THE PUBLIC TRUST OFFICE.

Otago Witness, Issue 3614, 19 June 1923, Page 26

THE PUBLIC TRUST OFFICE.

A PROFIT OF £58,700. WELLINGTON, June 12. 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, slates that the value of the estates and tlie funds under administration by the Public Trustee has increased by £3,407,019 during the year, and that on March 31 the total value of assets under administration was £28,904,783. The year has again shown a remarkable increase in the number of wills deposited -for safe custody by living testators. 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. The number oi estates accepted for administration was 2450, and in no less than 461 eases the administration of the estate was entirely completed within the financial year The financial result of the year’s working is very gratifying, the net profits being £58,700, as compared with profits of £10,691 and £11,053 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 £64.050 per annum, have been introduced. Tlie benefit of this policy is still being felt. For the year ended March 31, 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 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 economies effected have been very substantial ones.