8.—9

Quite apart from the legal relation of the Public Trustee to minor beneficiaries, however, he deems, it to be his duty to give close consideration'to the maintenance, education, and the fitting of such beneficiaries to take their "place in the world. Of course, he does not encroach upon the duties of parents and guardians, with whom he co-operates wherever possible, but in cases where necessary he supervises the details of maintenance and education. The Office is managing the interests of a very large number of infant beneficiaries, many of whom are resident abroad. Reliable reports on the manner of maintenance and progress of education are obtained at suitable intervals. In all his dealings, however, the Public Trustee strives to eliminate anything that would savour of the officious or of mere routine. Each case receives individual attention, any special features or circumstances being taken into account in the hope of obtaining the best results. ' Protection of Assets. 50. The Office is fully cognizant of the responsibilities attaching to the administration of estates, and systematically analyses the problems encountered and the factors operating, with a view to improvement of method and to the provision of further safeguards of the interests entrusted to the Public Trustee's management. It is often contended that there is too much recording and making of inventories and valuations, but, in addition to being necessary for purposes of assessment of death and succession duty and other administration steps, these valuations afford assistance and protection to the beneficiaries as well asftofthe trustee or administrator. As soon as an estate is reported for administration steps are taken to ascertain the assets and to ensure that they are under proper protection. The organization of the Office with its numerous Branches throughout the Dominion enables these inquiries to be made and steps for protection to be taken with facility and promptitude. Schemes for insurance, periodical inspections of permanent assets, reports, and valuations have been developed and put into operation. The long experience which the Office has had in this kind of work enables it to improve upon these schemes from year to year, the advantage of which is reflected in the work. Realization of Assets. 51. There is probably no phase of administration transactions which is looked upon with more misgiving by the general than the sale of fassets in an estate of a deceased person or a trust or estate" of some similar nature. The mil or trust instrument may give specific directions as to the retention or otherwise of assets, but where no such directions are given, or absence of a trust instrument, the executor or administrator must, apart from legal considerations, use his own discretion. In the realization of assets in estates the Public Trustee endeavours to secure the best prices possible for'his principals. Comprehensive valuations and reports are obtained, and in the sale of freehold or leasehold properties, whether urban or rural, due consideration is given to subdivision and other similar factors affecting the selling-value. For the sale of stock the Public Trustee has, in addition to outside expert advice, the services of his Farm Inspectors, who are constantly engaged on matters affecting the handling of farming properties, stock, and plant. In the realization of shares and stocks the advice of the Financial Adviser, who has had a long experience in these matters, is always readily available. By these and many other means the beneficiaries are assured thatthe realizations are effected to the best advantage. The [Share-market. 52. Many of the estates which come into the Public Trust Office for administration have amongst the assets shareholdings in the various public and private companies of New Zealand. The Public Trustee, as executor or administrator of the estates placed in his keeping, holds shares in almost every company in the Dominion, and as a result the share-market, with its constant fluctuations, receives close and constant

s—B. 9.

33