PUBLIC TRUST

Dominion, Volume 8, Issue 2503, 2 July 1915, Page 2

PUBLIC TRUST

INCREASE IN BUSINESS. The annual report of the Public Trust Office was presented to Parliament yesterday. It shows that the nett profits for the year were £32,n08, ail increase of £3,286 over those of last year, and the highest in the history of the, office. Iu 1909 the nett profits were £10,850, from which figure they gradually increased to £11,241 in 19H, but in 1912 they jumped to £25,919, and since then the increase has been steady. The Minister makes the following remarks upon the growth of the business: —"I am pleased to be able to say that the legislation passed in 1912 and 1913 has largely increased the usefulness of the office. The public have availed themselves of it freely, and the result is satisfactory to all concerned. At the beginning of the year the common fund rate of interest was raised, and the office scale of charges was reduced. As a result, estates received during the year about £3200 more ill interest, and paid about ,£7OO less in charges. Between the outbreak of war (August 4, 1914) and the close of the year under review (March 31, 1915) the office has lent a total of £609,947 to a total of. 208 borrowers (including local bodies). It will thus be seen that the financial assistance afforded by the ofiico has not been curtailed by reason of the war. During the .year twenty-one members of the staff have gone to ..the front."