PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1902 Session I, H-12

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1902. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

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

The Public Tbustee to the Eight Hon. the Colonial Treasurer. Sir,— Public Trust Office, Wellington, 31st March, 1902. I have the honour to report that the past year was a record one in office business, the profits amounting to £8,706 9s. lidThere were no losses on investments. No complaints were made during the year concerning the office administration. As recommended in my last annual report, the office charges have been reduced and simplified. Many of the fees have been altogether abolished. The new scale of fees will come into force on the Ist July next. The alteration will diminish future profits ; but, as it is the aim of the institution to be no more than self-supporting, large surpluses should not be sought. As business increases there will be further reductions. I have, &c, J. W. POYNTON, The Right Hon. the Colonial Treasurer. Public Trustee.

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Revenue and Expenditure of the Public Trust Office for the Years ended 31st March, 1897 to 1902.

(!) An error in oasting up the 1900-1 accounts, which escaped the notice of both the office Accountant and the local Audit officer, made the accrued interest on mortgages on the 31st March, 1901, appear less by £2,000 than was really the case, showing the profits for that year £5,691 9s. 5d., instead of £7,691 9s. sd. This sum must be deducted from last year's surplus, as it was really due to the previous year's operations, leaving the profits on the 1901-2 business £8,706 9s. lid., not £10,706 9s. lid. as above appears.

Income of the Public Trust Office Year by Year from 1896 to 31st March, 1902.

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Year ended 31st Maroh, 1897. Year ended 31st Maroh, 1898. Year ended Year ended Year ended ' Year ended 31st Maroh, 31st Maroh, 31st March, 31st Maroh, 1899. 1900. 1901. 1902. 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 £ a. d. 7,719 6 10 739 2 10 £ s. d. 7,673 10 9 728 14 10 £ s. d. £ s. d. £ s. d. £ s. d. » 7,889 7 7 8,213 4 9 8,409 10 2 8,773 15 5 i 1,102 15 3 1,398 19 8 2,187 14 8 1,631 0 3 278 13 0 503 6 0 244 3 0 229 12 9 i 272 11 6l 240 0 0 272 7 5 276 3 8 i 244 0 4 245 11 6 363 16 0 211 13 6 379 0 6 3,390 1 3 89 3 7 408 2 3 3,627 9 7 254 18 7 I 560 13 3 425 6 9 595 13 6 550 11 1 ' 4,122 0 0 4,359 18 9 3,826 15 7 3,396 12 3 443 2 10 ... ... 69 18 10 180 7 4 488 0 6 1,221 11 4 4,766 9 2 J 4,014 17 7 5,973 12 6*5,691 9 5 1 10706 9 11 Eevenue. 14,500 12 8 17,933 0 11 119,137 8 10 20,856 13 11 21,347 6 9 25,616 4 11 Commission and charges Interest in excess of amount credited to estates Miscellaneous 6,898 15 6,376 5 1,225 12 5 2 1 8,274 14 6: 9,802 18 6 10,415 9,835 606 7 4 2 2 6 3 11,557 12 10 8,971 18 1 817 15 10 11,210 3 13,678 9 7-27 12 3 2 6 8,647 11 1,010 15 0 8,473 11 5 860 19 1 3 14,500 12 8 17,933 0 1119,137 8 10 20,856 13 11 121,347 6 9 25,616 4 11

Class of Kstates. Year ended 81tt March, 1896. Year ended 31st March, 1897. Year ended Year ended Year ended Year ended 31st March. 31st March. 31st March, 31st March, 1898. 1899. 1900. 1901. i Year ended 31st March, 1902. Intestates' Wills, trusts, sinking funds, &o. Real and lunatics' .. Native reserves West Coast settlement reserves Miscellaneous £ s. d. 1,494 15 9 £ s. d. 1,642 6 9 £ s. (1. £ s. d. £ s. a. £ s. d.i 1,877 14 4! 2,380 2 1 2,888 13 3 2,845 14 2l £ s. d. 3,424 14 4 ■ 1,555 17 9 524 5 5 628 5 6 2,115 12 0 545 0 1 536 0 2. 2,959 19 9l 3,645 18 2 3,400 7 L 3,897 6 2 521 16 6 810 18 11 1,135 18 10 958 8 0! 567 3 1 575 2 5 597 16 7 962 14 6 3,328 8 7 867 4 3 600 9 0 \ 1,569 8 6 • 1,909 14 9 1,345 11 9 1,939 16 9 1,361 10 0 1,265 11 11 1,554 6 4 : 1,735 5 9 1,997 6 8 1,986 4 8i 1,444 7 4] 1,976 0 1 1,779 16 4 1,937 3 3 Interest 7,682 7 8 7,560 7 2 8,124 7 6 6,376 5 2 9,285 9 11| 8,647 11 0; 110,663 17 9 8,473 11 1 11,021 9 5J12,375 8 8 9,835 4 6! 8,971 18 1 20,856 13 111'21347 6 9 15,886 15 1015,655 17 4 11,937 15 9 13,678 9 2 Total income Total expenditure |15,242 14 10 ;14,902 15 0 14,500 12 8 13,569 14 8 17,933 0 11 18,471 19 7 19,137 8 10 16,314 3 7 125616 4 11 14,909 15 0 i>: See note above.

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Capital Funds of the Public Trust Office, and how invested, from 1897 to 31st March, 1902.

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, 1896, and on the 31st March on each of the years 1896 to 1902: —

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On 31st March, 1897. On 31st March, 1898. On 31st March, 1899. On 31st March, 1900. On 31st March, 1901. On 31st March, 1902. 'he capital funds of the Public Trust Office amounted to ... ff which the amount held in cash at credit of the Public Trustee's Account was £ 858,638 £ 961,638 £ 956,153 £ 1,056,868 £ 1,672,304 £ 1,782,951 16,664 48,667 13,512 27,880 53,925 59,501 Leaving a balance invested of 841,974 912,971 942,641 1,028,988 1,618,379 1,723,450 '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 588,483 631,816 251,643 653,710 794,987 1,407,419 1,049,885 205,942 264,296 214,411 196,230 667,587 : 47,549 29,512 24,635 19,590 14,730 5,978 1841,974 912,971 942,641 1,028,988 1,618,379 1,723,450 '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 ... 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 19,439 871,771 607,798 19,239 991,261 81 578,323 28,129 1,116,998 3,821 Total 841,974 912,971 942,641 1,028,988 1,618,379 1,723,450

Nui mber of Esta ,08. Class. On On 31st March, 31st March, 1896. 1897. On 31st March, 1898. On 31st March, 1899. On 31st March, 1900. On 31st March, 1901. On 31st March, 1902. Wills and trusts (including sinking funds accounts).. Intestates' estates.. Real estates Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 447 466 812 781 91 86 434 510 107 112 293 293 52 86 493 797 84 558 112 293 76 538 821 79 507 115 293 138 576 903 75 555 110 293 155 684 867 69 626 110 293 249 651 923 69 728 143 309 226 Total .. 2,236 2,334 2,413 2,491 2,667 2,898 3,049 hif! of Estaa ;es. Class. On 31st March, 1896. On 31st March, 1897. On 31st March, 1898. On 31st March, 1899. On 31st March, 1900. On 31st March, 1901. On 31st March, 1902. £ £ £ £ £ £ £ Wills and trusts (including sinking funds accounts) Intestates'estates.. Real estates Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 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 1,022,838 134,820 7,459 159,087 363,076 622,604 17.070 1,122,404 163,304 7,317 163,306 366,000 625,000 20,283 2,467,614 Total .. 1,806,953 1,898,163 1,950,314 2,110,316 2,192,594 2,326,954

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The Goveknment 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.")

Amounts received by the Public Trustee.

"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.

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During the Year ended 31st March. Prom Consolidated Fund. Transferred from Land Assurance Fund. Net Income from Investments. ! Total Receipts 1 during each Year. .893 .894 .895 896 .897 898 .899 900 .901 902 £ 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,«66 7 8 19,245 9 8 19,541 1 2 20,901 2 5 £ 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 7,127 6 8 7,997 7 4 £ 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 8,314 6 6 9,472 18 11 £ 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 34,982 14 4 38,371 8 8 Total 168,330 17 7 57,754 5 1 46,072 1 5 272,157 4 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 .900 901 .902 £ s. d. 3,369 12 7 23,843 17 6 71,187 19 8 104,473 0 2 136,532 5 10 155,237 9 6 172,268 12 3 £ s. d. 20 17 3 435 1 7 2,112 5 3 1,177 8 0 1,221 13 1 1,912 2 8 2,689 12 11 £ s. d. 171,284 13 10 118,443 6 8 134,076 8 4 147,154 1 3 £ 8. 3,369 12 27,213 10 98,401 9 31,589 16 49,678 15 70,839 16 95,954 7 d. 7 1 9 1 3 5 5

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Statement showing Year by Year, from 1886 to 31st March, 1902, the Capital of the Public Trust Office, and how invested, and the Income and Expenditure of the Office.

Price lid.]

(1) Including £2,280 on account of expenses of Boyal Commission. (2) Including £1,596 on account of expenses of Boyal 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 £310 on account of 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 Beserve Fund. (fa.) Including £180 on account of deficiency on realisation of mortgages, and £89 for unauthorised expenditure, and £290 for Assurance and Beserve Fund. (7) Including £255 for unauthorised expenditure, and £305 for Assurance and Beserve Fund. (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 off on maturity of Kaihu Valley Railway Company's debentures, and £1,004 for Assurance and Beserve Fund. (10) and (11) See note on page 2.

Authority: John Mackay, Government Printer, Wellington.—l9o2,

Capital of the Public Trust Office. Income of ilic Teust Oj 'FICE. 6 Q In In ~ , InvestGash - ments. Yearly —— Increase Total. Decrease For in Common [Amount. I Fund. Invested Total. Specially. Total Common Fund and Special. General Government Securities. Local Bodies' Securities. MortInvested in Fixed Deposits in Banks. Shares in Companies. Total. Commission, Charges, &c. Surplus Interest on Investments. OF Office. Total ExpenBy Public Trustee. By Former Trustees. gages of Freeholds. Total, i Total. 1 o' era O Year ended 31st Dec, 1886... 1887... 1888... 1889... 1890... 1891... 1892... 1893... Fifteen months ended 31st March, 1895 Year ended Hist March, 1896 Ditto, 1897 „ 1898 „ 1899 „ 1900 „ 1901 „ 1902 £ £ £ £ £ £ £ £ £ £ £ £ £ £ £ Jβ £ £ £ 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 i 274,509 i 309,541 i 381.140 ! 463,746 i 493.861 i 523.269 567.061 615.663 i 668.937 Increase. 32.455 35.082 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 84.916 106,965 162.029 245,839 279,278 253.070 142.870 188.117 298,540 ! 267,526 301,226 366,886 462,782 478,895 505.349 551,101 594,337 656,836 151.336 172.336 220,436 219,208 199,208 188,60S 269,608 300,108 295,108 1,907 1,907 1,607 2,274 2,174 2,067 2,067 2,067 1,839 114.183 126.978 144,788 181,107 215,909! 253,070! 276,393i 289.680! 354,933 100 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 J 9,981 3,735 ! 9,913 4.012 11.220 5,799 14.827 3 M0 9,161 4,308 9,779 6,177 12.090 7,370 ! 14.697 10,163 > 19,229 8,995 8.408 8,653 9.145 8.469 011,751 (-014,001 ( s )15,132 ( 4 ) 17,289 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 ( 5 )14,902 16,664 48,667 841,974 912,971 858,638 961,638 84,105 103,000 Deere tee. 5,485 Increase. 100,715 561,511 110,647 588,483 631,816 205,942 251,643 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 14,500 8,648 17,933 ( c )13,569 (')13,472 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 ( 8 )16,314 27,880 53,925 59,501 1,028,988: 1,618,379: 1,723,450: 1,056.868 1,672,304 1,782,951 794.987 1,407,419 1,049,883 214,411 196,230 667,587 19,590 14,730 5,978 234,001 210,960 673,565 1,028,988 1,618,379 1,723,450 137,778 607,798 578,323 19,439 19,239 28,129 871,771 991,261 1,116,998 81 1,028,988 1,618,379 1,723,450 11,022 12,375 11,938 9.835 20,857 8,972 , 21,347 13,678 ! 25,616 015,887 ( 10 )15,656 (")14,909