2

B—9.

Director of the Wellington Meat Export Company. These gentlemen have special knowledge of finance and of stock and station matters, and I am satisfied that their presence on the Board will not only be of great assistance to the Public Trustee, but will also do much to strengthen the confidence of the public in the Office administration of the large and important interests entrusted to it. 4. The following is a statement showing the net profits of the Public Trust Office for the ten years ended the 31st March, 1914 :— £ s. d. 1905 13,955 7 2 1906 11,989 19 9 1907 11,653 3 6 1908 9,639 14 6 1909 10,850 11 4 1910 11,738 17 10 1911 11,241 6 8 1912 .. .. .. •• 25,919 18 8 1913 27,551 8 4 1914 .. .. .. •• •■ 29,222 0 0 It will be seen that the profits for the last year are the largest on record. 5. It has been decided to close the agency at Masterton, and establish in its stead a branch under officers of the permanent staff. The change will result in greater efficiency, without greater expense. 6. Active steps are being taken under the West Coast Settlement Eeserves Amendment Act, 1913. In almost every instance the European lessees have elected to take new leases. The valuations are in progress, and I am hopeful that the scheme of settlement provided by the Act will prove satisfactory to all concerned. 7. The effect of the Public Trust Office Amendment Act, 1913, is to greatly extend the functions of the Public Trustee, and thereby increase the usefulness of the Office. Amongst other things, the Act provides for the appointment of Advisory Trustees where the Public Trustee administers the estate, also for his appointment as Custodian Trustee where the active administration is in the hands of private trustees. Moreover, in the case of private trust estates, it empowers the Public Trustee to have the accounts audited and investigated on the application of any beneficiary oi private trustee. Numerous inquiries have been made on all these points, and I am satisfied that persons interested will avail themselves very freely of the provisions referred to. 8. The Office accounts for the year will be laid before Parliament in due course, and appended hereto are comparative tables showing how the capital funds of the Office are invested, and furnishing other useful information. A. L. Herdman, Wellington, 20th April, 1914. Minister in Charge Public Trust Office.