8.—9.

1941. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT OF THE) FOR THE YEAR ENDED 31st MARCH, 1941.

Presented to both Houses of the General Assembly in accordance with Section 4:7 of the Public Trust Office Amendment Act, 1913.

Pursuant to section 47 of the Public Trust Office Amendment Act, 1913, I have the honour to lay before Parliament the attached report on the working of the Public Trust Office for the year ended 31st March, 1941. A pleasing feature of the year's operations has been the substantial increase recorded in the new business reported to the Public Trustee for administration. The new estates and funds numbered 3,273, valued at £6,964,179, compared with, 3,164, valued at £5,880,776, reported during the preceding year. It will be seen that while there has been a satisfactory increase in the number of the estates the increase in the value has been most marked. The aggregate value of the estates and funds under administration on the 31st March, 1941, was £64,436,092, as compared with £62,622,175 at the close of the previous year, an increase of £1,813,917. In the prospective as well as in the existing business of the Office there is every reason for satisfaction. During the year 9,789 wills appointing the Public Trustee executor were deposited, and on the 31st March, 1941, the total number held in safe custody was 105,079, an increase of 7,404 for the year. These figures constitute a record for the Office, even if soldiers' wills are not taken into account. Many of the wills are deposited by beneficiaries and clients after personal acquaintance with the standard of service rendered by the Office, and constitute in themselves eloquent testimony to the manner in which the work is performed. Apart from the wills in the Public Trustee's custody there are, it is known, many wills appointing the Public Trustee executor held by solicitors, banks, and others, and in the aggregate the prospective business from this source is very large. The wills for deposit work of the Public Trust Office is conducted under conditions ensuring the preservation of the strictest secrecy regarding the contents of wills, and, apart from this, the greatest thought and care are bestowed upon this section of the Office work. In addition, no fewer than 4,653 existing wills were redrafted by the Office at the request of testators to meet changed conditions in their affairs, as compared with 4,391 during the preceding year. The steady increase in this phase of the work is very gratifying.