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8.—9

DISTRICT OFFICES. REPORTS BY DISTRICT PUBLIC TRUSTEES. 1. AUCKLAND. Generally speaking, the improvement in business and farming conditions throughout the district has been sustained. Tin; development of the whole province is having its effect on the area controlled by this office, and as roads and railways are completed the progress will be more rapid. The city is extending at an ever-increasing rate. The year has been remarkable for the huge increase of private building in Auckland, and, apart from residences, a great number of large buildings in the city proper have been erected or are now in the course of erection. There has also been extensive building of small suburban shops, but it seems clear that this has been largely overdone—in some localities, at all events. As far as the office is concerned, the year has shown an increase in every class of business handled. Large sums have been advanced on mortgage, and those have not been restricted to city properties only, but farming-lands have been included where the security has justified it. The future of the city and of the whole country depends on the development of our farms and primary industries, and the Office recognizes its obligations to provide finance where; the values and prospects are satisfactory. Difficulty is still experienced in adjusting certain mortgages in estates taken over from private trustees or which have recently come into the office, and it is evident that this will continue, particularly in those cases where properties have been sold at a high figure. There has been some readjustment of values, but it will have to extend further. Properties have realized fairly freely throughout the year, but easy terms were necessary in practically every case, and in the last few months it has been almost impossible to dispose of rural properties. It is clear that outside capital has been withdrawn from this class of investment. It is pleasing again to note that there has not been a single serious complaint as to the office administration. Many letters of appreciation have been received, and the following is an extract from a letter written by a prominent business man who is an advisory trustee in the largest estate that has ever been handled in the Auckland Office, and gives some indication of the manner in which the work is now being carried out : " I. can only conclude by congratulating the Public Trust on the excellent work done and the clear and explicit statements received from time to time and its completeness and general thoroughness. Your telegraphic address —viz., ' Trustworthy ' — is absolutely synonymous with your work, and my experience of the Public Trust is that you are thoroughly worth trusting." During the year there have been several visits by the Public Trustee and Assistant Public Trustee, and a conference was held between the representatives of Head Office and the Controlling Officers of Auckland, Hamilton, Whangarei, Gisborne, and Te Kuiti Offices. The interchange of views and the discussions generally on the Office work and its policy should prove helpful to all who had the opportunity of attending the conference. The following figures indicate the progress of the office and the amount of work that is handled : — Year ending Estates under Value. „ t a Salaries. 31st March. Administration. £ £ 1921 .. .. .. 1,167 1,04:8,365 81 19,001 1922 .. .. ..1,153 1,314,064 58 15,997 1923 .. .. .. 1,102 1,530,544 47 11,274 1924 .. .. .. 1,169 1,710,820 47 10,659 The proportion of wills estates and the average value of all estates are steadily increasing. During the year 263 new estates were accepted, and 209 were closed. The number of wills deposited during the twelve months again constitutes a record, and shows a much larger advance than even the previous year. During the period under review 630 new wills were deposited, as against 475 for the previous year and 419 for the year before. Assets realized. —The value of assets realized during the year amounts to £1.90,192, made up as follows : Savings-bank moneys, £34,543 ; bank moneys, £3,364 ; life policies, £7,881 ; fixed-deposit receipts and accrued interest, £12,828 ; debentures and shares, £48,520 ; mortgages, £24,450 ; realty, £58,606. From the Ist April, 1923, substantial reductions were made in the ordinary Office commission charges, but the extra volume of business has resulted in an increase of income. The value of the concessions granted to clients by discontinuing practically all charges outside commission amounts to close on £1,500. Staff. —Although the work increased so substantially, the better methods employed have enabled it to be carried out without any increase in staff. To provide for the future expansion of the Office it is recognized that a fair number of juniors must be attached for the purpose of training. Experience has shown that the officer who has received his training in the Office is the most valuable. Every encouragement is given to the members of the staff to study, and practically all are either qualified or are studying law or accountancy. Agencies. —The Pukekohe and Helensville Agencies have continued to progress during the year, and the prospect of future business is good. The value of paying special visits to these districts to meet farmers and residents and to explain the functions of the Office and the service it gives is shown by the new business obtained.