PUBLIC TRUST OFFICE.

Otago Daily Times, Issue 18896, 23 June 1923, Page 8

PUBLIC TRUST OFFICE.

RESULTS OF YEAR’S WORKING. ASSETS NEARLY THIRTY , MILLIONS. FURTHER CONCESSIONS PROPOSED. The Hon, J. G. Coates, Minister in Charge of the Public Trust Office, in announcing the result of the year’s working of the Office, stated that the value of estates and funds under administration by the Public Trustee has increased by ±-'3,4-07,019 during the year, and that on March 31 the total value of assets under administration was £28,904,798. “The year has again shown a remarkable increase in the number of wills deposited for safe custody by livino- testators,” said the Minister. “During the year. 4383 such wills were lodged with the Public Trustee, making the total number on deposit as at March 31, 1923, 35,502. As many wills appointing the Public Trustee executor are known to be held by solicitors, banks, and other private persons and institutions, it is evident that a large prospective business is being built up. “The number of new estates accepted for administration was 2450, and in no less than 461 cases the administration of the estate was entirely completed within the financial year. This is evidence of prompt administration on the part of the Public Trust Office, and goes far to discount statements which are sometimes made as to alleged delays in completing the administration.

PROFITS FOLLOW ECONOMY,

“The financial result of the year’s working is very gratifying, the net profits being £58,700, as compared with a profit of £10,691 and £11,153 respectively for the two preceding years. This result has been achieved largely by the introduction of a strict system of economy, under which savings estimated at approximately £64,000 per annum have been introduced. The benefit of this policy is still being felt. For the year ended March 31, 1922, the total expenditure of the office was less by £23,342 than that of the previous year. The figures for the year just closed show that a further reduction of £21,750 in the expenditure has taken place. As these figures represent a not saving after allowing for certain inevitable increases in expenditure, such as scale increments of salary, etc., it is clear that the economics which have been effected have been very substantial ones.

REDUCING FEES AND COMMISSION. “It lias long- been the practice of the Public Trust Office to share with its clients all financial benefits derived from the working of the office. The commission and other charges made by the office are intended only to cover the cost of working, and when the financial results justify any concession it has been the practice to pass the. benefit on promptly to clients and beneficiaries of the office. In the previous year concessions by way of interest allowed on funds on deposit amounted to £57,503. In view of the improved results on the present year’s working, it is proposed to grant further substantial concessions to estates and beneficiaries —firstly, by reducing the commission charged for the administration of certain classes of estates, and, secondly, by waiving all' special fees in connection with the administration, so that the commission rates fixed will bo the solo remuneration received by the office for the administration. These concessions will represent a considerable benefit to clients of the office, and will servo to still further popularise the institution.” The Minister slated that he hopes to submit to Cabinet shortly definite proposals for giving effect to the suggested concessions. The reduced charges, when approved, will apply not only to estates coming into the office in future, but to those which are at present under administration.—23/6/25.