 8 134,076 8 4 £ s. 3,369 12 27,213 10 98,401 9 31,589 16 49,678 15 70,839 16 d. 7 1 9 1 3 5

Statement showing Year by Year, from 1886 to 31st March, 1901, the Capital of the Public Trust Office, and how invested, and the Income and Expenditure of the Office.

Price 6d.]

Approximate Cost of Paper.— Preparation, not given; printing (1,675 copies), £5 18s.

By Authority : -John Mackay, Government Printer, Wellington.—l9ol.

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(1) Includicg £2,280 on account of expenses of Royal Commission. (2) Including £1,596 on account of expenses of Royal Commission, and £1,717 on account of deficiency on realisation of mortgages. (3) Including £2,041 on account of deficiency on realisation of mortgages. (4) Including £310 on account of deficiency on realisation of mortgages, and £470 for unauthorised expenditure. (5) Including £1,272 on account of deficiency on realisation of mortgages, and £13 for unauthorised expenditure, and £832 for Assurance and Reserve Fund. (6) Including £180 on account of deficiency on realisation of mortgages, and £89 for unauthorised expenditure, and £290 for Assurance and Reserve Fund. (7) Including £255 for unauthorised expenditure, and £305 for Assurance and Reserve Fund. (8) Including £488 on account of deficiency on realisation of mortgages, and £443 for unauthorised expenditure, and £1,192 for Assurance and Reserve Fund. 19) Including £1,100 written off on maturity of Kaihu Valley Railway Company's debentures and £1,004 for Assurance and Reserve Fund.

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Capital of the Public Tbust Office. Income of ,ic Tbust Office. Investea Total. j Yearly j : r T •■ Increase _ ... In T ln . _ . . or Specially. Cash. Inve f st " TotaL I Decrease For ments. ■ „ in Common -g -g Amount. Fund. F J 1U) Trustee. Trustees. Investea Total. Specially. Total Common Fund and Special. General Looa) Gover f- Bodies ment r. „ . SecunSecuri- .. „ ,. ties, ties. Mortgages of Freehoias. Invested in Fixea Shares Deposits in in CornBanks, panies. Commission, Charges, &o. Surplus Interest Total Expenditure of Office. Total. on Investments. Total. Year ended 31st Dec. 1886... 1887... 1888... 1889 .. 1890... 1891... 1892... 1893... Fifteen months ended 31st March, 1895 Year ended 31st March, 1896 Ditto, 1897 „ 1898 £ £ £ 6,983 267.526 274,509 8,315 301.226: 309.541 14,254 366,886 381,140 964 462,782: 463,746 14,966 478,895 493.861 17,920 505,349: 523.269 15,960 551,101 567.061 21,326 594,337 615.663 12,101 656,836! 668,937 £££££££££ T w Increase. 32,455 i 182,610 72,366 12,550 84.916 267.526 151,336: 1,907 114,183 35,032: 194,261 87,190 19,775 106,965 301,226 172,336 1,907 126,978 71,599 1 204,857: 113,649 48,380 ! 162,029' 366,886 220,436; 1,607 144,783 82,606! 216.943 195.592 50,247 -, 245,839: 462,782! 219.208, 2,274 181,107 30,115 198.622! 232.486 46,787 ! 279.273, 478.895; 199,208 2,174 215,909 29,408 252.279' 208,188 44,882 i 253,070! 505,349 188,608; 2.067 j 253.070 43,792: 408.231 96.072, 46,798 | 142,870 551,101 269,608; 2,067 276.393 48,602; 406.220' 144,198; 43,919 188,117 j 594,337 300,108' 2,067 289,680 53,274 358,296 j 259,279 39,261 298,540 J 656,836 295,108! 1,839 354,933 105,596' 492,788 206,629 58,156 264,785, 757,573 319,108 1,839 432,455 84,105 588,483, 205,942; 47,549 253,491 841,974 354,108 1,839 482,206 103,000! 631,816 251,643; 29,512 281,155 912,971 251,708 7,839 651,160 5,485'i 653,710 264,296 ] 24,635 j 288,931! 942,641 : 160,308, 12,839 766,371 increase. 100,715 794,987 214,411, 19,590 234,001 1,028,98s 1 137,778', 19,439 871,771 561,511 1407,419 196,230, 14,730 210,960 1,618,379! 607,798 1 19,239 991,261 £ 100 5 60 59,792 60,001 60,319 1,449 630 444 £ 401 1.603 1,285 1,584 1,852 4,512 £ 267,526 301,226 366,886 462,782 478,895 505,349 551,101 594,337 656,836 £ 7,097 6,178 7,208 8,528 6,081 5,471 5,913 7,327 9.066 £ 2,884 3,735 4,012 5,799 3.080 4,308 6,177 7,370 10,163 £ 9,981 9,913 11,220 14,327 9,161 9,779 12,090 14,697 19,229 £ 8,99; 8,40( 8,65S 9.14; 8,465 011,75] ( 2 )14,001 ( 8 )15,135 ( 4 )17,28< 16,960 757.573! 774,533 4,171 757,573 7,682 7,560 15,242 ( 6 )14,90S . 8,124 9,285 6,376 8,648 16,664, 841,974 : 858,638 48,667, 912,971' 961,638 380 3,821 1,884 841,974 912,971 14,500 17,933 ( 6 )13,56< ( 7 )13,475 „ 1899 13,512 942,641 956,153 1,689 1,434 942,641 10,664 8,473 19,137 ( 8 )16,3L . 1900 ... I „ 1901 ... I 27,880 1,028,9881.056,868 53,925 1,618,3791,672,304 '81 1,028,988 1,618,379 11,022 12,375 9,835 8,972 20,857 21,347 ( 9 )15,88 r 15,65( ! i I