PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1915 Session I, B-09

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1915. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Presented to both Houses of the General Assembly in accordance with Section 47 of the Public Trust Office Amendment Act, 1913.

BE PORT.

Pursuant to section 47 of the Public Trust Office Amendment Act, 1913. I have the honour to lay before Parliament the following report of the operations of the Public Trust Office during the financial year ended the 31st March, 1915: — 1. The net profits for the year were £32,508, an increase of £3,286 over those of last year, and the highest in the history of the Office. The growth of the business is shown by the following table, which covers the past six years :—

The increase in the salary-list for the same period is as follows: — Total Salaries. £ ' 1909 15,772 1910 .. .. .. .. 16,807 1911 .. .. .. .. 18,444 1912 .. .. .. 21,722 1913 .. .. .. .. 27,221 1914 . .. .. 32,837 1915 .. .. .. .. .. .. 35,219

Year ended Nnmber Num f ber 31st March. g ™ ff _ Re0 ° iptSNumber of Payments. Number of Estates. Value of Estates. I Number of I Wills deposited duriing the Year. Capital Funds. Net Profits. 1909 ... 103 23,414 1910 ..I 112 25,823 1911 .. 138 30,401 1912 .. 160 41,159 1913 .. 182 40,843 1914 .. 206 45,362 1915 .. 237 54,633 43,359 49,613 54,789 62,280 65,790 68,406 77,132 5,019 5,564 6,112 6,694 8,496 9,223 9,989 6,399,567 : 7,358,947 8,112,342 9,493,959 11,268,311 I 12,282,883 13,580,936 I 718 844 993 1,024 1,035 1,047 1,572 £ 2,850,111 3,414,168 4,287,195 5,070,305 5,799,446 6,366,707 7,096,420 £ 10,850 11,738 11,241 25,919 27,551 29,222 32,508

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2. lam pleased to be able to say that the legislation passed'in the years 1912 and L913 has largely increased the usefulness of the office. The public have availed themselves of it freely, and the result is satisfactory to all concerned. 8. At the beginning of the year the common-fund rate of interest was raised, and the Office .scale of charges was reduced. As a result, estates received during the year about £3,200 more in interest and paid about £700 less in charges. 4. Between the outbreak of the war (4th August, 1914) and the close of the vear under review (31st March, 1915) the Office has lent a total of £609,947 to a total of 208 borrowers (including local bodies). It will thus be, seen that the financial assistance afforded by the Office has not been curtailed by reason of the war. 5. During the year twenty-one members of the staff have gone to the front. Leave of absence has been given to them so as to preserve their positions when they return. The staff is, of course, weakened by their absence, but I have much pleasure in saying that those who remain have most readily and cheerfully done extra work (both in overtime and otherwise) to fill the gap. 6. Hitherto the business in Dunedin has been conducted in rented premises, which were both inconvenient and inadequate. The purchase of a suitable site has been under consideration for some time, and in February last one was secured at a cost of £5,000. Alterations and furnishing are estimated to cost about £1,500, and are now being effected. The building, which is in Princes Street, is handsome, substantial, and eminently suitable. On the first floor there is considerable letting space, and when this is disposed of it is calculated that, after charging 5 per cent, per annum on the total cost, the Office will sit at a rental not much more than that hitherto paid. 7. Mr. G. E. Tolhurst resigned from the Office Board on the 31st March owing to his departure for England, and Mr. James Macintosh was appointed in his stead. 8. The Office accounts for the year will be laid before Parliament in due course, and appended hereto are comparative tables showing how the capital funds of the Office are invested, and furnishing other useful information. A. L. Herdman, Wellington, 20th April, 1915. Minister in Charge Public Trust Office.

Capital Funds of the Public Trust Office, and how invested, on 31st March, 1910 to 1915.

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On On On On On 31st March, 31st March, 31st March, 31st March, 31st March, 1910. 1911. 1912. 1913. 1914. On 31st March, 1915. Capital funds of the Public Trust Office £ 3,414,168 £ 4,287,195 £ 5,070,305 £ 5,799,446 £ 6,366,707 £ 7,096,420 Less amount hold in cash 218,030 158,973 141,432 283,749 208,375 445,373 Balance invested 3,196,138 4,128,222 4,928,873 5,515,097 6,158,332 6,651,047 The investments consisted of— Those made out of the Common Fund Those made for estates Those made out of profits Those made by other trustees of properties afterwards transferred to the Office 2,189,551 950,792 52,545 3,250 2,991,350 1,075,028 59,719 2,125 4,707,755 154,844 64,149 2,125 5,255,660 177,964 82,073 5,923,606 149,288 85,438 6,454,262 108,192 88,593 3,196,138 4,128,222 4,928,873 5,515,697 6,158,332 6,651,047 The capital funds were invested in the following securities — Advances to estates and accounts Government securities of the Dominion Land Settlement Finance Act debentures Local bodies' securities Mortgages of real estate Fixed deposits Freehold property and furniture .. 337,968 71,793 340,468 63,680 68,421 189,208 215,664 88,743 161,513 279,281 147,603 157,505 266,681 141,346 236,040 77,342 218,159 2,587,466 237,549 3,353,210 1,803 59,719 265,784 4,125,116 531 64,149 321,804 4,581,671 612 82,073 509,850 4,989,907 1,348 85,438 625,302 5,482,326 98 88,593 52,545 Totals 3,196,138 4,128,222 4,928,873 5,515,697 6,158,332 6,651,047

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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, 1910 to 1915 :—

Approximate Coat of Paper. —Preparation, not given ; printing (3,250 copies), £4 10s.

By Authority : John Mackay, Government Printer, Wellington.—l9ls.

Price 3d.]

fumber of Est: ites and Accoum Class. On On 31st March, 31st March, 1910. 1911. On 31st March, 1912. On 31st March, 1913. On On 31st March, 31st March, 1914. 1915. Wills and trusts Investment agencies Intestates' estates Mental patients' ostates Convicts' estates Native reserves West Coast settlement reserves Miscellaneous Native accounts Unclaimed lands and property Sinking funds Pension funds Land Settlement Finance Act, 1909 Miscellaneous 1,737 1,558 1,238 94 460 1,810 1,788 1,422 94 460 2,217 1,747 1,520 12 94 460 2,455 221 1,828 1,953 17 94 460 666 418 242 8 35 99 2,921 284 1,747 1,877 19 94 460 839 420 408 11 38 105 3,354 394 1,818 1,900 15 94 460 893 385 506 12 44 154 379 94 4 392 143 3 406 190 6 22 20 Totals.. 5,564 6,112 6,694 8,496 9,223 10,02! 9,223 10,029 Value oJ Esta' tes and Accounts Class. On On On 31st March, 31st March, 31st March, 1913. 1914. 1915. On On On 31st March, 31st March, 81st March, 1910. 1911. 1912. £ Wills and trusts .. .. .. 2,803,724 Investment agencies Intestatos' estates .. .. 385,755 Mental patients' estates .. .. 395,642 Convicts' estates Native reserves .. .. .. 465,000 West Coast settlement reserves .. 1,100,000 Miscellaneous Native accounts Unclaimed lands and property .. 34,719 Sinking funds .. .. .. j 1,438,877 Pension funds .. .. .. ! 536,609 Land Settlement Finance Act, 1909.. Maori Land Board funds Miscellaneous funds .. .. 87,018 Office funds .. .. .. 58,458 Office premises, furniture, &c. .. j 52,545 £ 3,257,297 £ 3,619,753 £ 4,366,450 162,362 474,072 524,095 8,450 430,000 940,000 213,027 39,465 2,300,603 997,284 465,516 75,347 94,963 94,604 82,073 £ 4,771,855 199,984 590,456 509,442 6,485 430,000 940,000 233,449 40,209 2,408,337 1,208,825 501,493 117,850 118,935 120,125 85,438 £ 5,271,616 250,064 698,674 570,561 7,239 430,000 940,000 248,075 24,068 2,508,574 1,442,772 566,046 185,134 198,359 151,161 88,593 385,090 429,958 457,366 462,149 4,295 430,000 940,000 171,074 37,668 1,991,451 812,976 245,493 79,765 93,225 84,595 64,149 430,000 940,000 35,330 1,711,060 675,489 46,491 78,785 63,123 59,719 Totals.. .. .. 7,358,947 8,112,342 9,493,959 11,268,311 12,282,883 13,580,936