NEW RECORD

Evening Post, Volume CXVI, Issue 131, 30 November 1933, Page 4

NEW RECORD

PUBLIC TRUST OFFICE

TEAR'S ACTIVITIES

A further evidence of the expansion of the business of the Public Trust Office is recorded in the annual report of the Public Trustee (Mr. J. AY. Macdonalel), which was presented to Parliament 'yesferday afternoon.

"The conditions, prevailing throughout the year are necessarily reflected in the figures relating to-the new business reported during it, for not only are individual assets valued, on a lower basis than in previous years, but it is also common knowledge that the shrink'ago in values has in cases been accompanied by the entire loss of private wealth," states the report. "Thus.it is only to be expected that both in numbers and values there should be a falling-away from the figures recorded in previous years. In the circumstances tho figures relating to the new business —a total of £5,650,839, representing 274S estates and accounts—may be regarded as eminently satisfactory and to be- commensurate in volume with the higher figures recorded in more prosperous years. '■■ , LOWER BASIS OF VALUES. "The total amount of the business at present under administration is now £59,757,449, representing the aggregate of 20,936 'separate estates and accounts, This figure, which is impressive in the view which it conveys of tbe office activities, is the highest yet recorded in the history of the office, and exceeds by £624,93,7 . the previous highest figure, which was 'recorded in thetproeediug year. As in tho past f^y years a marked feature of the administration of estates has been the inability to realise, at prices acceptable to beneficiaries, assets which would normally bo converted into cash during the early stages of the administrations, and where the circumstances of individual'estates have not permitted' of a transfer of assets in specie to the beneficiaries, or the latter have not desired this to bo done, it has been necessary to' retain the assets until a more favourable market develops. The resulting accumulation of assets is, however, as the result of the lower basis of values operating, not reflected proportionately in - the figures relating to the business in hand,, and it is clear that the aggregate represents a much larger accumulation of assets than would be gathered from a comparison Of the present figures relating to the business in hand with the corresponding figures in previous years. The figures quoted do not take into account such matters as>trusteeships for debenture-holders where, the duties of the Public .Trustee are not of an. active nature or the supervision of the administration of the estates of aged and infirm persons or mental patients administered privately, but subject by statute to'the Public Trustee's supervision. By including these figures in the general total tho value of estates and funds under administration at the close of the year would be increased by £2,275,950. "Further evidence \>f the continued and more widespread confidence in. the Public Trust Office is contained in the statistics relating to the wills for deposit business. During the year 4052 new wills- appointing the Public Trustee executor and trustee were deposited for

safe custody, and at the close of the year the total number of such wills on deposit with the Public Trustee had increased by 2411 to the aggregato of 79,535 —also the highest recorded in/the history of the office. Apart from these wills, it is known that many wills appointing the Public Trustee execut> and trustee are held by banks.'solicitors, and others."