PUBLIC TRUST OFFICE

New Zealand Times, Volume L, Issue 11436, 5 February 1923, Page 5

PUBLIC TRUST OFFICE

~ 1 * THIRTY YEARS’ GROWTH. REVIEW/ BY HON. J. G. OOATES. The Minister in charge of the Public Trust Office (the Hon. J. G. Coates) briefly reviewed on Saturday the wonderful growth of the department during the past thirty years. The occasion was the •presentation made to Mr M. C. Barnett (Assistant-Publio Trustee) on his retirement on superannuation. When Mr Barnett joined the staff in 1893 there were, said the Minister, only 1912 estates, of a total value of £1,284,000, under administration, as against 9583, of a total value of £25,497,000, on March 31st last. , In tho ten year's ending 1902 the number of estates under administration doubled in value, and the amount was doubled <n value again in the next five years, redoubled in the five years following; while in the last five years the value had been nearly trebled, and was still growing. (Applause.) When Mr Barnett signed his first balance-sheet in 1893, the total common funds invested amounted to £492,000; on March 31st last they were £13,174,000, and in the past ten months they had increased by two million pounds. (Applause.) In the days of Mr Barnett's commencement with the office, the staff was very small, and the office had no home of its own. It carried on in leased premises in Customhouse quay. Now it had its own buildings in Wellington, Christchurch, Dunedin, Gisborne, Greymouth, Hawera, Invercargill, Masterton, Napier, Nelson, New Plymouth, Palmerston North, and Wanganui, while sites had been obtained elsewhere for buildings required to meet the growing needs. “When it was stated that wills of living persons are being received in the office, at the rate of five thousand a year, it will be gathered that a continuance of business is assured,” said MrirtSiates.