8.—9

17

Local Bodies' Sinking Funds. 31. On the 31st March, 1930, the Public Trustee was acting as Sinking Fund Commissioner in respect of 2,827 loans raised by local bodies. This represents a net increase during the year of 175 ; but the number of new appointments exceeded this figure, since a considerable number of sinking funds are closed annually by virtue of the maturity and repayment of the relative loan. Renewal Funds oe Local Bodies. 32. The statutory provisions authorizing Municipal Corporations and Electricpower Boards to invest their depreciation funds in the Common Fund of the Public Trust Office are contained in section 48 of the Municipal Corporations Amendment Act, 1928, and section 21 of the Electric-power Boards Amendment Act, 1927, respectively. At the 31st March, 1930, the Public Trustee was Renewal Fund or Depreciation Fund Commissioner for seventeen local bodies. Miscellaneous Accounts and Funds administered. 33. Among various miscellaneous funds which the Public Trustee is called upon to administer are the following : — New Zealand Sheepowners' Acknowledgment of Debt to £ British Seamen Fund .. . . . . 38,987 Electric-power Schemes Deposits Act . . . . 500 Government Fire Insurance Fund .. .. .. 54,985 Government Stores Marine Insurance Fund . . . . 11,140 £105,612 SAFE-DEPOSIT LOCKERS. 34. The advantages of the safe-deposit locker system which has been installed at many of the Branches of the Office throughout the Dominion are being availed of by an increasing number of clients. Housed in suitable strong-rooms, these lockers afford, at a moderate cost, security against loss by fire or theft. Lessees may gain access to their lockers at any time during ordinary business hours. As a result of the extent to which these facilities are appreciated, it became necessary to install additional lockers during the year. In order that clients may receive a full measure of protection, the Office spares no pains to ensure that every precaution is taken by officers dealing with this phase of the work. OFFICE BUILDINGS. 35. As stated in my last report, the continued expansion of the Office business has rendered necessary additional accommodation for the staff at certain Branches. At the time of their erection some of the buildings which have been extended were considered to be large enough to provide ample accommodation for future requirements, but the growth of business in these districts has so far exceeded expectations that extensive additions were essential. During the year extensions were effected at Wanganui, ITawera, Invercargill, Nelson, and Palmerston North. The new office erected at Dunedin was occupied in May of last year. Favourable comments have been made by all who have had an opportunity of inspecting this building, which has been planned on the most modern lines, and embodies all the requirements for the effective and economical control of the staff. This improved accommodation has also added to the comfort and efficiency of the staff and the convenience of clients of the Office, and is in keeping with the volume and importance of the work conducted by this Department.