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Benefit Funds. —One of the Public Trustee's powers is Ms ability to administer benefit funds. Ever since the year 1879 the largest local benefit fund has been the Kaitangata Eelief Fund, established by the collection of public subscriptions totalling £15,000 for the benefit of widows and children of coal-miners killed in a fatal explosion in the Kaitangata Mine. The administration of the fund was at first vested in certain statutory trustees, with the Public Trustee as their agent; but in 1922 the control of the fund was vested solely in the Public Trustee. Up to the 31st March, 1925, a total sum of £12,715 has been disbursed out of capital and income in aid of the beneficiaries of the fund, and there still remains a sum of £3,704. The number of beneficiaries has diminished by effluxion of time. General.—The farming community have enjoyed a most favourable season, the high prices for primary products being very satisfactory. This has reflected itself in the prosperity of the district as a whole. The readjustment of finances consequent on the lifting of the moratorium has been attended with very little difficulty as far as estates administered in this district are concerned; in few instances has it been necessary to exercise the right to call up overdue mortgages. The Province of Otago is likely to experience a considerable uplift from the holding of the New Zealand and South Seas Exhibition, 1925-26. There is every reason to believe that the Exhibition will be successful, and the Office exhibit taking the form of a Public Trust Office pavilion should attract considerable interest. 6. GISBORNE. Estates under Administration.—At the 31st March, 1925, there were 240 estates and funds under administration at this Branch, of a total value of £506,310. The corresponding figures for the previous year were 192 estates of value of £389,159. The estates at the Branch have thus increased by 48* in number and £117,151 in value. New Estates accented during the Year. —There were ninety-one new estates and funds accepted during the year, of a total value of £167,738. This shows a satisfactory increase over last year's figures (fifty-nine estates, of value of £137,575). Estates dosed during the Year.—There were forty-four estates closed during the year, of a total value of £37,130. Of these estates eighteen were both accepted and closed within the year. Wills deposited.—l2o new wills were obtained during the year, bringing the number of wills of living testators at this Branch up to 870. Sinking Funds.—There were fifty-five Sinking funds under administration by the Branch as at 31st March, 1925, of a total value of £69,956. All these sinking funds are invested in the Common Fund of the Office. Benefit Funds. —During the year a fund of £350 was raised by public subscription for the benefit of a widow and her five young children. The fund was placed in the Office for administration, and in accordance with the usual practice no charge is being made for the the Office services. There are now three such benefit funds under administration by the Branch. Cash Credit. —There were credit balances amounting to £174,475 as at 31st March, 1925, for different estates and funds under administration. Cash Receipts and Payments. —£377,310 was received over the counter for the year, and £377,871 was paid out. The total value of all transactions through the books was £984,118. Common Fund Investments.—There were eighteen new loans granted from the Common Fund during the year, of a total value of £101,450. The number of Common Fund investments in the district has now increased to 124 loans, of value of £994,327, being 109 mortgages to companies and private individuals, of value of £839,877, and fifteen loans to local bodies, of value of £154,329. In addition, there are three Railway Superannuation Fund loans, of value of £30,000 ; four Public Service Superannuation Fund loans, of value of £31,470 ; and eight Teachers' Superannuation Fund loans, of value of £47,150. The total mortgages and local body loans in the district is accordingly 139, of total value of £1,103,947. Staff. —During the year the staff at the Branch was increased from six to seven. The staff lias loyally assisted in all work, and the increase of business is in many ways attributable to the staff's desire to do the work to the satisfaction of all clients. The junior officers are regularly instructed in the work of the Office, in order that they may be qualified to take over more responsible work, and also that they may fully understand the work on which they are engaged. Farm Inspector. —The Farm Inspector visited the district during the year and inspected the farming properties under control by the Branch. His advice and assistance were of value in the administration of these particular estates. Office Advertising. —During the year the serial advertisements giving particulars of the Office duties and activities have been regularly appearing bi-weekly in both the local newspapers. These advertisements have resulted in the functions of the Office becoming more widely known and have brought new business. There is at present a good class of business coming to the Office in this district. The average value at present of the estates under administration is £2,739. Prospects of the Office.- The Office has made very good progress in the district during the last four or five years, and its position is now assured. The amount of new business being reported and the number of new wills obtained is ample evidence that the office as an institution in the district is appreciated.

9—B. 9.

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