PUBLIC TRUST OFFICE

Marlborough Express, Volume LIII, Issue 222, 19 September 1919, Page 3

PUBLIC TRUST OFFICE

INTERESTING FIGURES

The annual report of ithe Public Trust Office states that particular attention has been paid throughout the year to effecting improvements to buildings, premises, and equipment to promote ' the efficiency and the comfort and convenience of the staff, both in the head office and at district offices; to improving the status of officers, both permanent and temporary; and to developing a much-needed policy of decentralisation with respect to the administration of estates and the accounting connected therewith. The Board has also devoted much time and thought in bringing into effect a system by which the winding-up of estates can be facilitated, consistent with observing the -law and safeguarding the interests of beneficiaries.

The balances s at credit of estates now exceed £10,000,000, an increase of £1,000,000 during the year. For the past five years the amounts at credit of estates have been:—

1915 £7,0&6,420 1916 £7,082,888 1917 ... ... £8,058,886 1918 ... ... £9,004,057 ' 1919 ... ... £10,065,027 ' In a period of less than twenty years the balances at credit of estates have grown from less than £1,000,000 to over £10,000,000. . !■■■, The office possesses freehold cpreniis"es, furniture, and equipment to the* value of £137,000, in addition to the' reserve funds. The total of office reserves is thus in excess of £380,000., During the year a further investment of £210,000 was made in the New Zealand Government war loans, making a total subscription by the office of ,£660,000 to the 31st March, 1919. The total interest collected during the year from investments .amounted to £475,031.' The surplus moneys derived from the common fund of the office have been kept closely invested during the year. The total investments of the office now amount to £9,816,108, showing an increase in twelve • months of £979,199. Throughout the year the Board has endeavored, so far as is consistent with the safe investment of its funds, to use the moneys at its disposal to assist development throughout the Dominion. No difficulty has been experienced in finding suitable securities for .advances by way of mortgage. The Board has borne constantly 4n mind the needs of small and has given special consideration to applications from this class of applicant. Advances on properties si£uat4d in town areas have not been entirely declined, but the great majority of the advances have been made on "broad acr6" situated in rural districts.. Throughout the year the Board has given constant and unremitting attention to the removal of causes which have in the past resulted in delay to the^administration of estates. Although the rapid expansion of business and the difficulties of obtaining an adequately trained staff have rendered, and continue to render, the problem difficult of solution, the Board believes that it has achieved some success in this direction, and that before another year closes, by which time the programme of reorganisation now in course of development will have become materialised, it will be possible to chronicle a still, further satisfactory advance. From time to time the office receives complaints from persons interested in .estates under* administration,. arid" every endeavor is made by the office to afford satisfaction to the complainant in every such ease. On the other hand, many letters are received from clients and beneficiaries expressing their appreciation of the services rendered by the office. The Board is convinced that an important factor for obviating delays in administration is in continued and extended decentralisation. This, however,, is incapable of realisation whilst trained men are available , only to a limited degree to fill positions of vre'spon.si r bility. The Board recognises that the very name and nature of the office it "controls imperatively demand that the service it renders should be of the highest character, and that its efforts should be directed to ensuring that nothing is left undone to secure the fulfilment of this vitnl obligation, not only by itself but by every official forming a part of the administration. ,