PUBLIC TRUST OFFICE.

Press, Volume L, Issue 15017, 11 July 1914, Page 14

PUBLIC TRUST OFFICE.

; ANNUAL REPORT. (SPECIAL TO "__E FBESS.") - WELLINGTON, July 10. Tho net profits of the Public Trust Office for tho year were 529,222, or £2300 above the previous year's profits. With tho growth, of business, salaries have increased from £15,772 in 1909 to £32,837 iv 1914. 1 Tho report, which is signed by the Minister in charge of tho X>epartment, states that, in order that estates may share in the prosperity of tlie Office, the common fund rate of interest has been raised from 4$ per cent, ou tho first £3000 and 4 per cent, on the excess to 44 per cent. on.the first £(iOOO, and 41 iier cent, on tho excess. Moreover, tlie now scale applies to local bodies' sinking funds, which formerly received only 4 per cent. Thoso increases amount approximately to £3000 a year, and camo into .operation on the Ist April, 1914. The Minister says that under tho powers conferred hy last year's Act tlio Ofiice Board has been strengthened by tho appointment of two non-Service member-. Tho gentlemen selected were Mr G. E. Tolhurst, for many years chief inspector in New.Zealand of the Union Bank, and Mr W.--'G. Foster, managing di*-rector-of'tho Wellington Meat Export Company. -Those gentlemen have a special knowledge of finance and of stock; and station matters, and I am satisfied thatf their presence on the Board will not only bo of great assistance to the Public Trmtee, but will also do miich to strengthen tho confidence of the public in tho office administration of the large arid imporJtant interests entrusted to it- '