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New Securities Vault. 29. During the past few years the investments controlled by the Office have increased so rapidly that it became necessary a short time ago to extend the accommodation for the documents of security held in respect of those investments. The extended accommodation has now become taxed to the utmost so that further extension is essential. Reference to the annual accounts shows that the investments —Common Fund and special—exceed twenty million pounds in value, and this is being increased rapidly. The safe custody of securities representing so great a sum of money is one that gives rise to considerable anxiety, and in order to provide adequate accommodation and protection arrangements have been completed for the installation by Chubb's of a specially constructed modern vault that will ensure safety and provide accommodation for many years to come. The vault is now well in hand, and it is believed that when completed it will provide the Office with one of the best strongrooms in the Dominion. Steel fittings have also been obtained for the interior as a further provision against possible outbreak of fire. Money for Investment. 30. The year has been a very busy one for the investments department of the Office. As stated elsewere in this report the investments made during the year amounted to £3,180,533. Immediately before the close of the year ended 31st March, 1924, a large sum of money was received from the Treasury by way of instalments on account of the Government sinking funds. This and the remittance of surplus funds from District Offices enabled the Office to grant loans very freely for several months, and to effect settlement immediately upon completion of the documents of security. Towards the latter part of 1924, however, there was a falling-off in the amount of funds available for investment, and it became necessary to curtail temporarily the activities of this section of the Office work. A limited number of loans were still entertained subject to settlement being completed at a time which would suit the finances of the Office, and preference was given to borrowers requiring small amounts, particularly to borrowers requiring loans for the erection of house properties. Early in January funds again became more plentiful. 'I 1 he high prices realized at the wool-sales throughout the Dominion were reflected in the increased remittances of surplus funds from District Offices in all parts of New Zealand. Mortgagors were enabled to pay arrears of interest, outstanding instalments of purchase-money, &c., and many applications were received by the Public Trustee for the acceptance of partial repayments of mortgages. In some instances, indeed, mortgagors repaid the whole of their mortgages from the proceeds of the sale of their wool-clips. As a result of these improved conditions the Office was again in the position to complete all loans as soon as the documents of security for them were completed, and to entertain a limited number of further applications for loans. Towards the latter end of March large sums were received on behalf of the various superannuation funds, and after the usual heavy yearly payments had been made on the 31st March the cash in hand and on current account at the bank amounted to £131,810. This sum was not, of course, all held at Wellington, but was distributed among the Department's thirty-one District Offices, where it is necessary to hold substantial sums to meet urgent calls. Advances to Beneficiaries and to Estates. 31. The Public Trustee has statutory power to make an advance to a beneficiary to the amount of one-half the value of his share in any estate under administration in the Public Trust Office. Such an advance is practically a loan to the beneficiary against the security of his interest in the estate. It is not unusual for a beneficiary to suddenly find himself in need of funds, and it may be, where the estate is in the hands of a private administrator, these

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