5

8.—9,

The statement upon the subject of life-insurance trusts in America is also well worthy of attention. 10. Apart from the foregoing matters, attention may be directed to the following matters appearing in the Public Trustee's report: — (1.) The increase in the balance at credit of estates and funds from £20,864,356 to £24,426,009. (2.) The increase of the Office reserves to a total of £621,948. (3.) The rapid increase in the number and value of cases where the Public Trustee has been appointed Sinking Fund Commissioner for local-body loans. During the past year there was an increase of 339 in number and £364,964 in value, bringing the number under administration to 1,937, and their value to £1,625,468. (4.) The inauguration of a system for the training of junior officers in the work which they will be called upon to perform in the course of their service with the Office. The provision of trained officers for the future is a vital problem, and it is confidently anticipated that the system adopted will fully meet the future requirements of the Office. (5.) The progress made towards the completion of the duties imposed upon the Public Trustee in connection with the disposal of enemy property and the settlement of pre-war debts between British and German nationals. These duties form the subject of a separate report to Parliament. (6.) The very satisfactory influx of new business into the Office. (7.) The statement by the Public Trustee relating to steps taken in regard to the shares of missing beneficiaries. (8.) The statement as to the position of the Public Trustee in regard to claims arising out of the Workers' Compensation Act, 1922. It will be observed that the Public Trustee is called upon under that Act to perform many important duties. (9.) A statement regarding the creation of trusts to make provision for the payment of debts, death duties, and legacies. (10.) The system of inspection and supervision in force in the Department, and, in particular, the creation of the position of Chief Auditor to perform a special portion of this work. 11. The fact that the Office is making rapid and healthy progress despite active competition is satisfactory testimony that its business is being conducted on sound lines. Evidence is received by the Government from time to time that the work of the Department is promptly and efficiently carried out. This is borne out by the numerous expressions of appreciation received from clients of the Office, and by the absence of well-founded complaints by those for whom it acts. J. G. Coates, Prime Minister. Wellington, 12th August, 1926.