9

8.—9

analogous to those for which the original Majoribanks Street Home was established. On the completion of the new wing the capital sum in the Public Trustee's hands was directed to be paid over to the last-mentioned association : Public Trustee v. Attorney-General and Others (1923, N.Z. L.R. 433). RELATIONS WITH LEGAL PRACTITIONERS. 9. In the course of its work in the administration of estates the Public Trust Office is brought into intimate contact with legal practitioners throughout the Dominion, and it has been the endeavour of the Public Trustee to work harmoniously with the profession in all matters in which they are mutually concerned. Generally speaking, the relations of the Office with the profession have been good. During the year an interview took place between the Public Trustee and representatives of the New Zealand Law Society at which certain matters affecting the Office and the legal profession were discussed. The president of the society subsequently expressed his appreciation of the efforts made by the Public Trustee to work harmoniously with the profession. FINANCE. 10. Although the financial conditions during the year under review have been easier than in the preceding three years, they have not been without difficulty. The difficulties arising out of the conditions which have affected the whole community, and farmers particularly, have been associated largely with mortgages secured over real property, the collection of interest and the realization of land forming assets in estates under the Public Trustee's administration. In certain districts the conditions have been more unfavourable than in others, and it has been found in some instances that land readily saleable at substantial prices a few years ago is now wholly unsaleable. 11. Interest on the Office investments has been paid more punctually and regularly than in the previous three years, and the amount of outstanding interest has been substantially reduced. At the same time the total investments have increased by £1,660,308. 12. There has been a steady demand for money during the greater part of the year, and new investments were made totalling £2,198,185 —£1,422,870 in mortgages, £336,570 in Government securities, and £438,745 in local bodies' debentures —■ making a total amount invested on the 31st March, 1924, of £19,895,285 —double the amount of the investments five years ago. The amount is invested as follows :— £ Mortgages .. .. .. .. .. 12,997,242 Local bodies' debentures .. .. .. 5,079,135 Government debentures .. .. .. 1,364,543 Land Settlement Finance Act debentures .. 55, 698 Fixed deposits .. .. .. .. 7,062 Debentures and shares . . . . . . .. 4, 943 Overdrafts by way of advances to estates and beneficiaries .. .. .. .. .. 315,203 roperties acquired by foreclosure .. .. 71,459 £19,895,285 Jtlier assets held as at that date were —Cash in hand, at bank, or on deposit, £694,425; and office premises, furniture, and plant, £370,844. 13. The annual accounts for the year show that a net profit of £65,542 os. 7d. has been made, as against £58,700 for the previous year. In obtaining this result the fullest attention has been given to economical management, and notwithstanding the huge amount of new business handled during the year —amounting to £3,781,155 —and the statutory increases of salaries payable to the staff, the expenses show a very slight increase over those of the previous year,

2—B. 9.