A RECORD YEAR.

Timaru Herald, Volume XCVIII, Issue 18084, 16 June 1924, Page 12

A RECORD YEAR.

PUBLIC TRUST OFFICE. ESTATES AND FUNDS OYER THIRTY MILLIONS. • The progless of the office has been well maintained, and the past year constitutes a record m every respect. ' Tiie value of. estates and funds under administration oil 91st Marti., 1924, was £32,404,724,' as compared with £28,904,798, on 31st .March, f923—an increase of £3,499,926. Mr Massey states : —• “The continuous and rapid growth of the office is shown in the fact that in seven years the value of the estates administered has been doubled, wm.o in eleven it Jias been trebled. J■ three successive years the increase has exceeded three million pounds. No less than 2739 new estates were reported and accepted during the year, of a total value, of £3.781 100, and the administration of 4/8 ol these estate., was completed within the year undei review. The number of all estates closed was 2052.

COMMISSION RATES REDUCED

“Following .upon the successful result or me wonting for the preceding vear 1923, rates oi commission, were reduced from Ist April, 1923, uhilo certain Ices previously charged to estates were discontinued so as to make the commission inclusive of all administration charges, and there is no doubt tiiat this had bad the effect of increasing the business largely, as shown in the number and value of the nefr estates. Jt. is gratifying to bo able to report an increase in tlie proportion of large estates, and many ol them possessing assets of great value are now under administration throughout New Zealand. A number of estates of this class were among those accepted during the year just ended, and. tin; wills deposited show that the administration ol others ol still greater value will be handled in the future. The number of wills deposited for safe custody by living testators continues to increase very largely, as shown bv the number of new wills deposited—so 97. The number is being, added to by . from four to live hundred wills a- month, and the total held on 31st March last was 39,682. This does not include wills held on deposit, outside the office, appointing the Public Trustee executor.. In the past ten years the number ol wills held by the office has been increased more than ‘.si.xiold. and this may he regarded as evidence of the increasing confidence of the public in flic administration of the office.

“During the year new investments wore made amounting to £2.198,185£1.422,870 in mortgages. £336.570 _ in Government securities, and £-138,745 in liocal Bodies’ _ debentures—making a total amount invested on 31st. March, 1924. of £19.895.285, double the amount ol the investment nvc veins ago. NET PIIOKIT, £65,5-12. “The net profits for the year are <■'65.542 Os 7d. as compared with C5A700 for the preceding year—a result iliat may be regarded as most sat ixfnelory when it is considered that the office lias been faced with tlm dill,cullies that ha vr' been experienced hv nil livianeial in-uitut ions during the east few vears in the management of iiiorign'.'e securities. I'or iho years .i,(]e, T 31 si. .March. 1921. and 31st March. 1922. tiio profits wore rospec I j \ e I v e 10.691 and til. 053. For several

years preceding 1921 the profits made by the office had been shared with its clients by the payment of bonuses, in addition to the interest credited to estates in the ordinary course. CONCESSIONS TO CLIENTS. “On Ist April, ly2o, ege rates u. interest were raised, and ttie arnou.nl or the bonus was merged in the increased rates. Apart from this actual increase in the rates, the system ol crediting interest was made more tavouraule to the estates,- and it is estimated that the value of these concessions during the years 1921 and Jt'22 was £97,500. It is proposed io make further concessions to the clients of the office, and proposals to that end are now being considered. “Every regard has been given to economical management, and it will be seen from the accounts that notwithstanding the very large volume oi new business handled during the year, the expenses show a very slight increase over those of tiio previous year. Iho actual working expenses for the past lour years, excluding depieciatiou, which has increased annually by reason oi| the gradual, acquisition ol additional premises, have been as tol '£226,104 -qoo - ‘ £202,197 |Q2‘! £178,707 n 921 £180,649 “The. economics that have been effected have helped to make possible the "ranting of concessions to client-., and every endeavour is being made-to carry out the policy still further.” ...