8.—9

16

In some instances it was imperative that mortgagors should purchase rabbitproof fencing in order to keep down the rabbit pest, and where mortgagors in these districts, particularly in the King-country, required a large portion of their proceeds for stocking the property heavily and the purchase of manure and rabbit-proof fencing, the Public Trustee has endeavoured to meet them by postponing the overdue interest, and in some instances by paying their rates and land-tax. If the prices of primary produce remain firm, most mortgagors should experience no great difficulty in meeting their interest in the future, with the exception of those clients in the King-country who are seriously hampered by the low market prices for beef and cattle. It will still be necessary for the Public Trustee to grant a limited number of extensions of time for payment of interest, and every possible consideration has been extended by the Public Trustee to mortgagors during the year consistent with his duties as a trustee. Renewal of Common Fund Mortgages. 34. The number of renewals of maturing mortgages granted by the Public Trust Office Investment Board during the year was 266, representing investments to the value of £1,530,123. Release of Mortgages. 35. The number of releases and partial releases granted by the Public Trust Office Investment Board during the year was 197, and represented an amount of £401,307. 36. The Public Trust Office Investment Board held forty-eight meetings during the year, and dealt with 1,101 applications in respect to new loans, renewals of mortgages, partial releases, and allocation of mortgages.

Comparative Table indicating the Progress made by the Public Trust Office during the Decennial Period 1915-24.

STAFF. Principal Staff Changes. 37. Mr. E. Barns retired from the position of District Public Trustee, Hawera, on the 30th September, 1923. His position has been filled by the promotion of Mr. C. Freyberg, formerly District Accountant and Chief Clerk at Wanganui.

Year ended 31st March, Total Value of Estates in Office, including Unrealized Assets. Funds at Credit of Estates and Accounts. Interest Bonus credited granted Gross to to Income. Estates. Estates.* I Office Keservcs. 1915 1916 1917 1918 1919 1920 1921 1922 1923 1924 £ 13,580,936 13,598,744 15,065,583 17,153,031 19,242,347 20,860,686 22,364,319 25,497,779 28,904,798 32,404,724 £ 7,096,420 7,082,288 8,058,886 9,004,057 10,065,027 11,911,290 13,918,906 15,329,125 17,466,787 19,215,388 £ 256,806 281,700 287,818 317,633 352,783 420,526 537,890 556,587 642,447 691,768 £ 25,000 27,000 30,000 33,100 38,000 £ 88,296 103,763 129,008 162,614 194,452 240,469 244,090 220,794 246,692 257,623 £ 250,213 302,369 295,234 345.871 393,377 418,640 437,414 451,585 491,775 541,473 Increase in preceding 12 months 3,499,926 1,748,601 49,321 10,931 49,698 * Since 1920 the bonus hi is been merged ii the increased ■ate of interi ist allowed to estates.