The Te Aroha News Published Tuesday, Thursday and Saturday Mornings. SATURDAY, NOVEMBER 22, 1924. THE PUBLIC TRUST OFFICE.

Te Aroha News, Volume XLI, Issue 6547, 22 November 1924, Page 4

The Te Aroha News Published Tuesday, Thursday and Saturday Mornings. SATURDAY, NOVEMBER 22, 1924. THE PUBLIC TRUST OFFICE.

WE understand (says the Mercantile Gazette) that Government moneys held by the Public Trust Office at the present time amount to approximately six millions; these are in the common fund and interest is credited upon them at the rate of 5 per cent. If the Public Trustee invests them at 6 per cent., he gets a profit of £60,000 per year. This amount carried to the credit of the fund every year, with interest compounded, would lessen very materially the amount which the Government is ultimately compelled to take from the taxpayers. The Finance Minister is, however, apparently of an easy going disposition, and instead of compelling the Public Trustee to account for the whole of the income received, less perhaps a quai’ter per cent, for collecting, is content that he shall invest the difference on buildings, expand his reserves, or use it in any other way he pleases, leaving the taxpayers to meet whatever deficiency there may be, when the cash has to be found. This accounts for a good deal of the profits made by the Public Trustee and if the Govern-

ment chooses to let him have the best of the bargain, we do not think the Public Trustee is to blame; those who permit him to retain the interest, are alone culpable. While we are not prepared to join with those who consider that the Public Trustee is fleecing estates committed voluntarily or involuntarily to his charge, we consider that the legislation which has been passed during the last eleven years, vesting in him powers of a most unusual character, must be repealed if the office is to properly carry on the objects it was created to fulfil. From a benevolent friend and adviser, who was to guard the interests ■of beneficiaries and cestuis que trustent under wills and settlements at a minimum cost, the Public Trustee is gradually becoming a person to avoid. Instead of being anxious only to perform his onerous duties in a way consistent with the limitations and rules which have been laid down by judicial tribunals, 1 he has sought and gained possession of powers which enable him to treat estates placed in his care as if he were their absolute owner. Some of these powers are not consistent with reason or justice. Under them a new proceedure is followed by the Public Trustee which is contrary to all the rules laid down by eminent Equity Judges. He is, in fact, becoming a law unto himself.