B.—9a

Session 11. 1912. NEW ZEALAND

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

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

Sib,— The Public Trust Office, Wellington, 31st July, 1912. I have the honour to submit the usual report on the working of the Public Trust Office up to the close of the financial year ended 31st March, 1912. The last report was by my predecessor (Mr. Poynton) in 1909. I took charge in 1910, but thought it better to make myself fully acquainted with the details of the Office before submitting one. Business. The following table shows how rapidly the business is expanding. It has nearly doubled in the last five years : —

The net profits for 1912 were £25,919 —more than double those of any previous year. The drop in the profits for 1911 was due to the fact that the reduced scale of charges came into force at the commencement of the year. The following table shows some of the principal reductions :— 1. Commission on gross capital realized : — (a.) In trust estates other than intestate or lunacy,— Old scale: On any sum up to £1,000, 5 per cent.; on the next £3,000, 3 per cent.; on the next £6,000, 2 per cent.; on all over 10,000, 1J per cent. Reduced scale: On any sum up to £10,000, 2h per cent.; on all over £10,000, 1J per cent. (b.) In intestate or lunatic estates, — Old scale: On any sum yip to £1,000, 5 per cent.; on the next £3,000, 3 per cent.; on the next £6,000, 2 per cent.; on all over £10,000, U per cent. Reduced scale: On any sum up to £250, 5 per cent.; on the next £9,750, 2J per cent. ; on all over £10,000, per cent. 2. Commission on gross income collected : — Old scale: 5 per cent, all round. Reduced scale: On any sum up to £2,000, 5 per cent.; on the excess, 2| per cent.; but on all debenture-interest and share-dividends, 2 J per cent. only.

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Year ending 31st March. Number on Staff. Number of Receipts. Number of Number of Estates. Value of Estates. Number of Wills deposited during the Year. Capital Funds. Net Profits. Payments. 1908 1909 1910 1911 1912 98 103 112 138 160 20,963 23,414 25,823 30,401 41,159 37,309 43,359 49,613 54,789 62,280 4,776 5.019 5,564 6,112 6,694 £ 5,531,658 6,399,567 7,358,947 8,112,342 9,493,959 616 718 844 993 1,024 £ 2,507,661 2,850,111 3,414,168 4,287,195 5,070,305 £ 9,639 10,850 11,738 11,241 25,919