8.—9

2. lam pleased to be able to say that the legislation passed'in the years 1912 and L913 has largely increased the usefulness of the office. The public have availed themselves of it freely, and the result is satisfactory to all concerned. 8. At the beginning of the year the common-fund rate of interest was raised, and the Office .scale of charges was reduced. As a result, estates received during the year about £3,200 more in interest and paid about £700 less in charges. 4. Between the outbreak of the war (4th August, 1914) and the close of the vear under review (31st March, 1915) the Office has lent a total of £609,947 to a total of 208 borrowers (including local bodies). It will thus be, seen that the financial assistance afforded by the Office has not been curtailed by reason of the war. 5. During the year twenty-one members of the staff have gone to the front. Leave of absence has been given to them so as to preserve their positions when they return. The staff is, of course, weakened by their absence, but I have much pleasure in saying that those who remain have most readily and cheerfully done extra work (both in overtime and otherwise) to fill the gap. 6. Hitherto the business in Dunedin has been conducted in rented premises, which were both inconvenient and inadequate. The purchase of a suitable site has been under consideration for some time, and in February last one was secured at a cost of £5,000. Alterations and furnishing are estimated to cost about £1,500, and are now being effected. The building, which is in Princes Street, is handsome, substantial, and eminently suitable. On the first floor there is considerable letting space, and when this is disposed of it is calculated that, after charging 5 per cent, per annum on the total cost, the Office will sit at a rental not much more than that hitherto paid. 7. Mr. G. E. Tolhurst resigned from the Office Board on the 31st March owing to his departure for England, and Mr. James Macintosh was appointed in his stead. 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, 1915. Minister in Charge Public Trust Office.

Capital Funds of the Public Trust Office, and how invested, on 31st March, 1910 to 1915.

2

On On On On On 31st March, 31st March, 31st March, 31st March, 31st March, 1910. 1911. 1912. 1913. 1914. On 31st March, 1915. Capital funds of the Public Trust Office £ 3,414,168 £ 4,287,195 £ 5,070,305 £ 5,799,446 £ 6,366,707 £ 7,096,420 Less amount hold in cash 218,030 158,973 141,432 283,749 208,375 445,373 Balance invested 3,196,138 4,128,222 4,928,873 5,515,097 6,158,332 6,651,047 The investments consisted of— Those made out of the Common Fund Those made for estates Those made out of profits Those made by other trustees of properties afterwards transferred to the Office 2,189,551 950,792 52,545 3,250 2,991,350 1,075,028 59,719 2,125 4,707,755 154,844 64,149 2,125 5,255,660 177,964 82,073 5,923,606 149,288 85,438 6,454,262 108,192 88,593 3,196,138 4,128,222 4,928,873 5,515,697 6,158,332 6,651,047 The capital funds were invested in the following securities — Advances to estates and accounts Government securities of the Dominion Land Settlement Finance Act debentures Local bodies' securities Mortgages of real estate Fixed deposits Freehold property and furniture .. 337,968 71,793 340,468 63,680 68,421 189,208 215,664 88,743 161,513 279,281 147,603 157,505 266,681 141,346 236,040 77,342 218,159 2,587,466 237,549 3,353,210 1,803 59,719 265,784 4,125,116 531 64,149 321,804 4,581,671 612 82,073 509,850 4,989,907 1,348 85,438 625,302 5,482,326 98 88,593 52,545 Totals 3,196,138 4,128,222 4,928,873 5,515,697 6,158,332 6,651,047