PUBLIC TRUST OFFICE

Evening Post, Volume CVI, Issue 55, 13 September 1928, Page 20

PUBLIC TRUST OFFICE

ITS WOEJC PRAISED BUT FEARS EXPRESSED General commendation of the work of the Public Trust Office was voiced iv tho House of Representatives yesterday when the annual report of tho Public Trustee was brought down. Mr. M. J. Savago (Auckland West) said there could bo no doubt as to tho usefulness of the Public Trust Offico as a State institution, and it would stand all tho fire which "The 1928 Committee, '' or any other committee, could clii-ect against it. It had no peer as a guaranteed institution. Mr. Savage said he had reason to believe that big vested interests were: already endeavouring to clip tho wings of tho Public Trustee, and it was time. public attention was called to the dangers which were ahead. Every effort should be made to safeguard tho institution, of which the Prime Minister might , justifiably-be proud. The Hon. D. Buddo (Kaiapoi) referred to the immense success of the Public Trust Office, which, lie said, had not been Socialistic in the start, but ,had rather been the outcome of. a piece; of humanitarian legislation. The office had filled a real want in the life of the Dominion. ...■■.. ... Mr. G. W. .Forbes. (Hurunui) said the Public Trust Office was a very efficient and well-organised machine. The present Trustee was a good organiser, and- it was many years since a conir plaint had been made. My. Coatos: "Not since 1919." Referring to remarks made by the Leader of the Opposition (published elsewhere), Mr. Forbes said he did not agreo with Mr. Holland that because the Public Trust Office was a State institution that it should be free from criticism. Ho would like some explanation of the allegation published in Christchurch that in the. sinking funds of local bodies there had been a loss of 20 per cent. Moneys, it was stated, had been withdrawn from tho Common Fund because higher interest was obtainable outside. Mr. A. Harris (Waitemata) sai"1 that the administration of .the Public Trust Office was acknowledged to be sound right throughout the country. He submitted that the office should have more latitude in regard to investments in leases outside Government leases. Mr. H. G. Dickie (Patea) asked if the Public Trust Office.could not give a longer' table in regard to advances. Mr. P. Fraser (Wellington Central) said it was only1 fair to say that the Prime Minister had given support to the Public Trust Office. Mr. W.-L. Martin (Raglan) said the primary producers would resent any curtailment of the activities of the Public Trust Office. They would like an extension. The Prime Minister (Mr. Coates), replying to the debate, said he knew no reason why a 36i-year loan should not be considered. In-regard to defalcations ho did not think that more than one, or perhaps two, had taken place, and not' more than £50 had been involved. Local bodies could invest in the Common Fund of the office, and they preferred to do so. Ho claimed that his administration of the office had been sympathetic, and that the figures spoke better than words. If they found that anything required investigation it was done. Ho agreed with .what had been said about the extraordinary development of tho Public Trust Office under the present Public Trustee. He thought that everyone who came in contact with that gentleman realised that ho did his best to meet all cases of difficulty. The present Trustee had been responsible to a groat extent for the carrying out of tho decentralisation -scheme- by which the public might have closer touch with the office.