8.—9,

funds can be obtained only by a forced realization of the assets of an estate, with its consequent loss. In such circumstances the Public Trustee is not forced to realize, as his resources enable him to accommodate the beneficiary and to defer realization until a suitable time arrives. Any such advance, with interest at the rate fixed, is a first charge against the share concerned. The Public Trustee is also empowered to make advances to an estate in which there is no money or not sufficient available to make payments required. Any such advance then becomes a charge against the real and personal property in the estate. Generally speaking, no document by way of security is required, and consequently such advances can be arranged in a minimum of time. The expense and delay which would be involved in obtaining an advance by way of mortgage are thus obviated. This power is of particular benefit to an estate the assets of which are not readily realizable, or not realizable except at a sacrifice, and in the past it has enabled the Public Trustee to " nurse " estates in some cases for years, until finally they have been realized to great advantage and with a corresponding profit to the beneficiaries. During the last financial year advances totalling £125,010 were authorized by the Investment Board. The total amount of the advances still current as at the 31st March, 1925, was £318,426. Office Reserves. 32. The Office reserves on the 31st March, 1925, totalled £605,274, made up as follows £ Assurance and Reserve Fund .. .. .. 427,346 Investment fluctuation .. . . . . . . 88,764 Reserves for protection of mortgage securities an< I provision against possible loss in realization .. .. 79,275 General Legal Expenses Account .. .. .. 9,889 £605,274

Comparative Table indicating the Progress made by the Public Trust Office during the Decennial Period 1916-25.

21

i trf 1 < Entfrt Funds Intel est Bonus Year ended 31st March, j Office, inelud of credited granted Gross Office ing Unrealized \ states * nd , Ino °™- Reserves. Assets Accounts. Estates. Restates.* £ £ £ £ £ £ 1916 .. .. .. 13,598,744 7,082,288:281,700 25,000 103,763 302,369 1917 .. .. .. 15,065,583 8,058,886 ! 287,818 27,000 129,008 295,234 1918 .. .. .. 17,153,031 9,004,057 317,633 30,000 162,614 345,871 1919 .. .. .. 19,242,347 10.065,027 352,783 33,100 194,452 393,377 1920 .. .. .. 20,860,686 11,911,290 420,526 38,000 240,469 418,640 1921 .. .. .. 22,364,319 13,918,906 537,890 .. 244,090 437,414 1922 .. .. .. 25,497,779 15,329.125 556,587 .. 220,794f 451.585 1923 .. .. .. 28,904,798 17,466,787 642,447 .. 246.692 491,775 1924 .. .. .. 32,404,724 19,215,388 691.768 .. 257,623 541,473 1925 .. .. .. 35)570,642 20,864,356 729,666 .. 299,439 605,274 Increase in preceding 12 months 3,165,918 1,648,968 37,898 .. 41,816 63,801 * Since 1920 the bonus has been merged in the increased rate of interest allowed to estates. f On the 31st March, 1921, the administration of Native estates and funds was transferred to the Native Trustee, thus accounting for the reduced gross income. The estates and funds so transferred were of more than £2,250,000 in value, but in spite of this the value of estates and funds has increased during the four subsequent years at the rate of more than £3,000,000 annually.