8.—9

1917. 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.

EEPOET. Pursuant to section 47 of the Public Trust Office Amendment Act, 1913, I have the honour to lav before Parliament the following report of the operations of the Public Trust Office during the financial year ended the 31st March, 1917 :— 1. When leaving for England I placed the Office under the control of the late Dr. McNab, and on his sudden and lamented, death I arranged for the Hon. Mr. Myers to take charge. 2. The net profits for the year were £58,862, an increase of £12,754 over those of last year, and the highest in the history of the Office. 3. The growth of the business is shown by the following table, which covers the past eight years :—■

4. Dr. Fitchett, the present Public Trustee, will be retiring shortly. Ho took charge on the Ist March, 1910, and the above table is striking evidence of the efficiency of his administration. During his term of office the scale, of Office charges has been reduced, and the rate of interest payable by the Office to estates in the common fund has been increased —making a difference of about £4,000 a year. Notwithstanding this, the net yearly profits have grown from £11,241 in 1911 to £58,862 in'l9l7. 5. The table shows a large increase in the staff, but of the total (321) the number of temporary appointments is fifty-five, and they have been made in order to take up the work of permanent members who have left for the front. The number who have so left is eighty. They all did responsible work in the Office, and their absence is severely felt; but lam very pleased to be able to say that the working staff, both permanent and temporary, are cordially and loyally doing all in their power to meet the strain. 6. The lending operations of the Office, so far from being lessened, have largely increased. During the year under review advances have been made as follows : — £ On mortgage .. .. .. .. .. .. .. 873,417 On Government securities .. . . .. . . .. .. 200,000 To local bodies .. .. .. .. ... .. .. 312,026 To Hospital Boards .. .. .. .. .. .. 16,200 To estates and beneficiaries .. .. .. .. 76,317 £1,477,960

„ , , Number Year ended 31 st March. gtftfl 1910 .. 112 1911 .. 138 1912 .. ; 160 1913 .. 182 1914 .. 206 1915 .. 237 1916 .. 278 1917 .. j 321 Number j Number of of Receipts. Payments. 25,823 ] 49,613 30,401 : 54,789 41,159 62,280 40,843 | 65,790 45.362 68,406 54,633 77,132 56,612 84,968 65,832 95,296 Number of Estates. 5,564 6,112 6,694 8,496 9,223 9,989 10,898 13,632 Value of Estates. £ 7,358,947 8,112,342 9,493,959 11,268,311 12.282,883 13,580,936 13,598,744 15,065,583 Number of Wills deposited during the Year. 844 993 1,024 1,035 1,047 1,572 3,700 5,257 Capital Funds. £ 3,414,168 4,287,195 5,070,305 5,799,446 6,366,707 7,096,420 7,082,888 8,058,886 Net Profits. £ 11,738 11,241 25,919 27,551 29,222 32,508 46,108 58,862 .