PUBLIC TRUST OFFICE.

Auckland Star, Volume LVI, Issue 208, 3 September 1925, Page 15

PUBLIC TRUST OFFICE.

MONEY FOR DEVELOPMENT. HEAVY "BROAD-ACRE " v DEMAND. EFFECT OF MORTGAGES EXTENSION rrirate lenders have shown a dislike during the year for '•broad-aero" security jnHhe Dominion; and the part played by tho Public Trust office in providing finance for tin; development of tho country generally ha?, therefore, been a specially important our. Owin" , to tliii .removal of the restrictions ifnposed by tho moratorium, considerable, dillicul'ty was experienced in obtaining the requisite finance. The effect of tbe Mortgages Extension Act was to render "broadnnro" security unacceptab; to a large uuuibnr of private lenders ■vvli'o soutrlit other avonuea of investment for their moneys. Tho passing of the Mortgages Extension Act, 1024, led to a "r-eat demand for money on the .part of who desired to adjust their finances, and tbe assistance given by the Public Trust office proved most valuable to- the farming community generally. During the year the new money advanced to. borrowers was £3,150,53 a, of which £1'.850.07S was advanced on mortgage of freehold land? —chiefly country propertj eg and £791.287 was lent to local bodies for the carrying out of works of public utility. Tho 'balance of the total amount advanced was invested in securities of a miscellaneous character, such. A3 Government debentures. Wills On Deposit. Large as is the present business of the oflcjpc. states tho yearly report, there is abundant evidence that it will be still further increased in the near future. Tho liberal policy which has been pursued-bj the office in making concessions to clients by way of reduction of fees, and the providing of additional services without charge, has resulted in attracting a large amount of prospective business in the form of wills held on deposit on behalf of living testators. The growth in this department of the office work lias been remarkable." The' number of .wills " held for safe custody on March 31 last was, 44.102, the new wills deposited during the year having amounted to 4420. At the present time new wills are being received for deposit at the rate of from four hundred to five'hundred per month, and in addition it is known that many will 3in which the Public Trustee is nominated as executor are held by banks and solicitors. It' is therefore evident that within the next few years a large amount of lucrative business must come to the office foE.' administration. One feature which has- added to the popularity of the office and has been a factor in the large growth ot the. .'-wills-for-deposit business is the provision which was incorporated in the Public Trust Office Amendment Act, 101:?, permitting of the appointment 'of adVi-sbry trustees to co-operate with the.Public Trustee in the administration estate. This provision, has been largely availed of by farmers and by business men who Oiave desired to obtain the benefit'of administration by the Public Trustee, bus. who (have at the same time wished to associate with him in the management of -the estate a person; possessing intimate knowledge- of its details sucfij., as a, business or farming or'tanKer. -