PUBLIC TRUST OFFICE

Waipa Post, Volume XXIV, Issue 1689, 21 November 1925, Page 5

PUBLIC TRUST OFFICE

CONCESSIONS ANNOUNCED.

INCREASE IN RATE OF INTEREST.

The concessions to beneficiaries in estates administered by the Public Trustee nvhich were foreshadowed by the Prime Minister during his visit early in October to the South Island, were published in the Gazette last Thursday under an order-in-council amending the regulations prescribing the rates of interest payable on moneys in the common fund of the Public Trust Office, and fixing the commission charges to be made by the Public Tr.usltee. The new regulation will come into force on Ist January, 1926.

The rate of interest allowed estates whose moneys are invested in the common fund is increased from 5 per cent to 5£ per cent, while the rates of commission for administering estates under the value of £IOOO is reduced so as to make the maximum rate 2J per cent, except for the collection of book debts, for which the charge is 5 per cent. The original charge for estates .under the value of £IOOO was 5 per cent for. the first, £SOO and 2k per cent thereafter. A reduction is also made for administering estates of a higher value. There is a reduction of one half per cent in respect to estates of over £15,000, and a reduction of another quarter per cent in estates of £25,000 and over. Other reductions relate to the cost of preparation of securities from the Public Trustee, and the rate on transfers to beneficiaries.