THE PUBLIC TRUST.

Hawke's Bay Tribune, Volume XIII, Issue 199, 8 August 1923, Page 3

THE PUBLIC TRUST.

ANNUAL REPORT. The outstanding feature of the year’ work (states the annual report of th Public Trust Office) is the greatly improved financial position. The tota revenue amounted to £246.692. as com pared with £220,794 for the precedin' year, while the expenditure decreas < from £209.741 to £187,991. The result is that a profit of £58.70 / has been earned on the year’s working as compared with profits of £10,69 and £11,053 for the two previous years This result has been achieved after pro viding for the expenditure which a ordinary commercial undertaking woul have to meet, including the paymen ’ of income-tax and depreciation of plan and buildings. The improvement in the financir iiosition of the office has made it possi ble to consider the granting of furthe, concessions to those persons who d. business with it. the aim of the presen Public Trustee on taking office tw. years ago being to substantially reduc< the expenditure so as to be in a positioi to confer further concessions on client of the office.

Ever since the office was founded it principal aim has been to render effi cient service to its clients and not t< amass profits. Whenever the surplus of revenue over expenditure has wai ranted the granting of concessions thi has been done, either by increasing threturn to beneficiaries on amounts hel< in the common fund, or by a reductim in the charges made for the adminis tration of estates. In view of the favourable results o last year’s working, further concession of an important nature have been de eided upon. As from the Ist April. 1923, many classes of fees charged b. the Public Trustee, in addition to tb< commission for the administration oi estates, will be abolished.

Among the matters to which the re port directs attention are:— The- increase in balances at credit of estates and funds from £15,329,125 ti £17,466,787. The increase of £3,407,019 in the total value of estates and funds ad ministered by the office, making th< total value as at the 31st March, 1923 £28,904,798.

The investment of further sums totalling £2,441,404. from the common fund during the year. Out of thh amount £1,275,659 was advanced tc private mortgagors, and £955,877 tc local bodies for works of public utility The increase of the office reserves tc a total of £491,775.

The receipt of deposits to the value of £1,012,500 from insurance companies in terms of the Insurance Companies' ]>eposits Act, 1921-22. The closing of the administration o' 461 estates in the year in which the; were accepted, thus giving convincin' evidence of prompt administration. Ii each of these cases the realisation o the assets was undertaken at the re quest of the beneficiaries or becaus' the market conditions were favourable On the other hand, where it is advan tageous to retain the properties, th< Public Trustee has special financia facilities which enable him to avoic forced sales. The reduction of twenty-one in the number of staff employed, in additior to the reduction of 121 effected during the preceding year. The development of the system of training junior officers to provide adequate staff for future requirements. The establishment of one permanent full-time branch office; five part-time offices; and six agencies of the office, making the total number of offices and agencies 100.

The deposit of 4.383 additional wills with the Public Trustee for safe custody, making the total number on deposit on the 31st March, 1923, 35,502.