PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Appendix to the Journals of the House of Representatives, 1903 Session I, H-12

H.—l2

1903. 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 Eight Hon. the Colonial Treasurer. Sir,— Public Trust Office, Wellington, 31st March, 1903. I have the honour to submit the annual report relating to the working of the Public Trust Office. The net profits for the year amounted to £4,325 12s. 9d. The reduced scale of charges was in operation for nine months of the year. An experiment on a small scale in receiving documents, &c, for safe deposit will be tried in Wellington. If found successful, the system will be extended to Auckland, Christchurch, and Dunedin. There is an extraordinary amount of ignorance still prevailing as to the functions of the office, notwithstanding its thirty years' existence To overcome this, in a measure, a considerable sum was spent last year in advertising, and a pamphlet was printed and widely circulated showing the advantages of dealing with the institution. From the numerous inquiries received it is evident that this expenditure will in future result in largely-increased business. The expense will not be a recurring one. . It is pleasing to report that several of the office cadets are studying diligently. Pour of the successful Wellington candidates at the last Senior Civil Service Examination were junior members of the head office staff. One won the Macmillan Brown Prize of the New Zealand University. Five members of the staff are preparing for the solicitors' examinations. An examination of the returns will show that the business of the Department is steadily increasing. I have, &c., J. W. Poynton, The Eight Hon. the Colonial Treasurer. Public Trustee.

2

2

Revenue and Expenditure of the Public Trust Office for the Years ended 31st March, 1898 to 1903.

Income of the Public Trust Office Year by Year from 1897 to 31st March, 1903.

Year ended 31st March, 1898. Year ended 31st March, 1899. Year ended 31st March, 1900. Year ended 31st March, 1901. Year ended 31st March, 1902. Year ended 31st March, 1903. 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. 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 £ 8. 8,409 10 2,187 14 d. 2 8 £ s. d. 8,773 15 5 1,631 0 3 £ a. d. 9,143 3 7 1,777 15 5 244 3 0 229 12 9 272 11 6 244 0 4 240 0 0 245 11 6 272 7 363 16 5 0 276 3 8 211 13 6 266 19 6 208 14 0 408 2 3 3,627 9 7 254 18 7 560 13 3 4,122 0 0 443 2 10 425 6 9 4,359 18 9 595 13 3,826 15 6 7 550 11 1 3,396 12 3 69 18 10 804 13 4 *7,265 14 6 488 0 6 4,325 12 9 4,766 9 2 4,014 17 7 5,973 12 6 5,691 9 5 10,706 9 11 Eevenue. 17,933 0 11 19,137 8 10l '20,856 13 11 21,347 6 9 25,616 4 11 23,792 13 1 Commission and charges Interest in excess of amount credited to estates Miscellaneous 8,274 14 8,647 11 1,010 15 6 0 6 9,802 18 8,473 11 860 19 6 1 8 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 9 727 12 8 2 6 10,133 18 12,777 11 881 3 3 5 5 17,933 0 11 19,137 8 10 |20,856 13 11 21,347 6 9 .25,616 4 11 23,792 13 1 •Includes £2,676 12s. .coountant, and £330 15s. fc 6d. added to Ai i>r deposit-safes. isurance and Ri iserve Fund, £', S00 compassionai ,e allowanoe to widow of late

Class of Estates. 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. Year ended 31st March, 1902. Year ended SlBt March, 1903. Intestates' Wills, trusts, sinking funds, &c. Real and lunatics' .. Native reserves West Coast settlement reserves Miscellaneous £ s. d. 1,642 6 9 £ s. d. 1,877 14 4 £ s. d. 2,380 2 1 £ s. d. 2,888 13 3 £ s. d. 2,845 14 2 £ s. d. 3,424 14 4 £ s. d. 2,867 3 2 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 3,897 6 2 958 8 0 962 14 6 3,328 8 7 867 4 3, 600 9 0 3,042 8 3 792 8 9 628 16 7 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 1,735 5 9 1,976 0 1 1,779 16 4 1,937 3 3 1,782 7 9 1,901 17 2 Interest 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 12,375 8 8 8,971 18 1 11,937 15 9 13,678 9 2 11,015 1 8 12,777 11 5 23,792 13 1 19,467 0 4 Total income Total expenditure 14,500 12 8| 18,569 14 3 ! 17,933 0 Il| 13,471 19 7 1 19,137 8 10 16,314 3 7 20,856 13 11 15,886 15 10 21,347 6 9 15,655 17 4 25,616 4 11 14,909 15 0

H.—l2.

Capital Funds of the Public Trust Office, and how invested, from 1898 to 31st March, 1903.

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 March on each of the years 1897 to 1903: —

3

Capital Funds of the Public Trust Of: 'ice, and how invested, from 1898 to 31st March, 1903. On 31st On 31st March, March, 1898. 1899. On 31st March, 1900. On 31st March, 1901. On 3ist March, 1902. On 31st March, 1903. £ £ £ £ £ £ The capital funds of the Public Trust Office amounted to Of which the amount held in cash at credit of the Public Trustee's Account was 961,638 956,153 1,056,868 1,672,304 1,782,951 1,936,073 48,667 13.512J 27,880 53,925 59,501 74,765 Leaving a balance invested of 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 The 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 631,816 :251,643 653,710 264,296 794,987 214,411 1,407,419 196,230 1,049,885 667,587! 1,239,027 616,798 29,512 24,635 19,590 14,730 5,978 5,483 The 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 ... j In companies, to the amount of 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 251,708 7,839 651,160 380 1,884 160,308 12,839' 766,37l! 1,689 1,434 137,778 19,439 871,771 607,798 19,239 991,261 81 578,323 28,129 1,116,998 578,343 31,129 1,251,836 Total ... 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 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 March on each of the years 1897 to 1903:— On 31st March, 1897. Number of Estates. Class. On 31st March, 1898. On On 31st March, 31st March, 1899. 1900. On On 31st March, 31st March, 1901. 1902. On 31st March, 1903. Wills and trusts (including sinking funds accounts) Intestates'estates.. .. Real estates .. ■ ■ • ■ | Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 466 781 86 510 112 293 86 493 797 84 558 112 293 76 538 821 79 507 115 293 138 576 903 75 555 110 293 155 684 867 69 626 110 293 249 651 923 69 728 143 309 226 744 989 71 802 143 312 253 Total .. .. .. ! 2,334 2,667 2,898 3,049 3,314 2,334 2,413 2,491 ■liw. of Estati is. Class. On 31st March, 1897. On On 31st March, 31st March, 1898. 1899. On 31st March, 1900. On 31st March, 1901. On 31st March, 1902. On 31st March, 1903. £ £ £ £ £ £ £ Wills and trusts (including sinking funds accounts) Intestates' estates.. Real estates Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 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 1,950,314 865,446 133,409 8,414 111,793 357,500 620,000 13,754 2,110,316 933,567 136,697 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 1,279,743 197,368 7,585 170,585 375,000 655,000 21,504 Total .. 1,898,163 2,192,594 2,326,954 2,467,614 2,706,785

Capital Funds of the Public Trust Of: 'ice, and how invested, from 1898 to 31st March, 1903. On 31st On 31st March, March, 1898. 1899. On 31st March, 1900. On 31st March, 1901. On 3ist March, 1902. On 31st March, 1903. £ £ £ £ £ £ The capital funds of the Public Trust Office amounted to Of which the amount held in cash at credit of the Public Trustee's Account was 961,638 956,153 1,056,868 1,672,304 1,782,951 1,936,073 48,667 13.512J 27,880 53,925 59,501 74,765 Leaving a balance invested of 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 The 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 631,816 :251,643 653,710 264,296 794,987 214,411 1,407,419 196,230 1,049,885 667,587! 1,239,027 616,798 29,512 24,635 19,590 14,730 5,978 5,483 The 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 ... j In companies, to the amount of 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 251,708 7,839 651,160 380 1,884 160,308 12,839' 766,37l! 1,689 1,434 137,778 19,439 871,771 607,798 19,239 991,261 81 578,323 28,129 1,116,998 578,343 31,129 1,251,836 Total ... 912,971 942,641 1,028,988 1,618,379 1,723,450 1,861,308 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 March on each of the years 1897 to 1903:— On 31st March, 1897. Number of Estates. Class. On 31st March, 1898. On On 31st March, 31st March, 1899. 1900. On On 31st March, 31st March, 1901. 1902. On 31st March, 1903. Wills and trusts (including sinking funds accounts) Intestates'estates.. .. Real estates .. ■ ■ • ■ | Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 466 781 86 510 112 293 86 493 797 84 558 112 293 76 538 821 79 507 115 293 138 576 903 75 555 110 293 155 684 867 69 626 110 293 249 651 923 69 728 143 309 226 744 989 71 802 143 312 253 Total .. .. .. ! 2,334 2,667 2,898 3,049 3,314 2,334 2,413 2,491 ■liw. of Estati is. Class. On 31st March, 1897. On On 31st March, 31st March, 1898. 1899. On 31st March, 1900. On 31st March, 1901. On 31st March, 1902. On 31st March, 1903. £ £ £ £ £ £ £ Wills and trusts (including sinking funds accounts) Intestates' estates.. Real estates Lunatics' estates Native reserves West Coast settlement reserves Unclaimed lands 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 1,950,314 865,446 133,409 8,414 111,793 357,500 620,000 13,754 2,110,316 933,567 136,697 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 1,279,743 197,368 7,585 170,585 375,000 655,000 21,504 Total .. 1,898,163 2,192,594 2,326,954 2,467,614 2,706,785

H.—l2

4

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 Trustee. During the Year ended From Consolidated 31st March. Fund. Transferred from Land Assurance Fund. Net Income from Investments. Total Receipts during each Year, .893 ... ... 14,000 0 0 .894 ... ... 20,528 19 7 .895 ... ... 11,406 13 7 .896 ... ... 13,384 18 0 .897 ... ... 14,960 1 10 898 ... ... 16,496 3 8 .899 ... ... 17,866 7 8 .900 ... ... 19,245 9 8 901 ... ... 19,541 1 2 902 ... ... 20,901 2 5 .903 ... ... 23,641 8 10 £ 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 9,204 14 9 £ 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 10,354 4 9 £ 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 43,200 8 4 Total ... 191,972 6 5 191,972 6 5 66,958 19 10 56,426 6 2 315,357 12 5

During the Year ended 31st March. i 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 .903 £ 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 ... , 257,443 12 10 £ 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 2,579 1 7 £ s. d. 171,284 13 10 118,443 6 8 i 134,076 8 4 147,154 1 3 227,530 12 5 £ s. d. 3,369 12 7 27,213 10 1 98,401 9 9 31,589 16 1 49,678 15 3 70,839 16 5 95,954 7 5 125,867 7 10

5

H.—l2

Statement showing Year by Year, from 1886 to 31st March, 1903, the Capital of the Public Trust Office, and how invested, and the Income and Expenditure of the Office.

Approximate Cost of Paper. —Preparation, not given; printing (2,375 copies), £6.

By Authority: John Mackay, Government Printer, Wellington.—l9o3. Price, 6d.]

Capital op the Public Trust Office. Income of .ic Trust Office. Invested Total. Invested in Total Expenditure of Office . Year! In Cash. In Investments. Total. Increase j or Decrease in For Common Fund. Specially. By By Public Former Total. Trustee. Trustees. Total Common Fund and Special. £ eneral Local Gover "- Bodies' „ ment : Mortgages of Freeholds. Fixed : Shares Deposits in in CornBanks, panies. Total. Commission, Charges, &c. Surplus Interest on Investments. Total. Amount. £ £ £ £ £ £ £ £ * £ £ £ £ £ £ £ £ £ 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 12.101 267,526 301,226 366,886 462,782 478,895 505,349 551,101 594,337 656,836 274,509 309,541 381,140 463,746 493,861 523,269 567,061 615,663 668,937 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 1,839 114,183 126,978 144,783 181,107 215,909 253,070 276,393 289,680 354,933 100 5 60 59,792 60.001 60,319 1,449 630 444 401 1,633 1,285 1,534 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 12,09,0 14,697 19,229 8,995 8,406 8,653 9,145 8,469 011,751 014,001 ( 3 )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 15,242 014,902 16,664 48,667 841,974 912,971 858,638 961,638 84,105 103,000 Decrease. 5,485 Increase. 100,715 561,511 110,647 153,122 588,483 631,816 205,942 251,643 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 ( 8 )16,314 „ 1900 „ 1901 „ 1902 „ 1903 27,880 53,925 59,501 74.765 1,028,988 1,618,379 1,723,450 1,861,308 1,056,868 1,672,304 1,782,951 1,936,073 794,987 1,407,419 1,049,885 1,239,027 214,411 196,230 667,587 616,798 19,590 14,730 5,978 5,483 234,001 210,960 673,565 622,281 1,028,988 1,618,379 1,723,450 1,861,308 137,778 607,798 578,323 578,343 19,439 19,239 28,129 31,129 871,771 991,261 1,116,998) 1,251,830 81 1,028,988 1,618,379 1,723,450 1,861,308 11,022 12,375 11,938 11,015 9,835 8,972 13,678 12,777 20,857 21,347 25,616 23,792 015,887 15,656 14,909 (019,467 Including £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 of deficiency on realisation of mortgages, and £470 for unauthorised expenditure. 15) 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 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 Reserve Fund. (10) See note on page 2.