PUBLIC TRUST OFFICE.

Auckland Star, Volume XL, Issue 137, 10 June 1909, Page 6

PUBLIC TRUST OFFICE.

£10,000 PER ANNUM PROFIT. (By Telegraph,—Press Association.) WELLINGTON, Wednesday. The new Public Trust Office, in Lambton Quay, was officially opened to-day. The ceremony took the form of a luncheon, to which a large number of guests were invited. The Public Trustee (Mr J- W. Poynton) presided, and with him at the chief table were the Prime Minister and Lady Ward, and all the menibsrs of the Ministry and their wives.

Sir Joseph Ward, in proposing "Prosperity to the Public Trust Office," referred to the institution as one of the most important in the country. The office had been in operation nearly 37 years, and the value of estates administered was nearly £6,000,000. From its inception all salaries and expenses had been paid out of profits. Now there was a balance of profit of about £ 10.000 per annum. It was a high compliment to New Zealand that other countries now proposed to establish similar institutions. The new building had cost £42,000. He expected ■within a few years to find the Public Trustee suggesting a reduction in charges to those wishing to do business with the Department. Dr. Fitchett, chairman of the Public Trust Office Board, and the Hon. E. C. J. Stevens, M.L.C.. on whose suggterion the Public Trust Office was originally established, replied. Lady Ward unveiled photographs of the founders of the institution —the late Sir Julius Vogel and the Hon. E. C. J. Stevens.