PUBLIC TRUST OFFICE.

Waipawa Mail, Volume LXVI, Issue 139, 19 August 1938, Page 3

PUBLIC TRUST OFFICE.

REPORT ON THE YEAR'S WORKING CONFIDENCE IN THE FUTURE. WELLINGTON, Last night. Mr E. O. Hales, in his annual report to Parliament on the past year’s operations says:— During the past year 2934 estates and funds of a total value of £5,966,359 were accepted for administration, as compared with 2770 of a value of £5,968,109 th previous year. There was therefore a substantial increase in the number of new estates and funds, but the aggregate value was approximately the same as in the previous year.

The total number of estates and funds under administration at the close of the year was 19,068 of an aggregate value of £60,815,306, as against 18,874, valued at £60,770,814, at th end of the previous year. There

was, therefore, a small increase in both the number of estates and the aggregate value. In addition to the business referred to in the previous paragraph, there are many cases where the Public Trustee is required to supervise the administration by private persons of the estates of mental patients and aged and infirm persons. In other cases the duties are not of an active character—e.g., trusteeships for de-benture-holders. By including these figures the value of the estates and funds under administration at the close of the year would be increased by £1,835,152”. During the year 4502 wills appointing the Public Trustee executor or trustee were deposited by testators, representing a slight increase over the corresponding figure of 4408 for the previous year. The majority of the wills were prepared by the office. The number of wills withdrawn during the year through the death of testators or otherwise was 2349. At the close of the year there were 90,474 wills on deposit, showing a substantial increase of 2153 o ver the number at the beginning of the year, which itself constituted a record in the history of the office. During the year 3981 wills were redrafted to provide for alterations desired by testators, as compared with 3898 redrafts for the previous year.

A considerable amount of work was performed during the year in relation to the adjustment under the Mortgagors and Lessees Rehabilitation Act, 1936, of liabilities owing to or by estates under administration. In numbers of cases the adjusfments did not proceed to a hearing before the Adjustment Commission, voluntary adjustments being arrived at between the parties. Where the only points at issue were the extension of the term of a mortgage and the adjustment of the rate of interest, settlements were usually effected voluntarily. Such voluntary adjustments, however, were not confined to eases of this nature, but have also been concluded in suitable cases where more than this was at stake. There have, of course, been many instances in which a settlement by mutual agreement was not possible, and proceeds before an adjustment Commission and sometimes on appeal before the Court of Review have been necessary. The prosecution and defence of applications for adjustment have involved a great deal of responsible and difficult work and have generally necessitated an investigation of the whole history of mortgage or purchase transactions, and the latter, in fact, applies whther or not the matter is eventually settled by agreement or is the subject of disputed proceedings. Although much has already been done it will be a considerable time yet before the adjustment ef til liabilities will be completed.