PUBLIC TRUST OFFICE.

Lake Wakatip Mail, Issue 4347, 11 January 1938, Page 3

PUBLIC TRUST OFFICE.

REPORT FOR THE YEAR ENDED Slat MAROH, 1937.

NEW BUSINESS

The following 1 are a few excerpts from the annual report of the Public Trust Office:—

During the past year 2,770 estates and funds' of a total value of £5,968,109 were accepted for administration, compared with 2,719 of a value of £6,675,965 the previous year. Notwithstanding the reduction in values, the new business for the year was satisfactory.

The total number of estates and funds under administration at the close of the year was 18,874, of an aggregate value of £60,770,814, as against 19,123, valued at £60,660,310, at the end of the previous year. There is a decline in numbers and a comparatively s'mall increase in total value as compared with the large volume of new business, and this is accounted for mainly by the circumstances referred to in last year’s report—na'mely, the effect of the conversion of local-body indebtedness upon the sinking funds held by the Public Trustee and the repayment of existing Investment agencies upon maturity. In addition, considerable progress was made during the year with the liquidation of the Investment Executive Trust and related companies. In the other estates and funds under administration the aggregate business has shown an increase exceeding £1,300,000.

In addition to the business referred to in the previous paragraph there are many cases where the Public Trustee is required to supervise the administration by private persons of the estatesi of mental patients and aged and infirm persons. In other cases the duties are not of an active character—e.g., trusteeships for de-benture-holders. By including these figures the value of the estates and funds under administration at the close of the year would be increased by £1,863,210.

number of wills appointing the Public Trustee executor or trustee deposited by testators during the year was 4,408, representing a substantial increase over the corresponding figure of 4,014 for the previous year. The majority of the wills were prepared by the Office., The number of wills withdrawn during the year through the death of testators or otherwise was 1,965. The number of wills on deposit at the close of the year, 88,321, therefore showed a substantial increase of 2,443 over the corresponding figure at the close of the previous year, which itself constituted a record in the history of the office.

During the year, 3,898 wills were redrafted to provide for alterations desired by testators, as compar ed with 3,497 redrafts for the previous year.

Wills and Trust Estates.—The largest number of estates and funds and the most valuable business _ under administration come under this heading, and consist of those estates where the Public Trustee acts as executor or trustee of the wills of deceased persons or as trustee of trusts . constituted by settlors during their life-times. The majority arise, out of appointments of the Public Trustee or settlor personally, but in addition there are- numerous cases- where the estates were previously administered by private trustees' and are taken over by the Public Trustee at the request of the interested parties or where the persons appointed as executors ask the. Public Trustee to act in their stead. The number of such estates accepted during the year was 1,602, of a total value of £3,683,669. FINANCE. , Investment of Fumds.—The total investment completed during the year amounted to £2,077,864, compared with £1,401,151 for the year ended 31st March, 1936, On the 31st March, 1937, the investments held by the Office, including special investments on behalf of estates and funds, totalled £36,211,293. Annual Ac-counts. —As a result of the improved economic conditions, satisfactory realizations have 1 been effected of many assets-, Including house and farming properties-, which had been withheld from the market until conditions improved. This _is reflected in the commission, which shows an increase of over 16 per cent, on that of the previous year. As an offset, however, to tills improvement in the revenue of the Office, expenditure lias increased _in certain directions —principally in. salaries., the “cuts” in which have now been wholly restored, and in various services rendered to the Office'. The re-introduction of graduated land-tax also increased the expenditure under that heading by nearly £3,000.

Notwithstanding’ these increases in expenditure, .however, it is satisfactory to be able to report that, after making provision for depreciation and for losses, of interest on investments, the net profit for the year amounted to £21,892. Advances to Estates and Beneficiaries.—The necessity frequently arises at an early stage in the administration of an estate, of providing funds to meet debts, death duties, and other immediate liabilities, and to meet living-expenses of dependants. This the Public Trustee is able to do by way of advance on the security of the assets of the estate. No legal charges arc incurred, since the Public Trustee has a statutory charge oven- the assets ol the estate! aisi security for the advance, subject., of course, to any prior encumbrances. Additional features ol this advantageous 'method ol providing ready money are the low rate ol interest payable on such advances and the fact that immediately moneys are received for application in reduction of the advance, the interest charge falls accordingly. Particularly during recent yea s has the benefit of this method ol accommodation been demonstrated. Not only has it been possible to provide financial assistance, to estates whose assets, owing to adverse ecoi ■ mic conditions, could have realized only on an unfavorable market, but also beneficiaries in estates desiring advances on the security of their interest therein ■<- been afforded immediate assistance. The amount of current 'advances t( estates and beneficiaries at olst Maicn, Wdl, was £899,205.

| SAFE-DEPOSIT' LOCK EPS. | That clients who have taken ad- | vantage ol ! the safe-deposit-locker I system for the safe custody of their , documents and other valuables appreciate the service is: amply evidenced by the continued demand for such lockers. Housed in the Office strongrooms, these Lockers, which are installed at many branches of the Office, afford at a moderate cost security against loss by fire or theft. Access to their lockers may be gained by lessees at any time during ordinary business hours. Every precaution is taken bo afford clients a full measure of protection. LEGAL DIVISION". During the year administration was obtained in 1,708 estates. Other Court applications for leave to take steps necessary in the administration of of the estate, but not authorized by the will or by statute, numbered 08, while in 11 cpses it was necessary to file a certificate under Part IV of the Administration Act electing to administer the estates concerned as insolvent. In addition, a number of exemplifications of probates granted abroad and of New Zealand grants were sealed to enable assets situated in the respective countries j co be dealt with. >