PUBLIC TRUST OFFICE

Southland Times, Issue 19656, 5 October 1922, Page 6

PUBLIC TRUST OFFICE

ANNUAL REPORT. PHENOMENAL GROWTH. (Special to the Times.) WELLINGTON, October 4. The annual report of the Public Trust Office mentions that it is 50 years since the Department was established. The year was a reconi one, the new business transacted having antounted to £5,383,460. The growth in the number of wills deposited had been phenomenal. There are now 31,839 held in custody. Wills are now coming into the office at the rate of 5000 per annum, and the yearly increase in the number now. deposited almost e»]uals tbe total accumulations for the 42 years up to 1914. These figures do not indicate the number of estates which will ultimately come to the Public. Trustee for administration, since many wills of which the Public Trustee is executor are held by solicitors. The number of new estates accepted for administration was 2318. The profits for the year were £11,053, notwithstanding the fact that concessions amounting to £57,000 were made to the estates thereby reducing the profits by that amount. The staff is said to be highly qualified. It includes fourteen graduates of the University, ten in Law, three in Arts, and one in Commerce. There are twelve barristers, forty-six solicitors, and sixty qualified accountants. The system generally has worked well. It enables the testator to secure the benefits of the State guarantee for his estate and make it possible for him to enlist the special knowledge or experience which will prove of use in the administration of his estate. The office affords an excellent mode of investment for the trust funds of friendly society lodges anti similar institutions. The system in this connection will, it Is suggested, commend itself to other institutions as soon as it becomes more widely known. Interest in the working of the office is manifested in America and in Canada. The profit and loss account shows that the amount required to meet such losses was only £6l. As the office is administering estates valued at £2s,ooo,Gift) this is cited as evidence of careful management. The year just closed has proved one of the most difficult experienced. For the past two years, owing to the conditions that have prevailed, the office lias, in common with other lending institutions, experienced difficulty in coUeeting some of the interest payable under its mortgages. The payment of income is, however, guarantee*! by the State, and clients have not been called upon to wait for their money beyond the due date. The amount of interest outstanding is not very great. The policy at the present time is to deal with all mortgagors as leniently a« possible consistent with the safety of the moneys invested. Each case is treated on its merits. There has been a reduction of 121 dur ing the year in the number of officers employed, with annual salaries amounting to £40,842. The saving has been made fMissible by an improvement in the calibre of the staff, and the standard of work is now very high. Tbe office processes have lieen simplified, and all unneccfsaxy work eliminated.