8.—9.

changes in the values of assets or in the income derived from them may necessitate material alterations in the dispositions by will in order to prevent hardship being imposed on near relatives. The need for will revision which exists at present is one that is becoming more widely realized, and it is of interest to record that the number of wills redrafted during the year was 3,522, or approximately the same as that of the new wills prepared. 6. The development of the business of the Office, both present and prospective, is indicated by the following table : —

ADMINISTRATION OF ESTATES AND KINDRED DUTIES. 7. The primary function, of the Public Trust Office is the administration of estates and funds and the performance of fiduciary work of a similar character, and it is from these duties that other important functions of the Office, such as that of investing funds, are in the main derived. Naturally, the Office, with its large and constantly growing business, its long and varied experience, and its wide representation throughout the Dominion, is able to offer to its clients special facilities for the performance of the various classes of work which it undertakes, and to provide an assurance of faithful and efficient service. The continued and increasing resort of the public to its services, as demonstrated by the figures already given, sufficiently indicates that the work is performed to the satisfaction of clients. Even in times of general prosperity the administration of such a large aggregation of trust estates is one of considerable responsibility. The administration of trust estates is highly specialized work, calling for a technical knowledge in law and accounting, a wide and diversified experience in business matters, and other important qualifications. The assets coming under the care and control of the Public Trustee cover the whole range of property rights and interests, and include investments of every description. Moreover, each estate is a separate entity with its own special problems and requirements. The problems encountered in the ordinary course in the discharge of trustee duties become greatly intensified in times of difficulty such as the present, and the amount of work entailed in the administration of estates is increased to a considerable extent. The present absence of demand for many classes of assets, and in particular landed properties, at prices acceptable to the beneficiaries means that the administration of many estates is a more protracted process now than it was in past years when conditions were more favourable. As a result of this, a greater amount of work has necessarily to be performed for the estates. The management and control of the individual assets and their utilization to the best advantage has also become a matter of increasing difficulty, particularly where they involve the supervision of estate mortgages, the leasing or letting of landed properties, the management of farming operations, or the conduct of businesses. Greater difficulties are also encountered in the collection of payments from tenants, mortgagors, and others indebted to estates. Applications from such parties for concessions are numerous, and careful investigation is necessary to ensure that the interests of the estates are protected to the fullest extent, bearing

5

Value of Estates and Moneys at Credit of Number of Wills Year. Funds. Estates and Funds. on Deposit. £ £ 1925 .. 35,570,642 20,109,822 44,102 1926 .. .. 38,009,480 24,426,009 48,957 1927 .. .. 41,043,523 26,485,917 53,531 1928 .. 44,155,548 28,485,442 58,065 1929 ' .. .. 48,334,790 31,043,172 62,841 1930 . .. 53,049,437 34,049,290 68,253 1931 . .. 57,527,263 36,488,434 73,523 1932 .. .. 59,132,512 36,859,518 77,124 1933 .. 59,757,449 36,815,941 79,535 1934 60,760,493 37,155,883 81,403