PUBLIC TRUST OFFICE

Dominion, Volume 19, Issue 48, 20 November 1925, Page 11

PUBLIC TRUST OFFICE

CONCESSIONS ANNOUNCED -—A INCREASE IN RATE OF INTEREST

The concessions to beneficiaries in estates administered by the Public Trustee which were foreshadowed by the Prime Minister (Hon. J. G. Coates) during his southern visit early in October were published in the Gazette last night under an Ofder-in-Council, amending the regulations prescribing the rates of interest payable on moneys in the common fund of the Public Trust Office, and fixing the commission charges to be’ made by the Public Trustee. The new regulations.will come into force on January 1, 1926. The rate of interest allowed estates whose moneys are invested in the common fund is increased from 5 per cent, to 5| per cent., while the rates of commission for administering estates under the value of £lOOO is reduced so as to make the maximum rate 2| per cent., except for the collection of book debts, for which the charge is 5 per cent. The original charge for estates under the value of £lOOO was 5 per cent, for the first £5OO and 2j per cent, thereafter. A reduction is also made for administering estates of a higher There is a reduction of one-half per cent, in respect to estates of over £15,000, and a reduction of another quarter per cent, in estates of £25,000 and over. Other reductions relate to the cost of preparation of securities from the Public Trustee, and the rate on transfers to beneficiaries.