PUBLIC TRUST OFFICE

Otago Witness, Issue 3418, 19 September 1919, Page 25

PUBLIC TRUST OFFICE

A BIG YEAR'S WORK. * HANDLING ENEMY PROPERTY. Tho report of the Public Trust Office for the year ended March. 31, was presented to' the House of Representatives last week. The Minister in charge (Mr Massey), in a covering statement, draws attention to the following points: The record profit earned, viz., £70,155. The accession during the war of nearly 4-500 new estates to ho administered by the office, being at the rate of 15 per working day. The control of the office and assets and funds to an estimated value of £20,0C0,000, of which £10,000,000 has been received on behalf of the estates and is held in tho common fund or is specially invested, while' £10,000,000 is held in the form of property real or personal, which has not yet been realisad. The increase of £921,403 in the amount held in the common fund. The increase of £797,199 in the lund invested in the office. The accumulation of reserves to a tor-al of £389,440; consisting of invested funds and office property and equipment on which depreciation has been fully written off. During the year there has been introduced a Fc'ieme of decentralisation of the administration of estates, which will permit of much of the work hitherto carried out in the head office being performed locally. Legislative action is required to enable delegation of administration to be extended to district officers other than those in the four principal centres. The Publio Trustee urges it as a matter of importance and a necessary adjunct to decentralisation. The mfli'enza epidemic caused between 900 and 1000 new estfctes to be reported to tho office for administration. In the head office at the height of the epidemic no fewer than 213 officers out of a total stall of 264 were absent from duty. A large accumulation of work resulted, but it was all cleared away by the end of the financial year. The Publio Trustee Board will take into serious consideration almost immediately the important question of securing the services in the principal centres of exparts who are qualified to act as advisers to the local Deputy Public Trustee and the district managers in respect of businesses forming part of the estates under administration. It is anticipated that this departure will specially commend itself to prospective clients of the office in farming districts. Tho control of enemy property was duly imposed on the board by the War Regulations. Practically all goods imported from tho enemy countries and not taken over by the consignors prior to the war have been sold. Stocks, shares, etc., the property of enemy subjects, have been realised. All rents, dividends, and interest payable to enemies are payable to the Public Trustee, and the amount collected under this heading has been nearly £16.000. Practically all enemy firms in the dominion have been wound up. Book debts amounting to about £2OOO only remain to bo collected. The assets of 20 prisoners of war, of which tho Public Trustee is custodian, aggregate in value £15,000. They consist mostly of mortgages and farm property. Claims against the enemy amounting nearly £51,000 have been received. Only" one cla ; m against the Russian Government has been received.