PUBLIC TRUST OFFICE

Franklin Times, Volume XXVII, Issue 108, 14 September 1938, Page 8 (Supplement)

PUBLIC TRUST OFFICE

PAST YEAR’S OPERATIONS

PROGRESS MAINTAINED

“Progress has been maintained at a steady rate during the year under review,” states the Minister in Charge of the Public Trust Office, the Hon. W. Nash, in a report presented to Parliment dealing with the working of the office for the year ended March 31. 1938.

“The new business reported for administration was of a total value of £5,966,359, representing the aggregate value of 2,934 estates and funds, as compared with the corresponding total of £5,968,109 for 2,770 estates and funds during the preceding year. The total value of estates on March 31, 1938, was £60,815,306.

“Confidence in the future development of the business is justified by the increasing number of wills held on deposit for testators who have appointed the Public Trustee to act as their executor and trustee. During the year 4,502 such wills were deposited, and the total number held increased from 88,321 to 90,474, a net increase of 2,153 for the year. It is interesting to note that 3,98 1 wills were redrafted by the Public Trustee for clients who desired owing to changes iii their circumstances or for other reasons to vary the existing provisions of their wills. The practice of revising existing wills at regular intervals is a commendable one, and it is evident that the facilities provided by the Pubic Trustee for this work are fully appreciated by clients. The redrafting of such a large number of wills is testimony to the continued confidence reposed in the Public Trust Office by existing testators. “The expansion of the Public Trust Office over the past twenty years is shown by the following table giving the value of the business under administration and the number of wills on deposit at ten-yearly intervals: — Value of Estates Number of and Funds under Wills on Adm inis tra t i on Deposit Year £ 1918 .. 17,153,031 2 1,0511 1928 .‘. 44,155,548 58,065 1938 .. 60,815,306 90,474 “Reference was made in previous reports to the duties and responsibilities devolving upon'the Public Trustee by the passing of the special legislation appointing him liquidator of certain companies and as receiver of other companies. During the past year a very large amount of work has been entailed in the carrying-out of these duties, and arrangements have recently been completed for a sale of most of the remaining assets. When settlement is effected the completion of the liquidation of the various companies will be in sight.

“It. is gratifying to record that the commission earned has shown a substantial increase as a result of the improved economic conditions, although 11 1 is improvement lias been offset to some extent by tlie increased cost- of management, resulting partly from the general regrading of the staff, which involved the payment of large additional amounts for salaries, and the in-

crease in the cost of various services which are necessary for the proper conduct of the operations. A further material factor has been Ihe heavy ex-

pense incurred in connection with applications made by mortgagors for the adjustment of their liabilities under Ihe Mortgagors and Lessees Rehabilitation Act, 1936. Additional provision has also been necessary to meet cases in which remission of interest or reduction of the principal of mortgages has been ordered by the Adjustment Commissions. Notwithstanding these factors, and after making llie usual

provision for depreciation of departmental property, the net profit for the

year amounted to £12,964, which, talcing all the circumstances into account,, must be regarded as satisfactory. “The continued expansion of the business of the Office has again necessitated the provision of improved and additional accommodation at a number of branches. A commencement has been made with the erection of a new office building at Nelson, and it is anticipated that the premises will be ready for occupation in November next. There is urgent need for improved and increased accommodation for the staffs of the Head Office and the Wellington district office. Steps are being taken to acquire the necessary properties to meet the immediate congestion, but the present and prospective needs call for the erection at the earliest opportunity of a new building planned on modern lines. “The operations of the Office for theyear under review have proceeded smoothly, and the services rendered have evoked many unsolicited expressions of appreciation from satisfied beneficiaries and clients. The fact that steady progress is being made, notwithstanding keen competition, is satisfactory testimony that the business is being conducted on sound lines.” ■