PUBLIC TRUST OFFICE

Waikato Times, Volume 110, Issue 18441, 23 September 1931, Page 2

PUBLIC TRUST OFFICE

THE YEAR’S BUSINESS. LARGE INCREASE SHOWN. REPORT BY PRIME MINISTER. In the annual report of the Public Trust Office, which was presented to Parliament recently, a large increase in business is revealed. The Prime Minister states: "In the acquisition of new business the department shows another record year. During 1930-31, 3651 estates and funds of a total value of £9,251,035 were accepted for administration, compared with a total of £8,473,916 for the previous year. The increase was even greater in reality, as in view of the existing conditions a lower level of values was assigned to the assets making up the total for the past year.” The report states that fhe value of the estates and funds under administration on March 31, 1930, was £53,049,437. On March 31, 1931, the value was £57,527,263, an increase of approximately £4,500,000. Since 1906 the total value of estates under administration had increased by over £50,000,000. During the year 6312 wills of living testators appointing the Public Trustee executor and trustee were deposited. On March 31 the total held by the Public Trustee was 73,523, an increase of 5270 over the total at the end of the previous year. The Public Trustee's representation had been extended by the raising of the district manager office at Stratford to the status of a district public trustee office and the establishment of a district public trustee office at Te Aroha. District managers’ offices had been opened at Westport, Taumarunui, Oamaru, Cambridge, Rotorua and Pukekohe. Publlo Trustee’s Roport. The Public Trustee’s report slates: —“Owing to economic stress the problems arising in the administration of estates and the other work of the ofllce are becoming increasingly difficult. Mortgagors, tenants and debtors are finding themselves in straitened circumstances as a result of the decline in the national income. In consequence numerous applications for relief are being made, in the interests of Ihe community as a whole, it is necessary that mortgagors, lessees and debtors generally should be enabled to tide over the period of depression."