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In these days of specialization and of increasing stress of business competition business men generally find it necessary to devote their principal energies to the particular field into which they have entered, and therefore, as a rule, do not feel disposed to be burdened with the duties of executorship or trusteeship, especially when they realize the responsibilities which such positions entail. Accordingly it is becoming increasingly difficult to find suitable men to undertake these duties. Moreover, upon the death of a person occupying a fiduciary position it often happens that some one altogether unknown to the original testator or settlor succeeds to the position of trustee. The ties of close friendship or acquaintance soon pass away, and at no distant date from the time of the testator's or settlor's death strangers will probably be controlling the trust interests. For example, where a last surviving executor of an estate dies, the rights and duties of administering the estate devolve upon his executors, who may be entire strangers to the original testator or settlor. Another factor which influences testators and others in favour of corporate trusteeship is the experience and specialized knowledge which are obviously possessed by those whose special function it is to carry on that class of business. In advocating the establishment of the Public Trust Office in New Zealand the late Hon. E. C. J. Stevens stressed the point that an official such as the Public Trustee would, as the years went on, acquire considerable experience in the work of trusteeship and administration, which would be valuable to the estates placed under the control of that official. Where a corporate trustee acts, the trust estate receives the benefit of the experience derived from the administration of a large number of trust estates over a considerable period of years. One of the main considerations in favour of corporate trusteeship is the security of trust funds. It need not be stressed that the principal concern of the person creating the trust relationship is to ensure, as far as possible, that the trust funds will be carefully conserved and applied at the proper time in accordance with his or her directions. This object may be defeated by the inexperience, inefficiency, recklessness, or dishonesty of the person appointed to administer the trust. This risk is considerably minimized by the appointment of a corporate trustee, for, apart from the experience and safeguards, a trust institution has to maintain a reputation for efficiency and careful administration. Furthermore, in the case of loss through acts or omissions on the part of a trust institution its resources constitute an extensive guarantee that the loss will be make good. Obviously this protection is absent in a number of cases where private trustees have been appointed, and it is often found that a trustee who has caused loss through inefficiency or dishonesty is not in a position financially to make good the loss suffered by the trust estate. In addition to the accumulated experience which must necessarily be acquired over a long period, institutions specially designed for the carrying-on of trust work and handling of large volumes of business are enabled to employ a specialized staff of legal, trust, accounting, and other classes of officers whose wide range of knowledge and experience are available for the benefit of clients at no additional cost to the trust estate. The foregoing are a few of the considerations which explain the growing popularity of trust administration by a corporate institution. A corporate trustee such as the Public Trustee, whose fidelity is guaranteed by the State, and who has such facilities and advantages to offer, cannot fail to make a very special appeal to testators, settlors, and others. In the fifty-four years, of its existence the Public Trust Office has dealt with every class of estate, and has acquired valuable experience and a fund of special knowledge. It is not surprising, therefore, that there has been such a great growth of business entrusted to it during recent years. THE CARE AND INVESTMENT OF TRUST FUNDS. 3. The duty of a trustee or administrator is to execute the trusts he has undertaken in accordance with the provisions of the trust instrument, or to carry out the duties of administration according to the law of the jurisdiction governing his administration. The care and investment of trust funds comprises by far the most important duty or function of a fiduciary. As a general rule the measure of care and