"A WHITE-HAIRED BOY."

Press, Volume LXV, Issue 19646, 15 June 1929, Page 14

"A WHITE-HAIRED BOY."

PUBLIC TRUST OFFICE. UNFAIR COMPETITION ENCOURAGED. fS.-2CIi-. TO THE i&XSS.* DI'NEDIX. June 14. State competition in business, and ifctablv the operations of the Public Trust Office, were referred to by Mr George Fenwick to-day in the tours* of his address to shareholders in the Perpetual Trustee* Company. It was in order to meet this growing encroachment upon private enterprise he said, that the IMS Committee had come into being. "Government trading Departments. S.r George said. -Wave advantages which are not enjoyed by trade rivals, and in this connexion I might >av in regard to this company's classi of business that the Public Trust Office has obtained bv special legislation many privileges " and advantages which amount to unfair State competition, and which place trustee companies and private trustees at a distinct disadvantage. The effect of this special legislation is to olace the Public Trust Office in a unique position—a position that is actually ontside the jurisdiction of the Courts of the land in many matters relating to the administration and realisation of deceased estates The amount of special legislation which has been enacted in favour of the Public Trust Office is truly amazing. The granting of special privileges for that office appears to be the only object for the enactment of this unique legislation. 'Tf," continued Sir George, Jie reason for making concessions to the Public Trust Office is that it is a btate office, such a reason implies that nu other trustee could be relied upon not to abuse the p/ivileges given. Such an implication would be an unwarranted and gross reflection upon the standing and reputation of such oldestablished and successful trustee companies as those carrying on business in the Dominion. The late Mr Justice Salmond, when referring to this special legislation, remarked upon the astounding fact that a will m the hands of the Public Trust Office may bear a different interpretation from what it would in the hands of any other trustee in the Empire! There appears to me to be no adequate reason why trustee companies established by Act* of Parliament and authorised to undertake the work of executor, trustee, committee, etc., should not have granted to them many of the powers given to the Public Trust Office. We do not, however, ask for, nor do we desire to have granted to us, the distinctly arbitrary powers granted to the Public Trustee during recent years by means of special legislation.''