8.—9.

may be done to all. Where private trustees are appointed to act, frequently the main reason for the selection of the trustees is the close relationship of such persons to the testator or settlor, and in these circumstances there is the possibility that the trustees may often, no doubt unconsciously, be influenced by considerations of relationship in favour of some of the beneficiaries. The Public Trustee, however, always acts impartially and with a proper regard for the rights of all persons interested. His duties are, nevertheless, not carried out with a disregard of the personal element which enters so largely into trustee work, but are performed sympathetically, considerately, and tactfully as is called for by the very nature of the work. 7. Thus persons having recourse to the Public Trust Office are assured of the safety of their trust property, supported by guarantees provided by the Legislature, the wealth of experience and knowledge resulting from the control of trust estates of all descriptions, large and small, over a long period, and the systematic performance of the duties involved by a well equipped and organized office of a permanent character specializing in fiduciary duties and performing them in a sympathetic but impartial manner. In a period during which there is a special need for faithful and trustworthy service these assurances are of particular value, and the record of the Office in these respects not only in the more prosperous years recently, but also during the difficult times now being experienced, has played a large part in maintaining the position occupied by the Office in the sphere of trustee administration, and will also be a potent factor in the development of the Office business in future years. NEW BUSINESS. 8. The conditions prevailing throughout the year are necessarily reflected in the figures relating to the new business reported during it, for not only are individual assets valued on a lower basis than in previous years, but it is also common knowledge that the shrinkage in values has in cases been accompanied by the entire loss of private wealth. Thus it is only to be expected that both in numbers and values there should be a falling-away from the figures recorded in previous years. In the circumstances the figures relating to the new business —a total of £5,650,839, representing 2,748 estates and accounts —may be regarded as eminently satisfactory and to be commensurate in volume with the higher figures recorded in more prosperous years. The total amount of the business at present under administration is now £59,757,449, representing the aggregate of 20,936 separate estates and accounts. This figure, which is impressive in the view which it conveys of the Office activities, is the highest yet recorded in the history of the Office, and exceeds by £624,937 the previous highest figure, which was recorded in the preceding year. As in the past few years a marked feature of the administration of estates has been the inability to realize, at prices acceptable to beneficiaries, assets which would normally be converted into cash during the early stages of the administrations, and where the circumstances of individual estates have not permitted of a transfer of assets in specie to the beneficiaries, or the latter have not desired this to be done, it has been necessary to retain the assets until a more favourable market develops. The resulting accumulation of assets is, however, as the result of the lower basis of values operating, not reflected proportionately in the figures relating to the business in hand, and it is clear that the aggregate represents a much larger accumulation of assets than would be gathered from a comparison of the present figures relating to the business in hand with the corresponding figures in previous years. The figures quoted do not take into account such matters as trusteeships for debentureholders where the duties of the Public Trustee are not of an active nature or the supervision of the administration of the estates of aged and infirm persons or mental patients administered privately, but subject by statute to the Public Trustee's supervision. By including these figures in the general total the value of estates and funds under administration at the close of the year would be increased by £2,275,950.

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