8.—9

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reference to shares, debentures, and financial and commercial interests generally the services of the Financial Adviser, who is one of the leading banking experts in the Dominion, were also freely used. The advice of these experts in reference to the problems which constantly arise has also been freely placed at the disposal of beneficiaries and other clients, for it was felt that in such an abnormal crisis effort should be made in every direction to minimize its effect and to protect, as far as possible, the interests of those whose affairs the Public Trustee controlled. At the commencement of the present financial year trading and general conditions had largely improved, but it was difficult to forecast the position or to outline a policy of administration for farming estates, seeing that in New Zealand we rely to such an extent on the prices which our primary products realize overseas. The unfavourable weather during the winter and the early spring, followed by severe drought in many parts of the Dominion, again adversely affected the farming interests. Nevertheless, whilst the prices of staple products remain satisfactory those farmers who have not purchased at highly inflated prices are able to fulfil their obligations. The rise in the price of wool has enabled a considerable portion of the arrears of interest to be paid to the estates, and should the improvement be maintained the bulk of what has been outstanding should soon be recovered. Improved Organization of the Office. 48. During the past few years the organization of the Office has been extended and improved, and all this has been favourably reflected in the administration of the estates. The most important step in this direction was the decentralization scheme, under which estates are administered in the respective districts to which they belong, under a system of suitable control by Head Office. Not only has this scheme effected considerable saving of time and correspondence, and expedited payments and remittances, but it has brought the officers responsible for the administration into closer touch with the beneficiaries and other interested parties, who are now enabled to discuss their affairs on the spot and to ascertain at any time the financial position of their estates. In organizing a large institution such as the Office it is common experience throughout the business world that it is easier to find men capable of controlling units of organization of a moderate size than those capable of controlling and directing larger units. Furthermore, where the units of organization are not too unwieldy it is possible for the officers to become more closely acquainted with their clients and with the business passing through their hands. Controlling officers, too, can pay closer attention to the work of the individual officers under their control, and to the training of them for higher work. This is what has been done in the Public Trust Office, and the improved organization, as well as the scheme of systematic training of junior officers referred to elsewhere in this report, has resulted not only in facilitating and expediting the administration of estates, but in effecting a higher standard of efficiency in that administration. Estates of Deceased Persons. 49. Year by year the number of estates steadily increases as the Office becomes better known amongst the people and its operations extend. During the year a number of valuable estates were reported for administration. The wills and trusts estates form by far the largest part of the administration work of the Office. In consequence of its long experience, extending over fifty-two years, and the large number of estates handled by it, the Public Trust Office has met and dealt with every class of trust and administration problem. The value of this experience is being more and more realized by the public, so that a larger increase of business may be confidently looked forward to in the future. 50. Brief reference may here be made to some of the facilities and powers which are available to the Public Trustee and which have done much in recent years to expedite and improve the administration of estates. 51. Elections to Administer for the Smaller Estates. —The authority to file elections to administer, instead of obtaining grant of probate or administration, has been very beneficial. The provision now applies to wills as well as to intestate