8.—9

1914. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT RELATING TO THE).

Presented to both Houses of the General Assembly in accordance with Section 47 of the Public Trust Office Amendment Act, 1913.

BEPOBT.

Pursuant to section 47 of the Public Trust Office Amendment Act, 1913, I have the honour to lay before Parliament the following report of the operations of the Public Trust Office during the financial year ended the 31st March, 1914 :— 1. The net profits for the year were £29,222. The growth of the business is shown by the following table, whicli covers the past six years : —

With the growth of the Office business the Office staff has grown, and, with the staff, the salarylist. The general conditions of officers have been substantially improved. The increase in the staff during the last six years is shown in the foregoing table. The following is the salary-list for the same period : — Total Salaries. £ 1909 .. .. .. .. .. .. 15,772 1910 .. .. .. .. .. .. 16,807 1911 .. .. .. .. .. .. 18,444 1912 .. .. .. .. .. .. 21,722 1913 .. .. .. .. .. .. 27,221 1914 .. .. .. .. .. .. 32,837 2. In order that estates may share in the prosperity of the Office, the common-fund rate of interest has been raised from 4J per cent, on the first £3,000 and 4 per cent, on the excess, to 4J per cent, on the first £6,000 and 4| per cent, on the excess. Moreover, the new scale applies to local bodies' sinking funds, which formerly received only 4 per cent. These increases amount approximately to £3,000 a year, and came into operation on the Ist April, 1914. 3. Under powers conferred by last year's Act the Office Board has been strengthened by the appointment of two non-Service members. The gentlemen selected were Mr. G. E. Tolhurst, for many years the Chief Inspector in New Zealand of the Union Bank, and Mr. W. Gγ. Foster, the Managing

Year ended 31st March. I Number Number Number on of of Staff. Receipts. Payments. Number of Estates. Value of Estates. i Number of Wills deposited during the Year. Capital Funds. Net Profits. 909 910 911 .912 913 914 103 112 138 160 182 206 23,414 25,823 30,401 i 41,159 ! 40,843 I 45,362 43,359 49,613 54,789 62,280 65,790 68,406 5,019 5,564 6,112 6,694 8,496 9,223 £ 6,399,567 7,358,947 8,112,342 9,493,959 11,268,311 12,282,883 718 844 993 1,024 1,035 1,047 £ 2,850,111 3,414,168 4,287,195 5,070,305 5,799,446 6,366,707 £ 10.850 11,738 11,241 25,919 27,551 29,222