li. '.)

1916. 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.

REPORT. 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, 1916. 1. The growth of the business is shown by the following table, which covers the past seven years : —

2. The smallness of the increase in the value of estates and the actual decrease in the capital funds for the year are due to the fact that the Public Service Superannuation Fund, totalling £769,695, was withdrawn from the Office on the Ist January, 1916, and placed under the separate administration of the Public Service Superannuation Board. 3. The total number of wills of living persons deposited is 14,732, and of these 3,700 were deposited during the year under review. This is a very striking proof not only of the expansion of the business, but of the confidence of the public in the Office administration. As shown by the foregoing table, the total number of estates in the Office is 10,898. 4. The net profits for the year are £46,108, the highest in the history of the Office ; and in order that the estates may share in them I propose to introduce legislation providing that the yearly surplus net profits over £20,000 may be distributed as a bonus amongst all the estates in the common fund. Having regard to the value of the estates (over thirteen millions and a half) and to the amount of capital funds in the common fund (over seven millions), it is only business prudence that a substantial portion of the yearly profits should be accumulated as a reserve. £20,000 a year is, I think, a reasonable sum to treat in this way, and as the Office is not a profitmaking concern the surplus may with safety be distributed as a bonus. By this method the estates administered by the Office will share in its prosperity, in addition to having the safety of the State guarantee.

Year ended l Number Number N " m f ber Nu ™?' eI Value of 31st March, i ,,? n I . t> • i r> . w * * Estates. posited durv* Staff. Receipts. Payments. Estates. ; £ the Year^ £ 1910 .. 112 25,823, 49,613 5,564 7,358,947 844 1911 .. 138 30,401 i 54,789 6,112 j 8,112,342 j 993 1912 .. 160 41,159 62,280 6,694 9,493,959 | 1,024 1913 .. 182 40,843 65,790 8,496 11,268,311 1,035 1914 .. 206 45,362 68,406 9,223 12,282,883: 1,047 19*15 .. 237 54,633 77,132 9,989 I 13,580,936 1,572 1916 .. 278 56,612 84,968 10,898 13,598,744 3,700 ' Capital Funds. £ 3,414,168 4,287,195 5,070,305 5,799,446 6,366,707 7,096,420 7,082,888 Net Profits. £ 11,738 11,241 25,919 27,551 29,222 32,508 46,108