RECORD OF FINANCE

Taranaki Daily News, 23 May 1928, Page 12

RECORD OF FINANCE

PUBLIC TRUST'S YEAR. ESTATES DOUBLE IN SEA EX YEARS Though the value of estates under the administration of the Public Trustee lias doubled since 1921, and the huge total of £22,U00,0C(i has been aided to estates and funds, the expenses of management have increased by only £3,852. This contrast was brought out by the Prime Minister in a statement made recently at Wellington. He said that new business recorded on the books of the Public Trust Office for the year ended March 31 established a fresh record. “New estates, representing the huge sum of £6,511,928, were accepted for administration during the year, and the acceptances for the first month of the new financial year strongly indicate that the business is being well maintained,” said Air. Coates. “At the beginning of the year, on April 1, 1927, the value of the estates in the Public Trustee’s charge was £41,043,523, and at the end, on Alarch 31 last, it had increased by another £3,112,025, making the total value £44,155,548. The difference between the new business accepted during the year, and the net increase in the total value at the end of the year represents, of course, the estates wound up and distributed. “There was a marked increase in the value of the local business in the case of every branch in New- Zealand. The business has been doubled in the past seven years, the huge total of £22,000,000 having been added to the value of the estates and funds under administration in that period. ECONOMICAL MANAGEMENT. “The utmost attention has been given to economical management, and notwithstanding the large volume of new business and the distribution of so many estates, there has been only a slight increase in the working expenses of the previous year, and this is accounted for by the statutory increments to the salaries of the staff, which have, how-ever, been largely offset by economies effected in other directions.”

The result of the economical management had been to make it possible to extend further benefits to clients, and during the year large concessions had been made to certain classes of estates. Further evidence of the remarkable confidence shown by the public in the office was seen in the constant influx of wills completed by living persons appointing the Public Trustee executor. On March 31, the total number of wills held by him was 58,065. It was estimated that the new wills to be deposited during the current year would reach nearly 7,000 in number. The policy of allowing advisory trustees to be associated with the Public Trustee had proved very popular. “On' a conservative, basis it is estimated that the present value of the assets to be dealt with under the wills deposited represents £230,000,000, so that a successful future of , the office may be regarded as assured,” continued Mr. Coates. “During the year advances by way of loans were made up to the amount of £3,065,524, the greater part of _ which was invested on picked securities of rural lands. The sum of £540,658 was invested in local body debentures.

NET PROFITS EXCEED £30,000.

“The Public Trust Office,” concluded the Prime Minister, “is self-contained, accepts responsibility for its own finances, and has always been able to. pay its own way and meet its obligations. While it enjoys the guarantee of the State it has made no call on the Consolidated Fund for any help, and with its strong reserves built up out of its own profits it is unlikely that it ever will.

“The net profits for the 1 year were £31,105, and in view of the many increased concessions to the beneueiaries cf the office which came into operations during the financial year just closed, this result must be regarded as satisfactory.