‘Public confident’ in Public Trust

Press, 1 September 1977, Page 7

‘Public confident’ in Public Trust

Parliamentary reporter

More than quarter of a million New Zealanders have their wills lodged with the Public Trust Office, according to its annual report tabled in Parliament.

The report says that the financial year ended March 31, 1977, was particularly successful. Several new business records were set.

At March 31, the office held the wills of 283,034 people, the highest total recorded. The number of new wills appointing the Public Trust executor was 16,713, which was an increase of 685 over the previous year.

“In addition, 11.533 existing wills were redrafted to provide for the changed circumstances of testators and their families.” The total of new and redrafted wills — 28.246 — was again a record. “These figures clearly indicate the confidence placed in the office by the public. They are an assurance of a substantita! source of new business in the future,” the report said. I Net revenue also reached a new record figure of ;$7,201,888, which was balanced to some extent by an i increase in spending, mainly (salaries. The result was a ta::-paid_ profit_o£s29&,466.

A new level of estates and I funds were also accepted forit administration. At March 31, i 1977, another 8277 estates, ‘ and funds valued at i $96,727,560, had been ac- : cepted for administration by the Public Trust Office. Comparable figures for i the previous year were 7001 estates, and funds worth $90,952,191. The number of estates and (I funds administered at March] 31 this year was 25,922,1 valued at $398,665,496. “Both were record figures, compared with 22,623, valued at $353,269,844 at March 31, 1976. The administration of 4978 estates and :

funds was completed during the year.” The Public Trustee (Mr N. C. Kelly) reported that a steady demand for finance from all sectors continued and a “significant level of investment activity was maintained.” Investment in mortgages I and commercial debentures (during the year amounted to! i 511,182,293. i “Funds invested on mortIgage now total $52,966,359,; of which 53 per cent is in-! vested on farm and residential properties. Funds in- 1 vested in local authority securities totalled $12,337,511,” the report said. ]