PUBLIC TRUST OFFICE

Otago Witness, Issue 3315, 26 September 1917, Page 5

PUBLIC TRUST OFFICE

RECORD PROFITS REALISED. {Fbom Oub Own Correspondent ) WELLINGTON, September 20, The annual report of tho Public Trust Office shows that the net profits for tha year were £58,862—an increase over those of last year, and the highest ill the history of the office. The growth of the business is shown in the following table:

1917 8,058,886 58,862 The report states that Dr Fitchetfc, th* present Public Trustee, will be retiring shortly. He took charge on March 1, and the above table is a striking evidence of the efficiency of his administration. Eighty members of the staff have left for the front. The lending operations of the office havt largely increased during the year under review. Advances have been made as follows: —On mortgage, £873,417; on Govern* ment securities, £200,000 j to local bodies, £312,026; to hospital boards, £16,200; to estates and beneficiaries, £76,317; —total, £1,477,960. As regards local bodfes, the princdpl* adopted is that, whilst willing to assist them by advances for necessary purposes, suoh at sanitation, roads, bridges, etc, the office wilt not make advances during war time for un« essential purposes, such as buildings, gas or electric light works, street improvements, etc. The total number of wills now deposited in the offioe is 19,565, and the number deposited during the year under review is 5257. The total number of ©states now in the offioe is 13,632, and the number that came in during the year undor review is 2734. Of these no fewer than 1798 axe soldiers' estates, which are being administered by the office at a loss. For the year ended March 31, 1916, bonuses totalling £22,908 were distributed, thereby increasing by aboxit i per cent, the rate of interest credited to estates, A similar bonus will probably be distributed for the year under review. Large as are the office premises in Wei lington, the business is fast outgrowing th* accommodation they give, and the necessity of extending them must soon be faced.

Capital luaus. Net profit* 1910 £3,4-14,168 £11,738 1911 4,287,195 11,241 1912 6,070,306 25,91§ 1913 5,799,446 27,551 1914 6,366,707 29,222 1915 7,096,420 32,508 1916 7.082.888 46.108