PUBLIC TRUST OFFICE.

Otago Daily Times, Issue 13693, 8 September 1906, Page 10

PUBLIC TRUST OFFICE.

(From Our Own 'Correspondent.) WELLINGTON. September 7. The annual report of the Public Trust Office, which was presented to Parliament to-day, states that there was a largo increaso of all branches of business during the year. In October last tho interest payablo to beneficiaries was increased from 4 to 4i per cent, on sums under £3000, and from to t per cent, on all sums above that amount. Notwithstanding this the profits for the year amounted to £11.990. The land assurance fund decreased by £9366.- This fund, would disappear in about four years, and the Consolidated Fund would then have to be drawn upon to meet claims upon it under "The Land Transfer Act, 1885." The diminution of the fund had been caused by the largo burden placcd upon it by " The Government Loans to Lor ;1 Bodies Act Amendment Aot, 1892." The payments to the sinking fund under that act were annually increasing, whilst the additions to the fund by contributions by no means balanced them. The claims against the assurance fund on account of shortage of area, defective titles, etc., were likely to increase in the future. In 1900 the' fund stood at £72,252, It was now £27,886. The Public Trustee urges that the Land and Income Assessment Act, bo amended so that tho present hoavv tax on Natives interested in reserves administered* by the office be removed. The tax,, ho points out, is assefsod on the whole grant, so. that no matter how small a Native's share of rent, is.'when the reserve is of greater valuation than £500 he has to pay the tax. Tho report adds: "It may be argued that no distinction is made between Natives and Europeans. The answer is that the lands of F/iiropeans aro not in the same position. The grievance should be' remedied at once. It is an unfair tax, accidental in its application, and as long as it exists the Natives will' have good grounds for complaint."