PUBLIC TRUST OFFICE

Southland Times, Issue 18965, 13 June 1923, Page 6

PUBLIC TRUST OFFICE

SUCCESSFUL YEAR’S WORKING. BIG REDUCTION IN EXPENDITURE. (Per United Press Association). 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, states that the value of the estates and 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 the assets under administration was £28,904,798. The year had again shown a remarkable increase in the number of wills deposited for safe custody by living testators. During the year 43R3 such wills were lodged with the Public Trustee, making the total number on deposit as at March 31, 1923, 33,502. The number of estates accepted for administration was 2450 and in no less than 461 cases the administration of estates was entirely completed within the financial year. The financial result of the year’s working was very gratifying, the net profits being £58,700 as compared with a profit of £lO,691 and £11,053 respectively for the two preceding years. This result had been achieved largely by the introduction of a strict system of economy under which savings estimated at approximately £64,000 per annum had been introduced. The benefit of this policy was 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 net saving after allowing for certain inevitable increases io expenditure such as scale increments of salary, etc., it was clear that the economics effected had been very substantial ones.