PUBLIC TRUST OFFICE

Otago Daily Times, Issue 18677, 5 October 1922, Page 7

PUBLIC TRUST OFFICE

ANNUAL REPORT. ' (Fhom Oun Own Correspondent.) WELLINGTON, October 4. ■ Tho annual report of the Public Trust Office mentions that it is 50 years since the department was established. Tho year was a record one, the new business transacted having amounted to £5,3?3.460. The growth in the number of wills deposited nas been phenomenal. There are now ■ 51,839 held in custody. Wills are now coming into the office at the rate of 6000 per annum, and the yearly increase in tho number now deposited almost equals the total accumulations for the 42 years up to 1914. Th.es? figures do not indicate the numb°r cf estates which will ultimately come to the Public Trustee for administration since maifv of the wills o f which the Public Trustee is executor are held by solicitors. The number of new estates accepted for administration was 2318. Tho profits for the year were £11.053, notwithstanding the fact that £S7.CCO in concessions were made to the estates, thereby reducing the profits by that amount. The staff is said to be Highly qualified. It includes 14 graduates of the university—--10 in law, 3 in arts, and cne in commerce. There are 12 barristers, 46 solicitors and 60 qualified accountants. The system, generally, has worked well. It enables the testator to secure the benefits of the State guarantee for his estate, and makes it possi Hi for him to enlist the special knowledge or experience which will prove 0 f use in fh n administration of his estate. The office affords an excellent mode of investment for the trust funds of friendly society lodges and similar institutions. Tho system in this connection will, it is suggested, commend itself to other institutions as soon as it becomes more widely known. Interest in the working of the office is manifested in America and Canada. The profit and loss account shows that tho amount required to meet such losses was only £6l. As the office is administering estates valued at £25.000.000. this is cit"d as evidence of careful management. The year hist closed has proved one of the most difficult experienced for the' past 20 years, owing to tho conditions that have prevailed. The office has, in common with other lending institutions, experienced difficulty in collecting some of tho interestpayable under' its mortgages. The payment cf income, however, is guaranteed by the Stale, and clients have not been called upon to wait for their money beyond the duo date. The amount of interest outstanding is not very great. The policy at the present time is to deal with all mortgagors as leniently as possible, consistent wjth the safety cf the moneys invested. Each case is treated on its merits. There has been a reduction of 121 during the year hMhe number of officers emnlovod, " n ’th annual salaries amounting to £40.842. The saving has been made possible by an improvement in the calibre of the staff, and the standard of work is now very high. Office processes have been simplified and all unnecessary work has been eliminated.