8.—9

2

The balance at credit of estates under administration now reaches nearly £12,000,000, an increase of £1,850,000 during the year. For the past five years the amounts at credit of estates have been—l9l6, £7,082,288 ; 1917, £8,058,886; 1918, £9,004,057 ; 1919, £10,065,027 ; 1920, £11,911,290. In a period of less than twenty years the balances at credit of estates under administration have grown from less than £1,000,000 to nearly £12,000,000. . For the past four years the Office has shared the profits with its clients, and for the year ended 31st March, 1920, has appropriated the sum of £38,000 as a bonus to estates under its administration, making the total appropriation under this heading to date £153,000. In accordance with section 34 of the Public Trust Office Amendment Act, 1913, the net profits are added yearly to the Assurance and Reserve Fund. The total reserve funds now exceed £439,000. Included in this amount is a fund, amounting to £36,895, provided in accordance with section 34 of the Public Trust Office Amendment Act, 1913, to meet any possible depreciation in the Office securities. The office premises, furniture, and equipment accounts also form part of the Assurance and Reserve Fund, and they now stand at £204,080. The amount expended on office premises, furniture, &c, during the year was £42,510. The Public Trustee has been appointed Commissioner of Local Bodies' Sinking Funds in 823 cases. The funds amount to £423,802. The total of Government sinking funds at the 3.lst March, 1920, was £4,557,959. The total of Government Railway Superannuation Funds held in the Common Fund of the Public Trust Office on the 31st March, 1920, was £394,956, and of the National Provident Fund £330,585. The amount held by the Office at credit of the Government Fire Insurance Fund amounted on the 31st March, 1920, to £61,895.

Comparative Table indicating the Progress made by the Public Trust Office during the Decennial Period 1911-20.

No difficulty has been experienced in placing on first-class security the whole of the funds available for investment. Advances on mortgage to a total value of £2,492,651 have been made during the year. The close of the financial year sees the Office in possession of applications of a satisfactory character sufficient to absorb the whole of the surplus funds for the succeeding year. Estates and beneficiaries have continued to receive the benefit of advances from the Office funds at reasonable rates of interest in order to discharge urgent liabilities or in anticipation of legacies or shares in estates.

Year ended 31st March. Total Value of Estates in Funds at Credit Interest Bonus Qrnaa Net Reserve Office, including of Estates and credited to granted to Funds Unrealized Accounts. Estates, j Estates. Assets. I _ J 1911 1912 1913 1914 1915 1916 1.917 1918 1919 1920 £ £ £ £ £ £ £ 8,112,342 4,287,195 104,098 .. 46,069 11,241 100,829 9.493.959 5,070,305 172,907 .. 64,873 25,919 120,242 11,268.311 5,799,446 202,439 .. 72,067 27,551 151,010 12,282,883 6,366,707 230,062 .. 82,517 29,222 212,900 13,580,936 7,096,420 256,806 .. 88,296 32,508 250,213 13,598,744 7,082,288 281,700 25,000 103,763 46,108 302,369 15,065,583 8,058,886 287,818 27,000 129,008 58,862 319,625 17,153,031 9,004,057 317,633 30,000 162,614 68,602 368,378 19,242,347 10,065,027 352,783 33,100 194,452 70,156 413,840 20,860,686 11,911,290 420,525 38,000 240,469 78,246 439,901 Increase in preceding 12 months 1,618,339 1,846,263 67,742 4,900 46,017 8,090 26,061 1.846,263 67,742 4,900 46,017 8,090 26,061