PUBLIC TRUST OFFICE.

Greymouth Evening Star, 24 September 1917, Page 2

PUBLIC TRUST OFFICE.

RECORD PROFITS,

AA'ELLINGTON, September 20

The annual report of the I'ubiio Trust Office show s that the net profits for the year were £58,862 —an 'increase of £12,57-1 over those of last .year, and the highest in the history of the office. The growth of the business is shown in the following table: Capital Fmids. Net Profits

The report states: Dr. Fitchett, the present Public Trustee, will be retiring shortly. lie took charge on March Ist, 1910, and the above'table if) a striking evidence of the efficiency of his administration. Eighty members of the staff have left for the I'ront. The lending operations of the office have largely increased during the year under review, advance* having hoen made as- follows :-- - r> On mortKUKo 873,417 On (iovernment securities ... 200.C00 To local bodies 312.026 To Jiospit.il Hoards 16,200 To estates and briicfiiiaiies ... 76,317 Total: £1,477,900 Am regards local bodies, the principle adopted is that, while willing to assiisfc them by advances for necessary purposes such as sanitation, roads, bridges, etc. the office will not make advances during war time-for unessential purposes such as buildings gas or electric light works, street' improvements, etc. The total number of wills now reported in the office i s , l!),. r )(>r), and the. number deposited in the year under review is 5257. The total*■number of estates now in the office is ].'i,G-'52, and the number that came in during the year under review is 2734. Of these no fewer than 1798 are soldiers' which arc being administered by the office at a loss. For the year ending March 31st, JOIG, bonuses totalling £22,908 were distributed, thereby increasing by about I per cent the rate of interest credited to estates. A similar bonus will probable be distributed for the year under review. Large as are the office premises in W the business is fast outgrowing the accommodation they give and the necessity 0 "f extending them must soon be faced

£ £ 1910 ... 3,414,168 11,738 1911 ... 4,287.195 11,241 1912 ... 5,070.305 25.919 1913 ... 5,799,446 27,551 1914 ... 6,366,707 29,222 1915 ... 7,096,420 32,308 1916 ... 7,082.888 46,108 1917 ... 8,058,886 58,862