GUARDIAN TRUST

Northern Advocate, 25 October 1935, Page 8

GUARDIAN TRUST

ANNUAL MEETING YESTERDAY. PROGRESS OF COMPANY. CHAIRMAN’S OBSERVATIONS. [Special to “Northern Advocate:’! AUCKLAND, This Day. ’ At the annual meeting of the South British Insurance Company held at Auckland yesterday, Mr V. J. Lamer, chairman of directors, referring to the progress of the Guardian Trust Company, made the following observations:

From the statement of assets under administration by the Guardian Trust Company it will be noted that they have now reached a total value of £12,639,296. New business for the year reached a total of £1,045,637. The company continues to maintain its steady growth and it is interesting to note that 20 years ago the value of assets under its control was £10,650 only. During this period payments to beneficiaries by way of realisations and income have amounted to no less a sum than £11,943,312.

The complexities that have been experienced in trustee business during the last few years are not decreasing, and quite apart from the fact that satisfactory realisations are difficult, the matter of investment of funds has and is proving a very serious problem. The burden of trusteeship will continue to increase and in very few instances can a private trustee either spare the time or have the ability and experience to cope with the many problems that must arise in the course of a trust.

Both in England and in New Zealand it has always been regarded as an axiom that a trustee accepts such an office at his peril. His liabilities are clearly defined, and his duties are quite right made onerous. It has further been held in the courts that corporate trustee companies undertaking such work assume a. greater responsibility than a private trustee. At the same time, however, on account of the financial stability of such companies, their specialisation in the vvork and the fact that they are practically in every case bound to lodge considerable sums with the Government as security, Parliaments in other countries have considered themselves justified in granting them wider powers and authorities than those that could be safely granted to private individuals. It has been stated, “Civilisation permits you and me to make a private law for the disposition of our property after death.” We call that private law our last will and testament. In that instrument we can legislate for the good or ill of our families and our estates. We may legislate cautiously, prudently, anil wisely. If we fail to do so, however, we shall not personally suffer, but the suffering caused by us will fall to the lot of those we love.”

The prudent testator, with a sense of his responsibility, will consult his solicitor and see that his will is drawn to suit modern conditions.