PUBLIC TRUST OFFICE

Timaru Herald, Volume CXL, Issue 20261, 9 November 1935, Page 6

PUBLIC TRUST OFFICE

ANNUAL REPORT. During the year ended March 31, 1935, 2980 .estates and funds of a total value of £6,284,883 were accepted for administration, states the annual report of the Public Trust Office. Both the number and value show a marked increase over those for the previous year, which were 2637 and £5,468,643 respectively. The aggregate number of estates and funds under administration by the Public Trustee decreased slightly from 21,058 to 20,264 and the value from £60,760,493 to £60,706,016. The decrease of total business in the face of a large increase in new business is attributable to the effect of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33, continues the report. Under this Act numerous local bodies have affected conversion and amalgation of loans and the Public Trustee, although under no obligation to do so, has met their wishes by allowing (within certain limits) the premiums and expenses of conversion tc be met from sinking funds under his control as Sinking Fund Commissioner and, where the Public Trustee was both lender and Sinking Fund Commissioner in respect of a loan, by allowing the sinking fund to be applied towards repayment of the loan. The effect of these concessions has been to reduce considerably the total value of sinking funds controlled by him. The figures quoted do not take into account such matters as trusteeships for debenture-holders where the duties of the Public Trustee are not of an active nature or the supervision, in accordance with statutory requirements, of the administration of the estates of mental patients by private committees or of aged and infirm persons by private managers. By including these figures in the general total the value of the estate anfl funds under administration at the close of the year would, be increased by £1,916,036. The wills held in safe custody on behalf of living testators who have appointed the Public Trustee their executor and trustee increased during the year from 81,403 to 83,740, which represents the highest figure recorded in the history of the office. The total number of wills deposited during the year was 4177, and the net increase, after allowing for wills withdrawn on the death of testators or otherwise was 2337. The true indication of the growth of the office and of its retention of public confidence is the new business, both in estates and in wills deposited, and it is satisfactory to note that both of these 6how an increase on the previous year. The expansion of the office over the past twenty years is shown by the following table, giving the value of the business under administration at tenyearly intervals:— Value of Estates and Funds under Year. Administration. £ 1915 13,580,936 1925 35,570,642 1935 60.706,016