PUBLIC TRUST’S ADVANCE

Sun (Auckland), Volume III, Issue 715, 15 July 1929, Page 10

PUBLIC TRUST’S ADVANCE

GREAT BUSINESS GROWTH RECORD OF PROGRESS The Prime Minister, the Right Hon. Sir Joseph Ward, discussing the statement recently published regarding the working of the Public Trust Office during the year ended March 31 last, has given some further particulars about the office, which he considered would be of interest to the public generally. •Rooking back on the past thirty years,” said Sir Joseph, “the figures recording the changes that have taken place are remarkable.” In 1599 the value of the estates under administration was £2,110,31G. In 1929 it is £48,334,790. The increase in the amount of the cash balances held on behalf of estates and accounts under administration in the Public Trust Office throws a further light on the development that is taking place. In 1899 the total cash balances amounted to £956,153. In 1929 they are £31,043,172. “If further evidence were needed,” added Sir Joseph, “it is given by the fact to which reference was made in my earlier statement that more than 63,000 wills are held by the Public Trustee on behalf of living persons who have appointed him their executor. Fifteen years ago the number of wills so held was only 6,427.” The present estimated value of the assets affected by the wills held on deposit exceeds £251,000,000. The new business handled each year now reaches imposing figures, and its value in the year ended March 31 last was in excess of seven million pounds ■ —an amount exceeding the total value of the whole business in the Public Trustee's charge less than 20 years ago. The Public Trust Office is an important lending institution, and provides financial assistance to all classes —to farmers for the purchase and improvement of their holdings, to business men for the erection of city buildings, to town dwellers for the erection of their own homes, and to local bodies for the completion of public works. The Public Trust Office has always been self-supporting, and although its integrity is guaranteed by the State, no call has been made on the Consolidated Fund to meet any loss, while it is exceedingly unlikely that any call ever will be made on the general taxpayer. To provide against such a possibility, reserve funds have- been built up gradually during the 57 years the office has been in existence, until at the present time they amount to £605,104 —a substantial guarantee of financial j stability.