8.—9

14

Value of New Estates, etc., accepted. 19. New estates and funds of a gross value of £7,091,350 were accepted for administration during the year. This is the largest volume of new business which has ever been received during one year, and represents an increase of £579,422 over the new business for the previous'year, which also constituted a record. The new business is practically double what it was five years ago, and actually exceeds the total value of all estates under administration by the Office in 1909, just twenty years ago.

Comparative Table iĺustrating the Progreś made by the Public Trust Oƒice during the Decennial Period 1920 to 1929.

The figures relating to the value of estates under administration and funds at credit of estates and accounts included in the foregoing table sufficiently illustrate the rapid and sustained growth of the Office business during the last ten years. When it is pointed out that in 1914 the total value of estates under administration was only £12,282,883, and that in the period of fifteen years since that date the volume of business has increased practically fourfold, and the funds at credit of estates and accounts nearly fivefold, from £6,366,707 to £31,043,172, it will be realized how remarkably rapid has been the progress of the institution and the favour in which it is held by the community. The figures relating to the numbers of wills deposited for safe custody m the Office by living testators who have appointed the Public Trustee their executor are equally imposing, and afford a striking index of the prospects of future growth. Advances to Estates and Beneficiaries. 20. The Public Trustee's power to make advances to tide estates over until such time as the assets can be realized to the best advantage is undoubtedly of great service to the estates under administration and to the beneficiaries concerned. Where there are insufficient liquid assets in estates to provide for administration expenses, death duties, debts, legacies, &c., the Public Trustee is able, in appropriate cases, to make an advance on the security of the estate assets. The expenses incidental to raising a loan on mortage are thus avoided, and, in addition, the funds required are available without delay. By this means the sacrifice of assets on an unfavourable market in order to provide funds urgently required is obviated, and opportunity afforded to " nurse " an estate until better conditions prevail. Proceeds of assets realized, as they come to hand, are applied in reduction of the advance, and the estate thus receives immediate benefit by way of a reduction in the interest charge. Advances to beneficiaries on the security of their interests in estates are also made where circumstances warrant this being done. It frequently happens that the estate assets consist largely of mortgages which will not mature for several years, or real estate or other assets which, for some reason, it is difficult or in-

Total Value of Estates in } Number of Wills of Year ended 31st March, Office, including urn s a rcc i o Living Testators deposited Unrealized Assets. Estates and Accounts. with the Office. __ I " j ... : .'j £ £ 1920 .. .. .. | 20,860,686 11,911,290 25,792 1921 .. .. ... 22,364 319 13,918,906 28,356 1922 .. .. .. 25,497,779 15,329,125 1 31,839 1923 .. .. .. 28,904,798 17,466,787 1 35,502 1924 .. .. 32,404,724 19,215,388 39,682 1925 .. .. 35,570,642 20,864,356 44,102 1926 .. .. 38,009,480 24,426,009 48,957 1927 .. .. 41,043,523 26,485,917 j 53,531 1928 .. .. 44,155,548 28,485,442 1 58,065 1929 .. 48,334,790 31,043,172 62,841 Net increase in preceding twelve 4,179,242 2,557,730 4,776 months