PUBLIC TRUST OFFICE

Grey River Argus, 29 June 1925, Page 2

PUBLIC TRUST OFFICE

ANOTHER RECORD YEAR. VALUE OF ESTATES OVER £35.000,000. The Hon. the Minister of Finance (the Hon. \\. Noswo/thy) in announcing the result of the. year 's working of the Public 'Trust Office for the year ended Alarch 31st. 1925, states tlmt the business 1 ra nsacted during the year business 1 ra>nsaeted during the year exceeds all previous records. 'Die value () f t] l( . estates and funds under administration on 31st March, 1925, was £35,570,642 —a»n increase for the fourth consecutive year of over three million pounds. ‘‘The following figures, “ said the Alinister, •• will give an indication of lhe remarkable growth of the office: — “In 1890 the value of estates and funds u-.ider administration was £1.240098; in 1595. £1562,269; in 1 FOO, £2_ 192,-591; in 1905, £3,577,355; in l!»10. £7.358.947; in 1915. £13.580,936; in 192(1, £20860,68(»; in 1925 £35.570 642. It will be seen that the value has increased by nearly fifteen million pounds in the past five years, and that in fifteen years it has increased almost’ fi vcfold. “The new business entrusted to the office duri’iig the year also exceeds all previous records. 3023 new estates wire accepted for administration of a total value of £4. 62 1 .>69. representing an increase of £S-|0.714 over the new business for the previous year which, was itself ahead of all earlier records. Of the estates reported during tin- vear 490 were administered coiiiph-t ••! v :" n| closed within the year. r j'lie total number of estates closed during the year was 1921, of a total value of £1.317,163. “Tlh' reduclion ot' the charges in April. I<J23,1 < J23, and the discontinuance of certain spcci.-l lees so as to make th” commission inclusive of all services has h'd to the appointment of the I‘ub'ic 'Trustee as executor of an increasingly large number of wills affecting cstat -s of considerable value, and i! is ”rat: lying to be able to rep it that weallliy testators are showing a growb.ig confidence in lhe office, so that there is a steady growth in lhe \:ibi ( . of the esiales under .•idmiiii>t rat ion. cii- lody "ii behalf of hvi’iig t( l slat' is on Al'ii'ch .“>1 Inst was 4 1.1(12. and the number i- Icing added to constantly ::! th” rat” < f bet w (••■n four and five hundred n ini'ith. This iiiinibcr docs not include wills in which th” I’ublic 'Trustee i • | pointed execiit r. but which are h'-id out id” 11 “Tin- new i u ves! nic'it s made d:iriii” tin’ ve;;r aim nnled £3.|5i).533 -£l_ SSO.'J7S ’?.! niortga”; £si>,s.’l in (dr. eminent .-'••<• arit ie ■ and £7:U,2''7 in ltic.nl bodies' (p bi ni'. rcs otht r invest ment-;, £457.717 niak'.’i” :t I .-al amount iiivesle ( | on 31s! March. 1125. ,d’ “The net for 11,<• year are £90,522 6s Id ns compared with £65, 5-12 Os 7'l f.r the preceding yea.r-.i return exceeding that of any prevh us year. In I'»21 ami 1!>22 iI: • profit.--a moulted Io £10.691 ami I'll.oA;’, re spective'y— returns reflect ing lhe difficult times through which the Dornin ion was ! hen passing. ‘Since those years conditions have shown :i verv marked impruva'iin >nt and 'the business of the otlice has steadily progressed on m re profitable lines, ami it is exceet'iiugly pleasing Io be able to afford particulars id’ a year' showing the b”sl results y”1 .•dlained. ‘‘This result has not hec»;i achieved merely us a result of an increased revenue. Every attention has been given to econemical management, .and no'., withstanding the fact that the value of the estate-; and fund.; under administra lion < n 3ist .•.lurch last exceeded the value i’.i 3'st March 1921. by more than fourteen milli(.n pounds, the expenses of m.u liagemen ? decreased by £25416. “The increase in th/ expenses for the ciirront Year over those of the previous year is largely :. cc'ii?, Jml for by the increases in salaries following iqmn the re” i’ailing id’ the Public Service. Apart from tlmt lhe increase in the expenses has been very small, not wi t hstandi'iig the huge volume of new business handled during the year under review. “The question of the accounts, organisation, and control of the many businesses (including farming businesses) carried on bv lhe Public Trustee in his capacity as executor, trustee, or ‘committee, etc., continues to receive the most careful attentic'ii, and every effort has been made to build up a system that will make for efficient and economical management ensure that each business is placed on a sound basis immediately it comes under the Public 'Trustee's control, ami provide every p; ssible safeguard for the business assets. Il is recognised that this matter is one of the utmost importance, and lhe Public 'Trustee will einlinue to give it the closest attention . ‘‘The ]>iospec‘s of the office are very en< eurajing. The new' business entrusted to its cure grows continually, and th,, circle ”f its i'.'ifluence is steadily exfending. An enormous volume of business is alreadv assured for the coming years, ami it is confidently felt that in the future the growth will be eve'll greater •■"•'I more rapid than it has been in the past. ‘ Every effort will be made to give Ihe public the best service* on the most advaidag”GUs terms that conditions will fr- m time to t ime permit.