PUBLIC TRUST.

Taranaki Daily News, 18 September 1924, Page 5

PUBLIC TRUST.

THE YEAR’S OPERATIONS. The annual report of the Public Trustee was presented to Parliament on Tuesday: The growth of business during the year, says the report, has been well maintained, 2739 estates, of a total value of £3.781,155, having been accepted for administration. On March 31, 1924. there were 10,537 estates, and funds under administration, the total value being £32,404,724. For the third year in succession the increase of business has exceeded £3,000,000- The following figures indicate the rapid increase in the value of estates under administration during the past twenty years:—l9o4, £3,571,026; 1909, £6,399,567; 1914, £12,282,883; 1919, £19,242,347; 1924, £32,404,Notwithstanding the large increase of business during the past year, the working expenses are only slightly in excess of those for the previous year. The expenditure for the years 1919-20 to 1923-24 under all headings, excluding depreciation, was as follow: 1919-20, £156,113; 1920-21, £220,103; 1921-22, £202,137; 1922-23, £178,707; 1923-24, £180,643. The total revenue amounted to £257,623, as compared with £246,692 for the previous year. This resulted in the earning of a profit of £65,542, a-; compared with £58,700 for the preceding year. This profit has been made alter providing for all the expenditure, which an ordinary commercial undertaking would have to meet, including the payment of income tax and allowance for depreciation on plant and buildings. The profits for the past five years have been: 1920, £78,246; 1921, £lO,691; 1922, £11,053; 1923, £58,700; 1924, £65.542. The Public Trustee has been in a position to materially assist in the development of the country by providing funds for advance on mortgage to farmers and others for loans to local bodies for works of public utility. During the year the new money advanced reached the considerable total of £2,198,185. Of this large sum £1,422,870 was advanced by way of mortgage, chiefly on country securities, and £438,745 was invested in local body debentures._ The amount invested as at March 31, 1924, has reached a total of £19,895,285, of which £12,997,242 has been lent to private mortgagors and £5,079,135 to local bodies. These figures indicate the large part the office lias played in the development of the Dominion. Special attention has been paid by the Public Trustee to the collection of interest on mortgages, as it is from these proceeds that the necessary funds are found to provide the interest on moneys held for beneficiaries in estates under administration by the Public Trustee. At the same time the unfortunate position in which many farming mortgagors have found themselves has been fully appreciated, and the Public Trustee lias afforded every concession possible to mortgagors who have been in difficulties in meeting their interest. The liberal policy adopted by the office has been greatly appreciated by mortgagors, and has enabled many of them to retain their properties which they would have been compelled to relinquish if a more exacting policy had been adopted.

The small number of cases in which securities for office advances have had to be taken over by the Public Trustee and realised at a loss is a tribute to the oare which has been exercised in making the investments of the office. The number of wills deposited with the Public Trustee for safe custody continues to increase at a rapid rate. During the year 5097 additional wills were received, making the total on deposit as at March 31. 1924, 39,682. Many wills in which the Public Trustee is named’ as executor are also held by banks and private solicitors.