8.—9.

13. There are also many estates with obligations under mortgages or leases where, through shrinkage in income, it is necessary to seek relief. In these estates if compromise with the other parties concerned cannot be arrived at, it is the Public Trustee's duty to avail himself of the provisions of the relief legislation, and make the necessary applications on behalf of the estates. The estates concerned are of all classes. In the applications the Public Trustee presents all considerations affecting the estates and brings out all arguments which apply, for in acting on behalf of such estates he is in exactly the same position as any individual applying for relief. 14. In the wide range of assets controlled by the Public Trustee on account of estates under administration are included businesses of all kinds. The conduct of businesses, particularly at the present time, demands special attention to the arrangements which are required for efficient and effective control. Close attention is paid to the question of costs to ensure that overhead expenses are reduced to a minimum, and that unproductive lines of trade are not carried on. Special consideration is given to the setting-up of proper accounting systems in order that the position of the businesses may be ascertained accurately and steps taken to prevent any avoidable losses. 15. Details of the new business for the year have already been given, and the salient features of the new business and administration work generally are touched upon below. 16. Wills, Trusts, and Agencies. —Again, as for some time past, this class forms the largest portion of the new business reported, and during the year 1,498 of these estates, of a total value of £3,792,245, were accepted. In these figures there is concrete evidence of the voluntary recourse which, in the important matters of executorship, trustee, and agency work, is had to the services of the Public Trustee. In the estates and trusts accepted during the year there are some which had been partially administered by private executors or trustees and transferred to the Public Trustee, and in recent years the number of these transfers has been considerable. There are several reasons for this action, which is initiated by the executors or trustees themselves or by those beneficially interested in the estates. The permanence and continuity of administration by the Public Trustee, the Dominion-wide representation of the Office which enables it to deal with assets wherever situated and to keep in personal touch with beneficiaries, no matter in what part of the country they may live, and the safety and efficiency of the Office administration, all make their appeal to those who by personal association with trustee duties come to a realization of the many and difficult problems which are involved. Appointments of the Public. Trustee as attorney also form a considerable portion of the business. The connection secured in this way is a most fruitful one, and many valuable estates administered by the Public Trustee have been entrusted to him as a result of experience of the Office work gained when the Public Trustee has acted as attorney for the testators concerned. 17. Intestate Estates. —On the average the estates of this class are now of small value. The number accepted during the year was 455, of a total value of £319,915. The small average value of these estates is doubtless accounted for by the fact that nowadays the majority of people with estates of any great value take the precaution, by means of testamentary dispositions, to ensure that the administration of their estates and provision for their dependants will be in accordance with their own wishes, and will not be left to the statutory provisions governing intestate estates. The work rendered in the administration of these estates is of great value to those interested, and the organization and facilities of the Office enable the work to be conducted at a reasonable cost. 18. Estates of Persons under Disability. —It is a public necessity that a means be afforded whereby the estates of persons under disability may be protected and administered in a proper manner. In New Zealand the services of the Public Trustee are widely availed of for this purpose, and in the work thus performed the Office renders a valuable public service.

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