PUBLIC TRUST OFFICE

New Zealand Times, Volume XLIII, Issue 10137, 27 November 1918, Page 7

PUBLIC TRUST OFFICE

BUSINESS RAPIDLY EXPANDING. . The balance at credit of the Profit and Loss Account for the year, after meeting all the expenses of working, and making proper allowance, for depreciation of buildings and premises, amounts to £68.603. "This" constitutes a record. Of this sum. £30,000 has been allocated as a bonus to the beneficiaries in estates and investors in the common fund. There by increasing the amount of interest allowed bv one-tenth. The total sum distributed during the past three years as bonus amounts to £82,000. The amount transferred to the credit of the assurance and reserve fund was £21,363. Tho credit balance of tho assurance and reserve fund now stands at £240,000, the amount being invested in first-class securities. Investments from the common fund on March 31st, 1918, amounted to £8,724,052. During the year the position of Public Trustee became vacant. By the passing of the Public Trust Office Amendment Act, 1917, an important change was made in the constitution of the Department by the appointment of a Public Trust Office Board, and the reconstruction of the board controlling the investments ol the office. I hare every reason to believe that tho changes "will prove advantageous to the public. The Publio Trust Office Investment Board has met with regularity, and the office funds have been carefully invested in suitable securities. In tills phase of administration an acceleration in tho, practice has taken place, promoting satisfaction to borrowers.

Tho business continues to expand at a very rapid rate in every branch, and the officers of tho Department, owing to tho

war pressure, have been subject to great stress to keep pace with it. Important Structural alterations have been carried out in tile head office building, promoting efficiency and the comfort and convenience of tile staff. New premises are urgently required at Christhnrh, Invercargill, Hamilton, Masterton, and Palmerston North to meet tho. growing demands of the office, and provision for tho same will be duly considered when conditions arc favourable. Claims against tho special sinking fund established to meet losses on public buildings destroyed bv fire amotmu-n .luring the year to £8,030. Tho annual Government contribution of £IO,OOO was paid over to tho Public Trustee, who now holds a credit balance of £5-3,329. STATE FIRE INSURANCE. ■

The results of tho past year’s operations of this office are very satisfactory. Tho increase of business is the greatest attained in any year since the establishment of the office, and the underwriting surplus the largest yet recorded. The increase in tho sum underwritten amounted to £“2.700,000, bringing the total for the year of renewals and non* business to nearly £22,000,000. The gross surplus for the year 1917 amounts to £40.610, which has been allocated ns follows :—Unearned premium reserve, £3063; investment fluctuation reserve, .£1000; leaving a surplus of £36,523. The income tax, however, which for the first time has been applied to this office, amounted to £13,034, and this amount has to be deducted from the abovementioned surplus, leaving a net balance on the year’s operations of £22,601. The total income for 1917 amounted to 1£91,381, as against £82,695 for 1916., Tiio total accumulated funds of the office at the close of the year 1917 amounted to £182,645,' as against £155,959 for the previous year. The total assets of the office rose from £166,880 in 1816 bo .£208,220 in 1917. PUBLIC SERVICE' SUPERANNUATION.

During the year ended December Slut, 1917, retiring allowances aggregating ■£14,371 per annum were granted to eighty-one contributors retired by reason of age or length of service, seventeen contributors who retired as medically unfit Were granted allowances amounting to .£1252 per annum; fifty-two widows and sixty-dhreo children wore granted the statutory allowances, totalling £1755 per annum; seventy-threo allowances, amounting to £S3SO, were discontinued. The total number of existing allowances ,at the end of the year was 1373, representing au aggregate annual payment, of £100,359. The total amount invested to December 31st, 1917. was £976,403, yielding interest ,at an average of 5} per cent. The total number of contributors to the fund on that date was 13,784.