A RECORD YEAR.

Hawera Star, Volume XLVIII, 21 June 1924, Page 16

A RECORD YEAR.

PUBLIC TRUST OFFICE. ESTATES AND FUNDS OVER THIRTY MILL TONS. The progress of the office has oeen well maintained, and the past .year constitutes a record in every respect. The value of estates and funds under •administration on March 31, 1924, was £32,404,724. as compared with £2B - 904, /98 on March 31, 1923—an increase of £3,499,926. Mr. Massey states: “The continuous and rapid growth of the office is shoivn in the fact that in seven years the value of the estates administered has been doubled, while in eleven it has been trebled. For three successive years the increase has exceeded three million pounds. No less than 2739 new estates were reported and accepted during the year, of a total value of £3,781,1-55, and the adminis-

tration of 478. of these estates was completed within the year under review. The number of all estates closed was 2052.

COMMISSION RATES REDUCED. “Following upon the successful result of the working for the preceding year, 1923, rates of commission were reduced from April 1, 1923, while certain fees previously charged to estates were discontinued so ag to make the commission inclusive of all administration charges, and there is no doubt that this has had the effect of increasing the business largely, as shown in the number and value of the new estates. It is gratifying to he able to report an increase in the proportion of large estates, and many of them possessing assets of great value are now under administration throughout New Zealand. A number of estates of / this class were among those accepted dnring the year just ended, and the wills deposited show that the administration of others of still greater value will he handled in the future

The number of wills deposited for safe custody by living testators continues to fincnease very) largely, as shown by the number of new wills deposited—so 97. The number is being added to fay from four to five hundred walls a month, and the total held on Maiitfi 31 last was 39,682. .This does not include wills held on deposit outside the office, anpointing the Public Trustee executor. In the past ten years the number of wills held by the office has been increased more than sixfold, and this may be regarded As evidence of the increasing confidence of the public in the administration of the office. “During the year new investments were made amounting to £2,198,185 £1,422,870 in mortgages, £336,570 in Government securities, and £438,745 in local bodies’ debentures—making a total amount invested on March 31, 1924, £.19,895,285, double the amount of the investment five years ago. NET PROFIT, £65,542. “The net profits for the year are £65,542 0s 7d, as compared with £58,700 for the preeding year—a result that may be regarded as most satisfactory when it Is considered that the office ahs been faced with the difficulties that have been experienced by all financial institutions during the past few years in the management of mortgage securities. For the vear s ended March 31, 1921, and March 31, 1922, the were respectively £10,691 and £11,003. For several vears preceding 1921 the profits made bv the office has been faced with the difficulty thp payment of bonuses in addition to the interest credited to estates in th© ordinary course. CONCESSIONS TO CLIENTS.

“On April 1, 1920, the rates of interest were raised, and the amount of' the bonus was merged in the increased rates. Apart from this actual increase in the rates, the system of crediting interest was made more favourable to the estates, and it is estimated that the value of these concessions during the years 1921 and 1922 was £97,000’ It is proposed to make further concessions to the clients of the office, and proposals to that end’are" now being considered.

“Every regard has been given to economical management, and it will be seen from the accounts that, notwithstanding the very large volume of new business handled during the year, the expenses show a very slight increase over those of the previous year. The actual working expenses for the past four years, excluding depreciation, which has increased annually by reason of the gradual acquisition of additional premises, have been as follows: 1921 ' £226,104 1922 £202,137 1924 £180,643 1904 £180,643 “The economies that have been effected have helped to make possible the granting of concessions to clients, and every endeavour is being made to carry out the policy still further.”