PUBLIC TRUST OFFICE.

New Zealand Herald, Volume LXVIII, Issue 20985, 23 September 1931, Page 7

PUBLIC TRUST OFFICE.

INCREASE IN B.USINESB. NEED , OF WISE CONTROL.' PERIOD OF FALLING VALUES. The need of wise and prudent admin* istration is stressed in the annual report of the Public Trust Office, which was presented to Parliament recently. A large increase in business is \ ' In his report, the Prime Minister states: "In the acquisition of new business the department shows another record year. During the year 1930-31, 3651 estates and funds of a total value of £9,251,035 were accepted for administration, compared with a total of £8,473,916 for the previous year. Tho increase was even greater in reality, as in view of the existing conditions a lower level of values was assigned to tho assets making up the total for the past year." The report states that the value of the estates and funds under administration on March 31, 1930, was £53,049,437. On March 31, 1931, the value was £57,527,263, an increase of approximately £4,500,000. Since 1906 the total value of estates under administration had increased by over £50,000,000. During the year 6312 wills of living testators appointing the Public Trustee executor and trustee were deposited. On March 31 last the total held by tho Public Trustee was 73,523, an increase of 5270 over the total at the end of the previous year. The testators represented a considerable proportion of the property-holders of the Dominion and the prospective business was most encouraging. By means of a system of decentralisation which had been adopted, the administration of estates and other office'duties were attended to in close touch with the beneficiaries and other interested parties and in proximity to the assets affected. The Public Trustee's representation had been extended by the raising of district manager office at Stratford to the status of a district public trustee office and the establishment of a district public trustee office at'Te Aroha. District managers' offices had been opened at Westport, Taumarunui, Oamaru, Cambridge, Rotorua. and Pukekohe. The Public Trustee's report states: — " Owing to economic stress the problems arising in the administration of estates and the other work of the office are becoming increasingly difficult. Mortgagors, tenants and debtors are finding themselves in straitened circumstances as a result of the decline in the national income. In consequence numerous applications for relief are being made. In the interests of the community as a whole, it is necessary that mortgagors, lessees and debtors generally l should be enabled to tide over the period of depression."