8.—9

8

Although the deposits due by the British companies were not payable until the 6th June, 1922, a number of those companies made representations to the Public Trustee with a view to payment being accepted by him in instalments prior to that date. This was agreed to on terms satisfactory to the companies concerned, and on the 31st March, 1922, the sum of £96,726 was held on their behalf. Active steps are being taken to invest the whole of the money as soon as possible after its receipt, so that loss of interest may be avoided. Arrangements have been made to have deposits accepted by the High Commissioner in London on behalf of the Office free of exchange, and advantage has been taken of this privilege by many of the British companies. It is regretted that it was not possible to extend the same privilege to Australian companies desiring to make their deposits in Australia. The Office has not the same facilities there as exist in London, so that it was necessary in the case mentioned to require full payment in New Zealand. National Provident Fund. 12. The total amount of funds held on behalf of the National Provident Fund on the 31st March, 1922 ; was £622,107. In last year's report reference was made to the terms under which this fund would in future be invested. Effect was given to the amended regulations as from the Ist April, 1921. The new system of special investment is similar to that adopted some years ago in connection with the Teachers' Superannuation Fund, under which funds as they become available are invested in securities belonging entirely to the fund itself and forming no part of the Office Common Fund. The investments are not guaranteed by the State, nor do they enjoy the other advantages of money invested in the Common Fund. Superannuation Funds. 13. In addition to the superannuation funds Which have been the subject of special reference, the sum of £594,694 was on the 31st March, 1922, held in the Common Fund on behalf of various Government and local bodies' superannuation funds. This amount is made up as follows : — £ New Zealand Government Railways Fund .. .. 476,557 Civil Service Act, 1908 .. .. .-. . . 8,748 Deferred Pay (Naval) Account . . . . . . 14,638 Post and Telegraph Act, 1908 .. .. .. 2,173 Public Service Classification and Superannuation Act, 1908, section 31 .. .. .. .. 4,114 Four local bodies'superannuation funds .. .. 88,464 £594,694 For the convenience of the local bodies concerned the administration of the last funds referred to has been recently delegated to the District Public Trustees in whose districts the respective local bodies are situated. Land Settlement Finance Associations. 14. In last year's report reference was made to the substantial improvement in the position of the various associations. Reference was also made to the fact that a number of the occupiers of the land-settlement holdings were being seriously affected by the poor prices which were being realized for farm-produce and live-stock. The result of these conditions has been that in many instances difficulty has been experienced in collecting the periodical instalments of principal and interest. Concessions in this connection have been granted by the Public Trustee to the fullest extent compatible with his statutory duties, and results in the large majority of cases have warranted the attitude adopted by him. Generally speaking, the position of the forty-four associations may be regarded as satisfactory.