PUBLIC TRUST OFFICE.

Press, Volume LXIII, Issue 12593, 8 September 1906, Page 6

PUBLIC TRUST OFFICE.

ANXUAL REPORT.

(SPECIAL TO " TOE THESS.") WELLINGTON, September 7. The annual ifcport of the Public Trust Office, wliieh was presented to Parliament to-day, states that there was a Largo increase of ail branches of bifsincss during the year. In October last the interest pa3'able to beneficiariea was increased from 4 to 41 per cent, on euni3 under £3000 and from 3J to 4 per cent, on all sums above that amount. Notwithstanding this,"TTie profits for the year Amounted to £11,1)00. Tho land a.'suranco fund decreased by £93(56. This fund would disappear in about four yeaie and the consolidated fund would then have to bo drawn upon to meet claims upmi it under tho Land Transfer Act, 1885. The diminution or' the fund.-had been caused by the large burden placed upon it by tho Government Loans to Local Bodies Act Amendment Act, 1892. Tho payments to the linking fund under thnt Act were annually increasing, whilst the additions to tho fund by contributions by no means balanced them. The claims against the assurance fund en account of shortago of «re;», defective titles, etc., were likely to increase in tho future. In 1900 the tund. stood at £72,252; it was now £27.88(3. ' Tho Public Tnwrtee urges that tho Land and Income Assessment Act be amended so that the present heavy tax on natives interested in reserves administered by the office be removed. The tax. he "points out, is assessed on the whole grant, so that no matter how small tho native's share of rent is, when the reserve is of greater valno that £<500 ho has to pay tax. The report adds: "It may be argued that no distinction is made between. natives and Europeans. Tho answer ie that the lands of Europeans arc not in the same position. The grievance should be remedied at once. It is an unfair tax, accidente.l in its application, and as lons as it exists tho natives will hav<j good grounds for oomplaint."