8.—9

During the year a deposit of £35,000 was returned to one company which, had given notice that it had ceased to carry on business in New Zealand and had satisfied the Public Trustee that the requirements of the Insurance Companies Deposits Act, 1921-22, had been met. Unclaimed Lands. 25. By Part TI of the Public Trust Office Act, 1908, the Public Trustee is authorized to administer unclaimed lands. As at the 31st March, 1927, the value of assets and funds under administration in this connection was £5,103. Unclaimed Property. 26. As at the 31st March, 1927, unclaimed property to the value of £15,493 was under administration by the Public Trustee in pursuance of the provisions of Part 111 of the Public Trust Office Act, 1908. General Legal Expenses Account. 27. Section 28 of the Public Trust Office Amendment Act, 1921, enables the Public Trustee to confer upon estates under his control a benefit which is unique in its nature. Occasions frequently arise when it is desirable that the Public Trustee should bring a test case to settle some disputed question of law which is of general interest to all estates under his administration, although the case brought may be based upon the facts of a particular estate. The Public Trustee is authorized to pay the cost of any such litigation out of a General Legal Expenses Account, thus freeing the particular estate from the cost of these proceedings. This authority has been utilized in a number of cases where on account of the general importance of the legal question involved it would be inequitable to charge the expenses to any one estate. Office Reserves. 28. The Office reserves on the 31st March, 1927, totalled £647,884.

Comparative Table indicating the Progress made by the Public Trust Office during the Decennial Period 1918-27.

OFFICE BUILDINGS. 29. In my report for the year ended the 31st March, 1926, reference was made to the fact that a contract had been signed for the erection of new Public Trust Office premises in Dunedin. This building is now in the course of erection, and when it has been completed the disabilities under which the work of the Office at Dunedin is being conducted will disappear.

18

Total Value of m , , n •ci t ± • <->fc Funds at Credit „ „ i7 j j 11 a i/r i. Estates m Omce, , , Gross Office Year ended 31st March, . , of Estates and T including Accounts Income. Reserves. Unrealized Assets. £ £ £ £ 1918 .. .. .. 17,153,031 9,004,057 162,614 345,871 1919 .. .. .. 19,242,347 10,065,027 194,452 393,377 1920 .. .. .. 20,860,686 11,911,290 240,469 418,640 1921 .. .. .. 22,364,319 13,918,906 244,090 437,414 1922 .. .. .. 25,497,779 15,329,125 220,794 451,585 1923 .. .. .. 28,904,798 17,466,787 246,692 491,775 1924 .. .. .. 32,404,724 19,215,388 257,623 541,473 1925 .. .. .. 35,570,642 20,864,356 299,439 605,274 1926 .. .. .. 38,009,480 24,426,009 282,386 621,948 1927 .. .. .. 41,043,523 26,485,917 274,845 647,884 Increase in preceding 12 months 3,034,043 2,059,908 7,541* 25,936 (Decrease) * The decrease in gross income is accounted for by the substantial concessions made to clients as from the 1st January, 1926, by way of increased rates of interest and reduced charges.