8.—9.

46

Before leaving the subject of grant of administration it may be proper to mention here that, save in rare and exceptional cases created by statute and where the amount involved is small, no person is allowed to obtain possession of and administer the New Zealand assets of a deceased person without the authority of the Supreme Court of New Zealand. Amongst such exceptional cases may be mentioned the authorities conferred by the following statutory provisions : — (1.) Sections 29 and 30 of the Building Societies Act, 1908. (2.) Sections 82 (4), (5), (6), and Section 86 (c) of the Government Railways Act, 1908. (3.) Sections 42, 43, and 44 of the Public Service Classification and Superannuation Act, 1908. (4.) Sections 19, 20, and 21 of the Public Service Classification and Superannuation Amendment Act, 1908. (5.) Section 57 of the Friendly Societies Act, 1909. (6.) Section 76 of the Life Insurance Act, 1908. (7.) Section 127 of the Public Revenues Act, 1910. (8.) Section 29 of the Savings-bank Act, 1908. (9.) Section 10 of the Post and Telegraph Amendment Act, 1919. (10.) Sections 96 and 97 of the Shipping and Seamen Act, 1908. (11.) Section 35 of the Expeditionary Force Act, 1915. (12.) Sections 29, 30, and 31 of the Local Authorities Superannuation Act, 1908. (13.) Section 14 of the National Provident Fund Act, 19.10. (14.) The Workers' Compensation Act, 1922, in respect of compensation payable on the death of a worker. (15.) Deaths by Accidents Compensation Act, 1908. (16.) Section 88 of the Public Trust Office Amendment Act, 1921-22. (17.) Section 5 of the Life Insurance Amendment Act, 1925. MORTGAGE DIVISION. 66. The figures published elsewhere in this report afford impressive evidence of the growth in the value of estates under administration by the Public Trustee. Many of the assets in such estates consist of real property —land and buildings — but such assets are constantly being realized and the proceeds either distributed to creditors and beneficiaries or held for investment by the Public Trustee in terms of the will or trust deed or under the statutory provisions applicable to the investment of funds in the Public Trust Office. These moneys are constantly augmented by the proceeds of new realizations and the falling in of estates possessing cash assets. The total of funds available for investment by the Office therefore shows rapid and sustained increase. The collection of interest and the control and management of the large volume of securities held require constant vigilance on the part of the Public Trustee. The year just closed constitutes a record one so far as the advancing of money from the Common Fund of the Office is concerned. During the year the Public Trust Office Investment Board met on fifty occasions, and new loans to the value of £3,709,706 were paid out. Maturing mortgages to the number of 364 were renewed during the year by the Board, representing investments to the value of £1,759,038. The number of releases and partial releases granted by the Board during the year was sixty-four, representing an amount of £62,104. The work involved in the granting of applications and other incidental matters dealt with by the Board has proved to be considerable. The receipt of the applications, the ordering of valuations, the submission of the applications to the Investment Board and notification of decisions to applicants, and the issue of instructions to solicitors involve a large amount of work when the magnitude of the operations is taken into consideration.