PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1906 Session II, B-09a

B.—9a.

Session 11. 1906. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

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

The Public Trustee to the Hon. the Colonial Teeasubbb. Sir,- Wellington, 31st March, 1906. I have the honour to submit for your information a record of the business done by the Public Trust Office during the last financial year. On comparing it with that of previous years a large increase of business in all branches will be noted. On the Ist October last the rates of interest payable to beneficiaries were increased from 4 per cent, to 4-J- per cent, on sums under £3,000, and from 3-| per cent, to 4 per cent, on all sums in excess of £3,000. Notwithstanding this, and also the fact that very little money was advanced on mortgage during the second half of the financial year, owing to most of the moneys held on account of the Advances to Settlers Office being paid over, the transactions of the year show a profit of £11,990. This result is very satisfactory, and unless the rate of interest on money lent falls below that at present obtainable the payment to beneficiaries at the increased rates will be maintained. The Land Assurance Fund decreased by £9,366 during the year. This fund, which a few years ago was considered inexhaustible, will disappear in about four years from now, and the 'Consolidated Fund will then have to be drawn upon to make good ciaims upon it under section 186 of " The Land Transfer Act, 1885." The diminution of the fund has been caused by the large burden placed upon it by " The Government Loans to Local Bodies Act Amendment Act, 1892." The payments to the Sinking Fund under that Act are annually increasing, while the additions to the fund by contributions by no means balance them. In my opinion the claims against the Assurance Fund on account of shortage in area, defective titles, &c, are likely to increase in the future rather than diminish. In 1900 the amount of the fund was £72,252 6s. Id. ; it is now £27,886 19s. 6d. only. I strongly urge that the Land and Income Assessment Act be amended so that the present heavy tax on Natives interested in the reserves under the administration of the office should be removed. The tax is assessed on the whole grant, so that, no matter how small a Native's share of rent is, when the reserve is of greater value than £500 he has to pay tax, the exemption that is made in the case of a sole owner not applying to him. It may be argued that no distinction is made between Natives and Europeans. The answer is that lands of Europeans are not in the same position. The grievance should be remedied at once. It is an unfair tax, accidental in its application, and as long as it exists the Natives wil have «ood grounds for complaint. I have, &c, J. W. Pqynton, Public Trustee

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Revenue and Expenditure of the Public Trust Office for the Years ended 31st March, 1901 to 1906.

* Includes £2,676 12s. 6d. added to Assurance and Beserve Fund, £300 compassionate allowance to widow of late Aoconntant, and £330 15s. for deposit-safes. f Includes £1,750 11s. 4d. added to Assurance and Reserve Fund, and £1,414 oost of plans for proposed new premises. { Includes £2,412 Is. 2d., added to Assurance and Reserve Fund. § Inoludes £3,488 16s. 9d added to Assuranoe and Reserve Fund, and £548 19s. Id. cost of plans for proposed new premises.

Income of the Public Trust Office Year by Year from 1901 to 31st March, 1906.

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Year ended 31st March, 1901. Year ended 31st March, 1902. Year ended 31st March, 1903. i Year ended Year ended Year ended 31st March, '■ 31st March, ! 31st March, 1904. 1905. 1906. i EXPENDITUEE. '" Salaries Commission to agents Clerical assistance and auditing ... Legal expenses Stationery, printing, and office requisites Miscellaneous Unauthorised Balance, being excess of revenue £, s. d. 8,409 10 2 2,187 14 8 £ s. d. 8,773 15 5 1,631 0 3 k s. a. 9,143 3 7 1,777 15 5 k. s. d. £ s. d. £ s. d. 9,810 6 8J10,363 15 211,219 1 5 2,154 I 3 2,360 8 7 3,064 17 8 272 7 5 363 16 0 276 3 8 211 13 6 266 19 6 208 14 0 165 19 11 555 0 5 591 13 11 262 18 3;- 236 18 9 246 11 6 595 13 6 3,826 15 7 550 11 l! 3,396 12 3 69 18 10 804 13 4 *7,265 14 6 504 11 10 785 1 0i 726 13 8 17,196 11 lliJ6,536 10 9|§8,179 0 4 5,691 9 5 10,706 9 11 4,325 12 9| 7,897 13 4jll,543 6 0 8,501 2 6 ■ Bβvenue. 21,347 6 9 25,616 4 11 23,792 13 L 27,992 3 2132,381 0 8 132,529 1 0 Commission and charges Interest in excess of | amount credited to estates Miscellaneous 11,557 12 10 ■ 8,971 18 1 817 15 10 11,210 3 13,678 9 727 12 3 2 6 10,138 18 12,777 11 881 3 3 5 5 12,536 15 713,784 8 014,401 12 .1 14,520 16 317,796 15 616,827 1 11 934 11 4 799 17 2 1,300 7 0 27,992 3 2132,381 0 8|32,529 i 0 21,347 6 9 25,616 4 11 23,79'2 13 1 ■ ■

ClasB of Estates. Year ended Year ended 31st March, 31st March, 1900. 1901. Year ended : Year ended Year ended SlBt March, ' 81st March, 31st March, 1902. 1903. 1904. i Year ended Year ended 31st March, Slst March, 1905. 1906. !_ I £ s. a. £ a. d. 2,888 13 3 2,845 14 2 £ s. a. £ s. a. £ s. d. 3,424 14 4| 2,867 3 2 3,064 19 111 £ s. a. 3,424 14 4j i . . £ s. a. £ s. d_ 2,753 8 10 3,407 17 4 Intestates' Wills, trusts, sinking funds, &o. Real and lunatics' .. Native reserves West Coast settlement reserves Miscellaneous 3,400 7 li 3,897 6 2 1,135 18 10 958 8 0 597 16 7; 962 14 6 3,328 8 7 867 4 3 600 9 0 3,328 8 7 3,042 8 3 4,754 6 0 867 4 3 792 8 9 925 8 0 600 9 0 628 16 7 669 14 2 6,084 13 9 6,271 10 9 1,193 7 11 1,103 7 6 605 13 5! 555 15 61,554 6 4 1,735 5 9 1,444 7 4i 1,976 0 1 1,779 16 41 1,782 7 9 1,768 0 7! 1,937 3 3 1,901 17 2 2,288 18 3 1,937 15 911,015 1 813,471 6 11 3,678 9 212,777 11 514,520 16 3 1,779 16 41 1,937 3 3 1,750 13 6 1,829 3 11 2,190 7 9 2,534 4 1 Interest [11,021 9 512,375 8 8 : 9,835 4 6 8,971 18 1 20,856 13 1121,347 6 9 15,886 15 1015,655 17 4 11,937 15 9 13,678 9 2 13,471 6 11 14,520 16 3 14,584 5 2 17,796 15 6 15,701 19 1 ■ ,16,827 1 Ufi Total income Total expenditure 1 25,616 4 11 14,909 15 0 5,616 4 1123,792 13 127,992 3 2 4,909 15 019,467 0 420,094 9 10 27,992 3 2 20,094 9 10 32,381 0 8 20,837 14 8 32,529 1 024,027 18 5

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Capital Funds of the Public Trust Office, and how invested, from 1901 to 31st March, 1906.

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 March on each of the years 1900 to 1906:—

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On 31st I On 31st March, March, nr\t -i (iAO 1901. 1902. On 31st I On 31st March, March, 1901. 1902. £ £ ! I On 31st J On 31st | On 31st March, March, ! March, 1903. 1904. 1905. ~ — ~ [ £ £ On 31st March, 1905. i £ £ a The capital funds of the Public Trust Office amounted to ... ... 1,672,304J1,782,951! Of which the amount held in cash at credit of the Public Trustee's Account B72,8041,782,951 ■ jl,936,073Jl,660,7161,896,225! I l;880,798 was ... ... ... ... 53,925 59,501 ! 53,925 59,501 I ! 618,379:1,723,450J 74,765! 65,386 82,516 ; [ ■ ; ' l 1,861,3081,595,3301,813,709 ! i ■ ! I i i i 29,402 j 1 1,851,366 j Leaving a balance invested of ... 1,618,37911,723,450 1 ■ The investments consisted — Of those made by the Public Trustee out of the Common Fund, and amounting to ... ... ...1,407,4191,049,885! Of those made by the Public Trustee j for estates, and amounting to ... 196,230 667,587 Of those made by other trustees of properties afterwards transferred to the office ... ... ... U.730, 5,978 1,618,37911,723,450 407,4191,049,885! 196,230 667,587 ■ ■ I 1,239,0271,477,1231,548,lid 616,7981 112,6891 260,084 ■ 1,526,967 319,571 14,730; 5,978 5,483 5,518] 5,513 4,858' 618,37911,723,450: 1,861,308)1, 595,3301,813,709! i jl, 851,396 The capital funds invested were applied to investments — In Government securities of the colony, to the amount of ... 607,798 578,323 In local bodies' securities, to the . amount of ... ..." ... 19,239 28,129 In mortgages of real estate, to the amount of ... ... ... 991,261J1,116,998 In fixed deposits, to the amount of... 81 ■ I 607,798 578,323 19,239 28,129 I ■ ■ 578,3431 103,363 117,385; 31,129! 44.129 1 63,429; 41,896 91,249 991,26lll, 116,998 : 81 1, 251 ,836:1,447,2381,632,895,1 600! jl, 718,251 Total ... ... 1,618,3791,723,450 618,3791,723,450 : 1,861,308 1,595,38ojl, 813,709 1,851,396

Number of Estates. Class - On Ou On On On On 31st March, 81st March, 31st March, I 31st March, 31st March, Mist March, 1900. 1901. 1902. 1903. 1904. 1905. I I _J L _ _L " __ j I Wills and trusts (including sinking funds accounts).. .'. .. 576 684 651 744 836 955 Intestates'estates.. .. .. 903 867 923 989 1,062 1,070 Real estates' .. .. .. 75 69 69 71 Menial patients'estates .. .. 555 626 I 728 802 854 940 Native reserves .. .. .. 110 110 143 143 ! 119 119 West Coast settlement reserves .. I 293 293 309 312 333 338 Unclaimed lands ... .. .. j 155 249 226 253 266 268 Total .. .. .. J 2,667 2,898 3,049 3,314 ' 3,470 ! 3,685 i i ( _J_ _J I 684 651 867 923 69 69 626 i 728 110 143 293 309 249 226 Oi) »lst March, 1906. 1,091 1,092 1,031 119 333 311 2,898 3,049 3,977 Value of Estates. Va Class - On On On On On On 31st March, 31st March, ! 31st March, 31st Maroh, 81st March, 31st March, 1900. 1901. 1902. 1903. 1004. 190>. i _J . - - - - --.- .. , £ £ £ £ '. £ & Wills and trusts (including sinking funds accounts) .. .. .. 933,567 1,022,888 1,122,404 1,279,743 1,605,143 1,922,803 Intestates' estates.. .. .. 136,697 134,820 163.304 197,368 232,695 1 277,779 Real estates* .. .. .. 8,313 7,459 7,317 7,585 * Mental patients'estates .. .. 113,525 159,087 163,306 170,585 208,573 j 256,645 Native reserves .. .. .. 363,076 363,076 366,000 375,000 380,000] 380,000 West Coast settlement reserves .. 622,604 622,604 625,000 655,000 700,000 j 715,000 Unclaimed lands .. .. .. 14,812 17,070 j 20,283 21,504 26,471 | 25,628 Total .. .. .. 2,192,594 2,326,954 |2,467,614 12,706,785 3,152,882 8,677,855 II! II I I Class. On 31st March, 1900. On 31st March, 1901. On On 31st March, ! 31st March, 1901. 1902. On 31st March 1906 i • £ £ £ Wills and trusts (including sinking funds accounts) Intestates'estates.. Real estates* Mental patients' estates Native reserves West Coast settlement reserves Unclaimed lands 933,567 136,697 8,313 113,525 363,076 622,604 14,812 2,192,594 1,022,838 134,820 7,459 159,087 363,076 622,604 17,070 2,326,954 1,122,404 163,304 7,317 163,306 366,000 625,000 20,283 2,252,818 318,490 280,402 400,000 730,000 28,287 4,009,992 Total .. ! ! ■2,467,614 i * Now included with unclaimed lands.

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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.

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Amounts rece: ived by the Public Trustee. During the Year ended From Consolidated 31st March. Fund. _ Transferred from Land Assurance Fund. Net Income from Total Beoeipts Investments. during each Year. 1 ! & 8. d. 1898 ... ... 14,000 0 0 1894 ... ... 20,528 19 7 1895 ... ... 11,406 13 7 1896 ... ... 13,384 18 0 1897 ... ... 14,960 1 10 1898 ... ... ; 16,496 3 8 1899 * ... ... 17,866 7 8 1900 ... ... 19,245 9 8 1901 ... ... 19,541 1 2 1902 ... ... 20,901 2 5 1908 ... ... 23,641 8 10 1904 ... ... ! 26,588 11 2 190-5 ... ... j 28,117 17 6 1906 ... ... 29,352 7 9 ! " ] £ s. d. £ s. d. £ a. d. 7,015 11 9 ... 21,015 11 9 4,494 1 5 ! 1,058 16 0 I 26,081 17 0 3,802 4 6 2,148 0 7 i 17,356 18 8 4,461 12 7 2,958 3 3 ; 20,804 13 10 4,986 14 0 3,651 3 11 23,597 19 9 5,498 14 6 4,477 3 5 26,472 1 7 5,955 9 2 5,942 8 3 29,764 5 1 6,415 3 2 8,049 0 7 33,709 13 5 7,127 6 8 I 8,314 6 6 34,982 14 4 7,997 7 4 9,472 18 U 38,371 8 8 9,204 14 9 10,354 4 9 43,200 8 4 10,526 18 8 12,017 17 0 49,133 6 10 11,571 4 11 13,216 16 0 52,905 18 o 12,422 9 0 16,377 14 10 58,152 11 7 101,479 12 5 98,038 14 0 ! 475,549 9 3 Total ... I 276,031 2 10 I i

During the Year ended 31st March. I Amounts received by' Net Income Public TruRteo from Investment from withdrawn by Superintendent. Superintendent. Amounts of Principal withdrawn by j Superintendent for Reinvestment. Balance at Credit on 31st March ii each Year. 1696 1897 1898 1899 1900 1901 1902 1903 1904 1905 1906 j £ 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 ... 172,268 12 3 ...I 257,443 12 10 ... ! 258,305 3 11 ... ! 218,527 6 4 ... : 261,381 2 1 £ a, d. 20 17 3 435 1 7 2,112 5 3 1,177 8 0 1,221 13 1 1,912 2 8 2,689 12 11 3,579 1 7 4,666 10 11 5,844 13 4 5.059 17 7 £ B. d. 171,284 18 10 118,443 6 8 134,076 8 4 147,154 1 3 227,530 12 5 225,652 7 0 183,160 0 8 371,381 2 1 £ s. d. 3,369 12 7 27,213 10 1 98,401 9 9 31,589 16 1 49,678 15 3 70,839 L6 5 95,954 7 5 125,867 7 10 158,520 4 9 193,887 10 5 83,887 10 5

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Statement showing Year by Year, from 1887 to 31st March, 1906, the Capital of the Public Trust Office, and how invested, and the Income and Expenditure of the Office.

rries 6d.]

Approximate Cost of Paper. —Preparation, not given ; printing (2,450 copies), £6 10§. 6d.

By Authority : Jofn IVUoKiY, Government Printer, Wellington.—l9o6.

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(1) Including £2,280 on account ol expenses of Hoyal 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. (*) Including £'340 on account of deficiency on realisation of mortgages, and £470 for unauthorised expenditure. («) Including £1,272 on account of deficiency on realisation of mortgages, and £13 for unauthorised expenditure, and £822 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 Eeserve i und. (?) Including £255 for unauthorised expenditure, and £305 for Assurance and Eeserve Fund. (8) Including £488 on account of deficiency on realisation ol mortgages, and £443 for unauthorised expenditure, and £1,192 for Assurance ana Keserve * ana. (8) Including £1.100 written off on maturity of Kaihu Valley Railway Company's debentures, and £1,004 for Assurance and Reserve Fund. 10) Includes £2,676 12s. 6d. added to Assurance and Reserve Fund, £300 compassionate allowance to widow of late accountant, and £330 15s. for deposit-safes. U) Includes £1,750 11s. 4d. added to Assurance and Reserve Fund, and £1,414 cost of plans for proposed new premises. ;12) Includes £2,412 Is. 2d. added to Assurance and Reserve Fund. 15) Owing to withdrawal of Advances to Settlers Office Funds. l<) Includes £3,488 16s. 9d. added to Assurance and Reserve Fund, and £548 19s. Id cost of plans for proposed new premises.

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Capital of'the Public Tbust Office. Income of Public Trust Office. mveste Yearly Increase Total - Decease For in Common g Amount. Fund. p ub J Uc Trustee. Invested Total. Invested in Total Expenditure of Office IB „ , i InvestOash - ments. Specially. Total Common Fund and Special. General Looa , Gover f" Bodies' ties. Mortgages of Freeholds. Fixed Shares Deposits in in ComBanks. panies. Commission, Charges, &c. Surplus Interest on Investments. Total. Total. By Former Trustees. Total. I ' I £ £ 5 ... 60 59,792 401 60,001 1,603 60,319 1,285 1,449 1,584 630 1,852 444 4,512 £ £ 6,178 ; 3,735 7,208 4,012 8,528 '■ 5,799 6,081 J 3,080 5,471 ' 4,308 5,913 ! 6,177 7,327 I 7,370 9,066 10,163 7,682 7,560 Year ended 31st Dec, 1887... 1888... 1889... 1890... 1891... 1892... 1893... Fifteen months ended 31st March, 1895 Year ended 31st March, 1896 Ditto, 1897 „ 1898 £ 8,315 14,254 964 14,966 17.920 15,960 21,326 12,101 £ 301,226 366,886 462,782 478,895 505,349 551,101 594,337 656,836 £ 309,541 381,140 463,746 493,861 523,269 567,061 615,663 668,937 £ 35,032 71,599 82,606 30,115 29,408 43,792 48,602 53,274 194,261 87,190 204,857! 113,649 216,943} 195,592 198,622' 232,486 252,279 j 208,188 408,231 96,072 406,220 144,198 358,296 259,279 £ 19,775 48,380 50,247 I 46.787 : 44,882 46,798 I 43,919 39,261 £ 106.965 162,029 245,839 279,273 253,070 142,870 188,117 298,540 301,226 366.886 462,782 478,895 ! 505.349 i 551,101 594,337 656,836 £ 172.336 220,436 219,208 ■ 199.208 i 188,608 269,608 300,108 295,108 1,907 1,607 2,274 2,174 2,067 2,067 2,067 1,839 126,978 144,783 181,107 215,909 253,070 276,393 289,680 354,933 £ 301,226 366,886 462,782 478,895 505,349 551,101 594,337 656,836 9,913 11,220 14,327 9,161 9,779 12,090 14,697 19,229 £ 8,406 8,653 9,145 8,469 011.751 014,001 ( 3 )15,132 (*)17,289 16,960 757,573 774,533 105,596 492,788 ! 206,629 58,156 264,785 757,573 319,108 1,839 432,455 4,171 3,821 380 > 1,884 757,573 15,242 ( 5 ) 14,902 16,664 48,667 841,974 912,971 858,638 961,638 84,105 103,000 Decrease. 5,485 increase. 100,715 561,511 110,647 153,122 Decrease. 275,357 Increase. 235,509 Decrease. (is). 15429 588,483 205,942 631,816; 251,643 47,549 29,512 253,491 281,155 84 ,974i 912,971 i 354,108 251,708 1,839 7,839 482,206 651,160 841,974 912,971 8,124 6,376 9,285 8,648 14,500 17,933 ( 6 )13,569 013,472 „ 1899 13,512 942,641 956,153 653,710 264,296 24,635 288,931 942,641 1 I 160,308 12,839 j 766,37l| I 1,689 I 1,434 942,641 i 10,664 8,473 19,137 ( 8 )16,314 „ 1900 ... „ 1901 „ 1902 ... . 1903 27,880 53,925 59,501 74,765 1,028,988 1,618,379 1,723,450 1,861,308 1,056,868 1,672,304 1,782,951 1,936,073 794,987| 214,411 1,407,419! 196,230 1,049,8851 667,587 1,239,027! 616,798 1,477,123J 112,689 19,590 14,730 5,978 5,486 234,001 210,960 673,565 622,281 1,028,988 1,618,379 |l,723,450: [1,861,308: 137,778 607,798 i 578,323 578,343 19,439 19,239 28,129 31,129 871,771 991,261 1,116,998 1,251,836: 81 ! ... 1,028,988 1,618,379 1,723,450 1,861,308 11,022 9,835 12,375 8,972 11,938 13,678 11,015 ! 12,777 20,857 21,347 25,616 23,792 015,887 15,656 14,909 P)19,467 „ 1904 65,386 1,595,330 1,660,716 5,518 ! 118,207 1,595,330 103,363 44,129 1,447,238 600 11,595,330 13,471 14,521 27,992 ( u )20,094 „ 1905 82,516 1,813,709 1,896,225 1,548,1121 260,084 1,526,967 319,571 5,513 265,597 1,813,709 117,385 63,429 1,632,895 1,813,709 14,584 17,797 32,381 ( 12 )20,837 „ 1906 29,402 1,851,396 1,880,796 4,858 324,429 1,851,396 i 41,896 91,249 1,718,251 11,851,396 15,702 16,827 32,529 (")24,027 ...