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It is gratifying to see that the wills of testators with considerable means, including those of many farmers, are being received for deposit, and that, the average value of the declared assets of the testators per estate has grown from £2,626 to £3,835. The number of wills redrafted for the year total 55. The total number of wills of living testators deposited to the 31st March, 1925, was 1,110. Number Value. Sinking funds (cash and investments) — um er ' £ Year ending 31st March, 1924 .. .. .. ..85 42,514 1925 .. .. .. ..93 51,311 Increase .. .. .. .. ..8 £8,797 Benefit funds : There are no funds as such controlled from the Branch, but in the district is the Carter Home, situated just out of Carterton. This Home was established on the death of the late C. R. Carter, who endowed it with 2,188 acres of land, the rental from which is utilized in maintaining the Home. The Carter Home accommodates twelve or thirteen aged men, and the whole of the management of the estate, outside of the actual administration of the Home itself, is controlled by the Public Trustee. Cash held at credit of estate funds : For the year ending 31st March, 1924, £150,360; 1925, £154,009 : increase, £3,649. Receipts. Payments. Cash receipts and payments —■ £ £ Year ending 31st March, 1924 .. .. .. .. 149.511 149,387 1925.. .. .. .. 319,656 319,797 Increase .. .. .. .. £170,145 £170,410 The large increase in both cases can be attributed partly to the large number of new loans paid out and the natural increase in the growth of business at the Branch. M , Value. Common Fund investments— er " £ Flat mortgages .. .. .. .. .. .. 147 877,726 Instalment mortgages .. .. .. .. .. 2 2,504 149 £880,230 Local body debentures .. .. .. .. ..49 190,005 Loans granted from other funds .. .. .. ..66 246,441, 115 436,446 Total amount invested in district on all accounts —264 loans, amounting to £1,316,676. Loans granted during year on securities situated in this district numbered twenty-six —Value, £161,675. From this it will be seen that there is invested in the Wairarapa district a very considerable portion of the total funds loaned by the Public Trustee, which is further evidence of the soundness of the district. It is worthy of note that not one penny of interest has been lost on the money invested. The Wairarapa, in common with other parts of. New Zealand, has experienced a favourable season, and as much of the land is utilized for sheep-farming a large share of the proceeds of wool, lamb, and mutton has found its way into this district. This has resulted in prompt payment of interest and rent. Carterton. —There are some seventy-six estates in this Agent's district, many of them of considerable value. The Agent has a wide experience of the work of the Office, and is well and favourably known in the Carterton district. During the year thirteen estates, of a value of £56,067, have been accepted from this Agent's district, and a considerable number of new wills were secured by the Agent. The functions of the Public Trustee are well known in this part of the Wairarapa. Eh-etahuna. —This Agency is yet in its infancy, but there are signs of growth, and the present Agent is fully alive to the opportunities of giving the people in this part of the district the benefit of the efficient administration of the Public Trustee. Martinboroagh. —This is a rich part of the Wairarapa, where prospects are bright. The Agency is also a new one, gradually winning ground, and, when the advantages of administration by the Public Trustee are better known, will be an important centre for the control and management of estates. Pakiatua.—An old-established Agency with many fine estates under control. The prospects for this end of the Wairarapa are exceedingly bright, and there has been much progress during the year, especially in new business. The number of wills of living testators received was twenty-three, with considerable assets. The Agent is well known and highly esteemed in the district. Staff. The staff has grown in keeping with the growth of business, and now totals fourteen, as compared with eleven on the 31st March, 1924. It is useful to note that there is on the staff one solicitor, three qualified accountants, three others with partial passes in the same examination, while one of the officers has completed a portion of his solicitor's examination. Three typists are kept constantly employed. Training of Junior Officers. —Particular care is taken of this important phase of office management and there are attached to the two senior officers on the administration side two junior officers as understudies. The latter carry out the practical work under close supervision, and are thus brought into touch with all the problems of administration in addition to the routine work common to all estates.

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