8.—9

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New Business. —There was a very satisfactory amount of new business obtained for the year. Estates- Fifty-nine new estates were reported, of a total value of £137,575. The average value of these estates is therefore £2,331, which is again evidence that the Office is obtaining more remunerative and satisfactory business. This new business showed a very satisfactory increase over last year's business (thirty-two estates, of a total value of £90,939). Wills- .1.31 new wills were obtained, of a total value of £786,000. The new wills, as evidenced by their value, show that the Office activities are extending and being appreciated by all sections of the community. The number of wills obtained shows a great increase over last year's new wills (fiftynine wills, of a total value of £296,627). Mortgages : Common Fund and other Funds— -During the year there were twenty new loans granted in this district, of a total value of £116,000. There are now 111 mortgages in the district, of a total value of £1,007,019. In practically all cases interest is now being regularly received from Office mortgagors, and in no cases has it been found necessary to realize any Office securities. Realizations- The total realizations for the year were £22,001. As in previous years, a good deal of difficulty has been, experienced in satisfactorily realizing freehold property. This is still attributed to the slump, which greatly affected this district. The position of the district is, however, rapidly improving, and it is anticipated, that realizations will be greater during the coming year. Care has been taken in all cases to see that no assets have been realized at a disadvantage, and in this connection the Office has several times conn; to the assistance of estates by advancing money to such estates in order to prevent realizations at a disadvantage. Prompt Administration. —Now that the administration of estates has been completely decentralized, it is possible to promptly administer all estates placed in the Office. During the year nineteen estates, of a value of £6,454, were distributed, and closed. Out of these, eleven estates were reported and closed within the year. This number could have been increased had the nature of the assets or the terms of the will permitted. Care is taken to see that the wishes of the beneficiaries are always followed in realizing and distributing estates. All work in. this connection is promptly carried out, and many appreciations from clients have been received. Progress of Business. —It is satisfactory to be able to record that there has been very good progress in the new business at this branch during the last few years. In March, 1921, there were 108 estates and funds, of a total of £159,051, under administration. The new business for that year amounted to sixty-eight estates, of a total value of £83,533, and twenty-five new wills. In March, 1922, there were 105 estates under administration, of a total value; of £151,289 ; the new business for that year being nineteen new estates, of a value of £13,880, and sixty-two new wills. fn March, 1923, there were 147 estates under administration, of a total value of £296,627, thirty-two estates were reported, of a value of £90,939, and fifty-two new wills prepared. This year there are 192 estates under administration, of a value of £389,159, fifty-nine new estates, of a value of £137,575, reported, and 131 new wills prepared. The value of business at this branch has therefore more than doubled itself during the last three years. The Future of the Office in the District—Trie progress made during the last four years is ample evidence that the future of the Office in this district is now assured. New wills are being freely obtained, and instances have been recently brought under notice of wills appointing the Public Trustee executor having been prepared and held by outside solicitors, 'the Office now receives its fair share of estates in the district, and there are good prospects of obtaining even more estates. There is no doubt that the Office is finding favour with the public, and should in the next few years develop into a large institution. 7. GREYMOUTH. I beg to report on the working of the Greymouth Branch of the Public Trust Office for the year ended 31st March, 1924. Steady progress has been maintained, and the machinery for carrying out the administration of estates has worked smoothly and effectively. There have been several expressions of satisfaction with the manner in which estates have been handled, by the Office from clients and beneficiaries, who, through having become acquainted with the working of the Office, have not only made wills appointing the Public Trustee as executor and trustee, but have induced others to do so. The following statistical figures bearing on the work of the office for the year under review arc of interest: — (a.) Total number of estates under administration, as at 31st March, 1924 248 (b.) New estates accepted during year .. . . .. . . 77 (c.) Total value of assets and funds .. .. .. .. £172,448 (d.) Number of wills deposited .. .. .. .: .. 101 (c.) Total amount of realizations (realty and leaseholds) .. .. £3,822 (/.) Total number of estates closed and. distributed during the year .. 67 (</.) Total, value of estates closed and distributed .. .. .. £14,370 It will, bo seen that there was an increase of ten in the number of estates under administration as at the 31st March,, 1924, and an increase of £9,158 in the value thereof as compared with the relative figures as at the 31st March, 1923. Review of Estates. —ln June last the Public Trustee decided to apply the reviewing system to the Greymouth Office in order to bring it into line with the other branches. This was an important development, and was welcomed, by the branch, as the periodical visits of the Reviewing Inspector tend to counteract to a great extent the effects of the isolation which the office has felt in the past.