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The following statement shows the value of new estates reported from each District Public Trustee's Office during the year: —- £ 1 £ Auckland .. .. 435,498 1 Napier .. .. 255,769 Blenheim .. .. 112,454 Nelson .. .. 85,061 Christchurch .. 764,806 New Plymouth .. 60,620 Dannevirke.. .. 27,458 Palmerston North .. 276,332 Dunedin .. 317,325 Timaru .. - 147,646 Gisborne .. .. 168,239 Wanganui .. .. 290,312 Greymouth .. .. 97,896 Wellington.. .. 754,674 Hamilton .. .. 248,109 Whangarei .. .. 58,924 Hawera .. . . 280,903 Head Office .. 1,496 Invercargill.. .. 127,416 Masterton .. .. 110,931 £4,621,869 Economic Position. 46. In common with other financial and commercial institutions, the Office is vitally affected by the economic conditions of the Dominion. From the nature of his business the Public Trustee deals with a varied range of interests, either in the administration of estates or in some other fiduciary or statutory capacity, or as an investor of Office funds : e.g., he may be actively carrying on farming or dairying business on behalf of an estate ; he may be endeavouring to realize agricultural, pastoral, or dairying lands, or he may be the mortgagee or lessee of such lands ; or he may be controlling interests such as shareholdings in business concerns whose success or embarrassment is largely dependent upon the fate of our staple products in the world's markets. It is well known that the prosperity of the Dominion is closely associated with the success or otherwise of the primary products, and so in a very special manner the trend of the market for its products, as well as the general conditions of trade and commerce, affect the operations of the Office. Despite unfavourable conditions in some localities, taken as a whole the past year lias been an exceptionally favourable one for the primary producer. Advices from the Office Branches throughout the country show that the climatic conditions have been much more satisfactory than in the previous year, especially from the pastoralist's point of view. The wool season opened with record prices, and although there set in about December a downward trend, which was accentuated in January and February, nevertheless even the reduced prices were an advance on pre-war rates or those ruling during the war when special conditions of supply and demand prevailed. In regard to dairy-produce, the prices have been somewhat disappointing, for they have fluctuated to a considerable extent, being for a good portion of the period under review on the wane. Still, the rates have been on the whole satisfactory, and in many cases the reduced prices were to some extent counteracted by an increase in the yield from the favourable season. The meat-export trade, too, has been very satisfactory. As a result of the good prices ruling for the staple exports the favourable season should' enable farmers to consolidate their finances and liquidate a portion of their liabilities. It is to be hoped that the recent experiences will not be forgotten, and that not only the meeting of existing obligations be considered, but that any surplus will be so utilized that the " man on the land " will have made some provision for the lean years which must inevitably follow. The past few years have been a trying experience for all engaged in commerce or industry throughout the civilized world, and, of course, in New Zealand this has been specially applicable to the farming community and those associated with them in business transactions. A considerable number of farmers have been crippled owing to the financial conditions, so that mortgagors, purchasers, lessees, and others have often been unable to meet their obligations. Careful nursing, judicious extensions, and other concessions, where justified, had to be given in order to tide over their difficulties and to prevent ruin, which would have involved in loss those for whom the" Public Trustee acts. Of course, each case had to be considered on its merits, and concessions given only where the circumstances warranted them and where the beneficiaries' interests would not be endangered.

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