8.—9

36

his conviction that the various important functions which the Public Trustee would be called upon to perform would prove self-remunerative, and that the fees which would be received would more than cover the cost of the Office. While one of the chief aims of the successive executive officers of the institution has been to obtain each year a return by way of income sufficient to cover the expenses incurred in performing the functions of the Office for that year, at the same time the scale of charges and fees for services rendered to beneficiaries in estates has been fixed on the lowest possible basis. That Sir Julius Vogel's faith in the proposed institution was well founded is witnessed by the fact that as a result of fifty years' operations on no occasion has the Consolidated Fund been called upon to contribute to the expenses of the Public Trust Office. On the contrary, out of its profits the Ofiice has contributed no less than £38,000 to the Consolidated Fund. Section 13 of the Public Trust Office Act of 1872 enacted that the Governor might by Order in Council make regulations— («.) For the conduct of the business of the Office : (i>.) Determining the duties of the officers of the Public Trust Office : (o.) For the custody of property placed in the Office : ((/.) Fixing scales of charges upon such property for the cost of management of that property : (c.) Prescribing the accounting procedure to be adopted in connection with the receipt, investment, and payment of moneys, and prescribing the precautions to be taken for the safe custody of documents of security for investments. By the authority conferred by that section of the Act, under an Order in Council dated 20th December, 1872, regulations were published in the New Zealand Gazette of the 2nd January, 1873, and appended to these regulations was a scale of fees which were to bo charged for the Public Trustee's services. For the management of estates, including the collection of interest and rents and for the realization of property, a flat rate of \\ per cent, commission was fixed. In addition the following fees were set down by the regulations : - For receiving and recording wills deposited for safe custody, 10s. For delivering will to testator and receiving and recording another will in lieu thereof, 10s, For investment of moneys in Government securities, or in such other way as may be directed by deed, or trust, or will — Jf the amount did not exceed £1,000, 10s. per cent. If above £1,000, ss. per cent. By section 12 of the Public Trust Office Act Amendment Act of 1873, dealing with the estates of persons dying intestate, it was provided that there should be deducted from all moneys paid into the Public Trustee's Account on behalf of such estates such amount as should from time to time be fixed by the Governor in Council, but not exceeding £7 per cent., and that the sum so deducted should be passed to the credit of the Public Trust Office Expenses Account. In pursuance of the authority just mentioned a scale of charges was fixed by Order in Council dated I.9th March, 1874, and published in the Gazette of the 9th April, J 874. The scale of charges was as follows :— On all estates the gross collections in respect of which do not exceed the sum of £250, 7 per cent. Estates exceeding £250 but not exceeding £1,000, 5 per cent. Estates exceeding £1,000, 4 per cent. The above rates were stated to be " in addition to all actual expenses incurred for postages, telegrams, or any other necessary service." Owing to the rapid extension of the scope and functions of the institution it has been found necessary at frequent intervals to revise the scale of charges. At all times the charges have been fixed on the lowest possible scale consistent with the ensuring of a reasonable remuneration for the services performed, as the following comparative statement of charges will show ;- - Wills and Trusts Estates. Commission on proceeds of realization of— Per Cent. Per Cent. Estates not exceeding £1,000 in value . . . . . . \\ On first £400 .. .. .. .. .. .. 5 On balance . . . . .. . . . . .. 2\ Estates exceeding £1,000 in value . . . . . . .. \\ On first £10,000 . . . . .. . . . . .. 2-| On balance in excess of £10,000 .. . . . . . . \\ Intestate Estates. m 4 Commission on proceeds of realization of— Per Cent. Per Cent. Estates not exceeding £250 in value . . . . . . 7 5 Estates exceeding £250 in value but not exceeding £1,000 . . 5 On first £400 .. .. .. .. .. .. 5 On balance . . . . . . .. . . . . 2J Estates exceeding £1,000 in value but not exceeding £10,000 . . 4 2-| Estates exceeding £10,000 in value. . . . .. .. 4 On first £10,000 .. . . .. .. .. .. 2£ On balance in excess of £10,000 . . . . . . .. 1| That the fairness of the charges made from time to time lias been appreciated by the general public is clearly evidenced by the figures showing the remarkable growth of the business of the Office since it was first instituted.