PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1900 Session I, H-12

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1900. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Presented to both Houses of the General Assembly by Command of His Excellency.

The Public Trustee to the Hon. the Colonial Teeasueee. Sic,— Public Trust Office, Wellington, 31st March, 1900. I have the honour to report that during the past year the business of this office has been carried on without difficulty, and with satisfactory results. I went on leave on the 15th April, returning on the 18th December, the office during my absence being carried on by Messrs. Duncan and Hamilton, of the permanent staff. The conduct of the officers has, with one exception, been satisfactory. The Native business has been carried on without difficulty, and the various Native statutory trusts managed by the office gave no more trouble than the trusts arising under ordinary wills. The balance-sheet and accounts show the large increase that has taken place in the work intrusted to the office during the year, and the wills of living persons deposited with this office now number 675. The tables published with previous reports are continued. The low rate of interest prevailing has affected the earning-power of the office, but I am pleased to be able to report that no reduction has been made in the rate of interest payable to estates under the Public Trustee's charge, nor do I see any reason why the Common Fund rate should not be maintained. Securities have been found for the investment of the office surplus funds, and I am not aware of any security held by the office which should cause the least anxiety. Last session Parliament authorised the application of the office funds towards erecting and fitting-out new offices. Negotiations are pending which I hope will enable a satisfactory site to be obtained and the building proceeded with. In my last report I referred to the question of establishing a safe-deposit business in connection with this office. I had the advantage, since making that report, of seeing the best and most up-to-date premises of safe-deposit companies both in New York and London, and, whilst I feel that to attempt to establish a business on lines similar to those of the companies I have referred to would not pay for many years to come, I suggest that when the new offices are built this matter should not be lost sight of, but that provision should be made in that building for strong-room accommodation suitable to the circumstances of this colony, and capable of being converted into safe repositories later on. I referred to an exception to the general satisfactory conduct of the staff. A clerk in the employ of the office misappropriated a deposit receipt and cheque, which were forwarded to the office agency at Auckland, and levanted to Sydney, where he was arrested and remanded to New Zealand. As the case against him is pending, it is perhaps advisable that I should say nothing further about it. You have already been informed of all details in connection with it. The amount misappropriated was £772 10s., but the bulk of this sum has been recovered. In addition, some small sums were collected by him on behalf of the office and not accounted for. This is the only case of misappropriation of moneys which has occurred during my term of office. As this is the last report I shall make in connection with the office, I desire to place on record my keen appreciation of the assistance I have received from the heads of various Government departments, and of the loyalty and good work done by the officers, not only at Wellington, bub throughout the colony. I have, &c, The Eight. Hon. the Colonial Treasurer. J. C. Maetin, Public Trustee.

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Revenue and Expenditure of the Public Trust Office for the Fifteen Months ended 31st March, 1895; and for the Years ended 31st March, 1896 to 1900.

Income of the Public Trust Office Year by Year, from 1893 to 31st March, 1900.

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Fifteen Months ended 31st March, 1895. Year ended 31st March, 1896. Year ended 31st March, 1897. Year ended 31sfc March, 1898. Year ended 31st March, 1899. Year ended 31st March, 1900. Expenditure. Salaries Commission to agents Clerical assistance and auditing ... Legal expenses Stationery, printing, and office requisites Miscellaneous Unauthorised Deficiency in realisation of mortgages Balance, being excess of revenue £ s. d. 8,571 15 11 1,348 8 8 £ s. d. 7,438 8 1 538 4 1 £ s. d. 7,719 6 10 739 2 10 £ s. d.i 7,673 10 9; 728 14 10 £ s. d. 7,889 7 7 1,102 15 3 £ s. d. 8,213 4 9 1,398 19 8 410 11 8 690 19 4, 261 13 3 542 8 7 278 13 0 503 6 0 244 3 0 229 12 9i 272 11 6 244 0 4 240 0 0 245 11 6 990 8 0 4,523 19 0 412 19 6 506 2 4 3,508 10 7 12 11 7 379 0 6 3,390 1 3 89 3 7 408 2 3 3,627 9 7 254 18 7 560 13 3 4,122 0 0 443 2 10 425 6 9 4,3-59 18 9 340 4 9 1,272 4 8 180 7 4 488 0 6 1,940 4 3 1,162 11 8 1,221 11 4 4,766 9 2 4,014 17 7 5,973 12 6 Eevenue. 19,229 11 1 15,242 14 10 14,500 12 8 17,933 0 11 ! ! 19,137 8 10 20,856 13 11 Commission and charges Interest in excess of amount credited to estates Miscellaneous 7,197 9 10,163 6 1,868 15 1 7 5 6,513 11 7,560 7 1,168 16 3 2 5 6,898 15 5 8,274 14 8,647 11 1,010 15 6 0 5 : 9,802 18 6 10,415 9,835 606 7 4 2 2 6 3 6,376 5 1,225 12 2 1 8,473 11 860 19 1 3 19,229 11 1 15,242 14 10 14,500 12 8 17,933 0 1119,137 8 10 20,856 13 11 I

Class oi Estates. Year ended i W „,, T l £„ e 55 l /i £1 9i Year ended Year ended Year ended 31st Decern- .,, A m ™X, 81st March, 31st March, 31st March, ber,1893. iggg 18% - 189 7- 1898 - ' Year ended 31st March, 1899. Year ended 31st March, 1900. intestates' .. Wills, Trusts, Sinking Funds, &c. Real and Lunatics' .. Native Reserves fVest Coast Settlement Reserves Miscellaneous £ s. d. 1,341 5 3 £ s. d. 1,615 7 7 £ s. d. 1,494 15 9 £ s. d. 1,642 6 9 £ s. d. 1,877 14 4 £ s. d. 2,380 2 1 £ s. d. 2,888 13 3 1,871 7 4 477 19 9 682 14 8 2,275 10 1 839 1 9 731 0 4 1,555 17 9 524 5 5 628 5 6 2,115 12 0 545 0 1 536 0 2 2,959 19 9 521 16 6 567 3 1 3,645 18 2 810 18 11 575 2 5 3,400 7 1 1,135 18 10 597 16 7 711 11 3 2,242 4 4 1,264 17 2 2,340 7 7 1,569 8 6 1,909 14 9 1,345 11 9 1,939 16 9 1,361 10 0 1,997 6 3 1,265 11 11 1,986 4 3 1,554 6 4 1,444 7 4 Interest 7,327 2 7 7,369 10 9 14,696 13 4 15,132 6 7 9,066 4 6 10,163 6 7 19,229 11 1 17,289 6 10 7 ,,682 7 8 7,560 7 2 15,242 14 10 14,902 15 0 8,124 7 6 6,376 5 2 9,285 9 11 8,647 11 0 10,663 17 9 8,473 11 1 11,021 9 5 9,835 4 6 Total income Total expenditure 14,500 12 8 13,569 14 3 17,933 0 11| 13,471 19 7 19,137 8 10 16,314 3 7 20,856 13 11 15,886 15 10

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Capital Funds of the Public Trust Office, and how Invested, from 1895 to 31st March, 1900.

Number and Estimated Value of Estates in the Public Trust Office. The following was the number and estimated value of estates in the Public Trust Office on the 31st December, 1893, and on the 31st March in each of the years 1895 to 1900.

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On 31st March, 1895. On 31st On 31st On 31st March, March, March, 1896. 1897. 1898. On 31st March, 1899. On 31st March, 1900. £ £ £ £ £ £ 'he capital funds of the Public Trust Office amounted to )f which the amount held in cash at credit of the Public Trustee's Account was ... 668,937 774,533 858,638 961,638 956453 1,056,868 12,101 16,960 16,664 48,667 13,512 27,880 Leaving a balance invested of... 656,836 757,573 841,974 912,971 942,641 1,028,988 'he investments consisted— Of those made by the Public Trustee out of the common fund, and amounting to Of those made by the Public Trustee for estates, and amounting to Of those made by other trustees of properties afterwards transferred to the office 358,296 259,279 492,788 206,629 588,483 205,942 631,816 251,643 653,710 264,296 794,987 214,411 39,261 58,156 47,549 29,512 24,635 19,590 656,836 '757,573 841,974 912,971 942,641 1,028,988 'he capital funds invested were applied to investments— In Government securities of the colony, to the amount of In local bodies' securities, to the amount of... In mortgages of real estate, to the amount of In fixed deposits, to the amount of... In companies, to the amount of 295,108 1,839 354,933 444 4,512 319,108 1,839 432,455 354,108 1,839 482,206 251,708 7,839 651,160 380 1,884 160,308 12,839 766,371 1,689 1,434 137,778 19,439 871,771 4,171 3',821 Total 1656,836! 1757,573 841,974 912,971 942,641 1,028,988

Number of Est! ites. Class. On ' 31st Dec, 1893. On 31st March, 1895. On On 31st March, 31st March, 1896. 1897. On On 31st March, 31st March, 1898. 1899. On 31st March, 1900. Wills and trusts (including sinking funds accounts) Intestates' estates.. Real estates Lunatics' estates Native reserves West Coast Settlement Reserves Unclaimed lands 371 868 117 271 102 293 392 850 113 335 103 293 447 812 91 434 107 293 52 466 781 86 510 112 293 86 493 797 84 558 112 293 76 538 821 79 507 115 293 138 576 903 75 555 110293 155 Total .. 2,022 2,236 2,334 2,667 2,086 2,413 2,491 due of Estate >s. Class. On 31st Dec, 1803. On 31st March, 1895. On 31st March, 1896. On 31st March, 1897. On 31st March, 1898. On 31st March, 1899. On 31st March, 1900. £ £ £ £ £ £ £ Wills and trusts (including sinking funds accounts) Intestates'estates.. Real estates Lunatics' estates Native reserves West Coast Settlement Reserves Unclaimed lands 543,239 84,436 23,465 51,278 348,500 400,000 586,814 80,287 22,462 72,706 350,000 450,000 673,478 86,132 14,686 73,995 350,000 600,000 8,662 744,742 88,751 11,161 88,133 355,000 600,000 10,376 789,162 97,140 10,572 85,890 355,000 600,000 12,550 865,446 133,409 8,414 111,793 357,500 620,000 13,754 933,567 136,697 8,313 113,525 363,076 622,604 14,812 Total .. 1,898,163 2,110,316 2,192,594 1,450,918 1,562,269 1,806,953 1,950,314

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The Government Loans to Local Bodies Sinking Fund. (Placed under control of Public Trustee by Section 5 of "The Government Loans to Local Bodies Act Amendment Act, 1892.")

"The Government Advances to Settlers Act, 1894," Debenture Sinking Fund. Statement showing Principal Moneys paid over to the Public Trustee, and Amounts withdrawn for Reinvestment.

Amounts rece: ived by the Public Tn istee. During the Year ended 31st March. From Consolidated Fund. Transferred from Land Assurance Fund. Net Income from Investments. Total Receipts during each Year. 1893 1894 1895 1896 1897 1898 1899 1900 £ s. d. 14,000 0 0 20,528 19 7 11,406 13 7 13,384 18 0 14,960 1 10 16,496 3 8 17,866 7 8 19,245 9 8 £ s. d. 7,015 11 9 4,494 1 5 3,802 4 6 4,461 12 7 4,986 14 0 5,498 14 6 5,955 9 2 6,415 3 2 £ s. d. 1,058 16 0 2,148 0 7 2,958 3 3 3,651 3 11 4,477 3 5 5,942 8 3 8,049 0 7 £ s. d. 21,015 11 9 26,081 17 0 17,356 18 8 20,804 13 10 23,597 19 9 26,472 1 7 29,764 5 1 33,709 13 5 Total 127,888 14 0 42,629 11 1 28,284 16 0 198,803 1 1

During the Year ended 31st March. Amounts received by Public Trustee from Superintendent. Net Income from Investment withdrawn by Superintendent. Amounts of Principal withdrawn by Superintendent for Reinvestment. Balance at Credit on 31st March in each Year. .896 .897 .898 .899 .900 £ s. d. 3,369 12 7 23,843 17 6 71,187 19 8 104,473 0 2 136,532 5 10 £ s. 20-17 435 1 2,112 5 1,177 8 1,221 13 d. 3 7 3 0 1 £ s. d. 1 j ' ... ! 171,284 13 10 | 118,443 6 8 i £ s. 3,369 12 27,213 10 98,401 9 31,589 16 49,678 15 d. 7 19 1 3

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Statement showing Year by Year, from 1886 to the 31st March, 1900, the Capital of the Public Trust Office, and how invested, and the Income and Expenditure of the Office.

(1) IncludiDg £2,280 on account of expenses of Royal Commission. (2) Including £1,596 on account of expenses of Royal Commission, and £1,717 on account of deficiency on realisation of mortgages. (3) Including £2,041 on account of deficiency on realisation of mortgages. (4) Including £340 on account ol deficiency on realisation of mortgages, and £470 for unauthorised expenditure. (5) Including £1,272 on account of deficiency on realisation of mortgages, and £13 for unauthorised expenditure, and £822 for Assurance and Reserve Fund. (6) Including £180 on account of deficiency on realisation of mortgages, and £89 for unauthorised expenditure, and £290 for Assurance and Reserve Fund. (7) Including £255 for unauthorised expenditure, and £305 for Assurance and Reserve Ifund. (8) Including £488 on account of deficiency on realisation of mortgages, and £443 for unauthorised expenditure, and £1,192 for Assurance and Reserve Fund. (9) Including £1,100 written oft on maturity of Kaihu Valley Railway Company's debentures and £1,004 for Assurance and Reserve Fund.

Approximate Cost of Paper.— Preparation, not given ; printing (1,875 copies), £6.

By Authority: John Mackay, Government Printer, Wellington.—l9oo.

Price 6d.]

Capital, of the Public Teust Office. Income of imo Tbust Office. Invested Total. Invested in Total ExpenDITUBE In Cash. In Investments. Total. Increase or Decrease in Amount. Specially. Total Common Fund and Special. General Government Securities. Local Bodies Securities. Mortgages of Freeholds. Fixed Deposits in Banks. Shares in Companies. Commission, Charges, Surplus Interest on Investments. OF Office. For Commons Fund. I By Former Total. Trustees. Total. Total. By Public Trustee. £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ Year ended 31st Dec, 1886... 1887... 1888... 1889 .. 1890... 1891... 1892... 1893... Fifteen months ended 31st March, 1895 Year ended 31st March, 1896 Ditto, 1897 „ 1898 6,983 8,315 14,254 964 14,966 17,920 15.960 21.326 12.101 267,526* 301,226 366,886 462,782 478.895 505,349 551.101 594,337 656,836 274.509 i 309,541 i 381.140 463,746 493.861 523,269 567.061 615,663 668,937 Increase. 32,455 35,032 71,599 82,606 30,115 29.408 43,792 48,602 53,274 182,610 194,261 204,857 216,943 198.622 252,279 408.231 406,220 358,296 72,366 87,190 113,649 195,592 232,486 208,188 96.072 144,198 259,279 12,550 19,775 48.380 50,247 46.787 44,882 46,798 43,919 39.261 84,916 106,965 162,029 245,839 279,273 253.070 142,870 188,117 298,540 267,526 301,226 366,886 462,782 478.895 505.349 551.101 594,337 656,836 151,336 172,336 220,436 219,208 199,208 188,608 269.608 300,108 295,108 1.907 1,907 1,607 2,274 2,174 2,067 2.067 2.067 1.839 114,183 126,978 144,783 181.107 215,909 253,070 276.393 289,680 354,933 ldO 5 60 59.792 60,001 60,319 1,449 630 444 401 1,603 1,285 1,584 1,852 4,512 267,526 301,226 366,886 462,782 478,895 505,349 551,101 594,337 656.836 7,097 6,178 7,208 8,528 6,081 5,471 5,913 7,327 9,066 "2,884 3,735 4,012 5,799 3,080 4,308 6,177 7,370 10,163 9,981 9,913 11,220 14,327 9,161 9,779 12,090 14,697 19,229 8,995 8,406 8,653 9,145 8,469 011,761 ( 2 )14,001 ( s )15,132 017,289 16,960 757,573 774,533 105,596 492,788 206,629 58,156 264,785 757,573 319,108 1,839 432,455 4,171 757,573 7,682 7,560 15,242 014,902 16,664 48,667 841,974 912,971 858,638 961,638 84,105 103,000 Decrease. 5,485 Increase. 100,715 588,483 631,816 205,942 251,643 47,549 29,512 253,491 281,155 841,974 912,971 354,108 251,708 1,839 7,839 482,206 651,160 "380 3,821 1,884 841,974 912,971 8,124 9,285 6,376 8,648 14,500 17,933 013,569 013,472 „ 1899 13,512 942,641 956,153 653,710 264,296 24,635 288,931 942,641 160,308 12,839 766,371 1,689 1,434 942,641 10,664 8,473 ' 19,137 016,314 „ 1900 27,880 1,028,9881: 11.056,868 794,987 214,411 19,590 234,001 1,028,988 137,778 19,439 871,771 1,028,988 11,022 9,835 20,857 015,887