8.—9.

16. Loans to Local Bodies—As at the'3lst March, 1941, two small local bodies were in arrear under loans from the Public Trustee. During the year the voluntary conversion of the indebtedness of the Thames Borough was completed, and the borough should henceforth have no difficulty in meeting its obligations under the new arrangements. The control of the affairs of the Matakaoa County through a Commissioner has continued to give satisfactory results. FINANCE. 17. Investment of Funds.—New investments totalling £1,652,317 were completed during the year. On 31st March, 1941, the investments held by the Office, including special investments made by the Public Trustee on behalf of estates and funds, amounted to £38,623,059, representing an increase of £542,474 compared with those held at the end of the previous year. 18. Annual Accounts. —The year's operations resulted in a net profit of £17,073 after making provision for bad debts and for depreciation on Office buildings and other property. 19. Advances to Estates and Beneficiaries. —Estates and beneficiaries have continued to take full advantage of the facilities afforded by the statutory provisions whereby the Public Trustee is able to advance money on the security of the assets of, or of a vested interest in, an estate administered by him. Such advances granted during the year amounted to £111,765, and the total amount secured in this way as at 31st March, 1941, was £649,913. INSURANCE COMPANIES ACT, 1940. 20. In terms of this Act every company or association established or incorporated in, or having its chief office in, New Zealand, which at the commencement of the Act was carrying on insurance business in New Zealand (other than life, marine, or earthquake insurance business) was required to deposit with the Public Trustee, on or before the 31st March, 1941, cash or securities of amounts varying according to the classes of business, and to the volume of such business, being conducted. Mutual fire insurance associations incorporated under the Mutual Fire Insurance Act, 1908, were, however, exempted from compliance with the provisions of the Act. In terms of the Act, cash amounting to £162,650 and securities to the value of £262,225 were deposited. The Act also provides for the making of deposits, before commencement of operations, by local companies and associations proposing to carry on insurance business in New Zealand. STAFF. 21. Principal Staff Changes.—The principal staff changes effected during the year ended 31st March, 1941, were — (a) The appointment of Mr. C. J. Playne, formerly Controller of the Estates Division, Head Office, to the position of Assistant Public Trustee, vice Mr. W. M. Barr, retired on superannuation. (b) The appointment of Mr. H. W. S. Pearce, Chief Inspector, Head Office, to the position of Controller, Estates Division, Head Office, vice Mr. Playne. (c) The appointment of Mr. T. F. H. King, Assistant Controller, Estates Division, Head Office, to the position of Chief Inspector, Head Office, vice Mr. Pearce. (d) The appointment of Mr. F. C. Coombe, Assistant Chief Inspector, Head Office, to the position of Assistant Controller, Estates Division, Head Office, vice Mr. King. (e) The appointment of Mr. P. R. Winchcomb, Inspector, Head Office, to the position of Assistant Chief Inspector, Head Office, vice Mr. Coombe. (/) The appointment of Mr. L. S. Lipscombe, Assistant Inspector, Head Office, to the position of Inspector, Head Office, vice Mr. Winchcomb. (g) The appointment of Mr. R. D. Macklow, Estates Clerk, Whangarei, to the position of District Manager, Westport, vice Mr. R. J. Hill, deceased.

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