8.—9.

OFFICE BUILDINGS. 27. No new buildings or sites were acquired for Office purposes during the year, but the building at Greymouth, which had become inadequate to accommodate the staff was extended and modernized, provision being made not only for immediate needs, but also for the probable requirements of the near future. „. ft lU shortly be necessary also to provide improved accommodation for the staffs of the Head Office and the Wellington district office, which are at present iioused partly m a building erected specially for the Public Trust Office in 1909 and partly in an annex building acquired by purchase in 1918. The accommodation m both buildings is now heavily taxed and there is little scope for further expansion. The present arrangement of the various divisions is, moreover inconvenient and unsatisfactory, and considerable economy in the time of the' staff and in the movement of records would be achieved if a better arrangement were possible. Owing to the limitations of the present buildings it is not possible to improve matters, and the erection of a larger building on the site of the present annex building, which appears to be the most practical solution, will require early consideration. As a measure of preservation the renovation of a number of the Office buildings, previously postponed for reasons of economy, was undertaken during; the year. RURAL INTERMEDIATE CREDIT. 28. The arrangement under which the Office acts as agent for the Rural Intermediate Credit Board in the administration of the intermediate credit system has been continued and has proved mutually satisfactory to the Board and the Office. The position of the loans is generally sound, and there are few cases w iere losses by the Board are anticipated. The arrears of interest are comparatively small, and the Board has placed on record its appreciation of the work of the officers responsible for the collection of payments and the excellent results obtained. The amount of advances made during the year under review exceeds that of the previous year, though the net investments of the Board have decreased owing to the maintenance by a large number of the borrowers of annual repayments of the principal of loans. The administration has again proved exacting because of the need for exercising close supervision over investments, and it has also been necessary to review periodically the position of manv loans and afford relief to borrowers by means of concessions. The Board has maintained its policy of gradually delegating to the district organizations the power to grant loans and deal with certain matters arising in the course of the administration, and it may now be said that, generally, loans not exceeding £350 in amount are administered largely in the districts; and that in respect of loans exceeding that amount only certain matters require to be submitted to the Central Board. The administration of the loans by the district organizations is, of course, subject to the general supervision, direction, and control of the Board. CONCLUSION. 29. In submitting this report I desire to place on record my appreciation of the co-operation and assistance given to me by the Assistant Public Trustees and of the services rendered by the staff at the Head Office and the district offices and by the agents throughout the Dominion. The satisfactory results recorded during the year contain in themselves a tribute to their devoted and efficient services. Cordial thanks are also due to the members of the Investment Board for their assistance in matters relating to the investment of moneys in the Common Fund. I have, &c., E. 0. Hales, Public Trustee. The Right Hon. the Prime Minister. Approximate Cost of Paper.—Preparation, not given; printing (5,770 copies,), £27 10s. Od.

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