PUBLIC TRUST.

Shannon News, 15 June 1923, Page 4

PUBLIC T RU ST.

A SUCCESSFUL 1 YEAR. *' WELLINGTON, June"l2'. Hon. J. G. Coates, Minister in. Charge of the Public Trust Office, in announcing the result of the 3 working of the office, state? that the value of the estate and . funds under administration by the public Trustee has increased by £3,407,019 during the year, and that on 31st March the total ' value of the 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 living testators.’ Dur* ing the year 4383 such wills 1 were' lodged with the Public Trustee,' ing the total number oh deposit” at 31st March, 1923, 35,502. ” The l nurtfT ' ber of estates accepted fof adfuihistr- “ ation was 2450, and in Uo ,leSs ttifn 461 cases administration'bf the estate was entirely completed within the financial year. The financial Vesult of the year’s working" is very gratifying, • the nett profits being'£sß,7oo, as com- . pared 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 £64,000 per annum have been introduced. The benefit of this 'policy is still being felt. For the year ehded 31st March, the total expenditure of the office was less by 1 £23,342 than that of the previous year. Figures for the year just closed show that’a'further reduction of £21,750 in’ expenditure has taken place. As these figures represent a nett saving, after for certain inevitable increases iri expenditure, such as scale increments of salary, etc., it is clear that the economics effected have been very substantial ones. ...