49

8.—9

Inspection and Audit of Branch. —A systematic and thorough inspection and audit of the Greymouth Branch was made during the year. Agencies. —The Agencies under the control of the District Public Trustee, Greymouth, arc situated at Westport, Reefton, and Hokitika. Regular visits of inspection were made to the three Agencies during the year. In 1921 a part-time office was established in Hokitika, but this was closed in October last, and an Agency created in lieu thereof. Financial Conditions. —As regards the West Coast generally, the financial position brightened considerably during the year, owing to the greatly increased output of timber and coal and the steady development of the farming industry. In consequence certain estate properties which had been in the market for a considerable time were disposed of at satisfactory prices, thereby greatly facilitating the administration of the estates concerned. General. —The prospects for the future growth of the Office in this district are good, as, apart from the new business that is being attracted by the present scheme of advertising, the inherent merit in the system of administration by the Public Trustee is becoming more widely recognized as a result of the favourable advertisement gained by the successful and expeditious administration of estates by the branch. 8. HAMILTON. The territory under the control of the Hamilton Branch extends from Taumarunui on the south to Mercer on the north, following the coast-line on the east and adjoining the Taranaki District and coast-line on the west. To serve this large district one District Manager's office, a part-time office, and thirteen Agencies have been established (under the control of Hamilton), and this organization offers very ready and effective facilities for administration of estates in even the remotest parts —a fact which is appreciated by beneficiaries and others transacting business with the Office. As an indication of the volume of business now transacted in this district the following figures are appended : — Investments of Office funds now exceed £2,000,000, the annual interest collections approximating £120,000. The total value of assets and funds held for beneficiaries, £677,929 ; in addition, the Office holds 325 sinking funds for local bodies, of a total value of £130,976. The number of estates under administration is now 421. Throughout the year new estates numbering 122, valued at £229,444, were accepted for administration, whilst 113 were closed and distributed. Assets realized amount to £65,861 in cash and a further £10,000 on terms; in addition/the Common Fund realizations effected amount to £12,000 —a total of £87,861. Total transactions for the year exceed £1,750,000. The number of new wills prepared during the year was 222, the total value of the assets being £728,000. The wills of living persons on.the index at this branch number 1,135, and there are, of course, a large number of wills held by solicitors of which*the Public Trustee is appointed executor. It will be seen that throughout the year very steady progress has been made in all departments of the Office, due to the functions of the Office becoming more widely known, the efficient administration of the Office, and the loyalty and co-operation of the staff and the Office Agents. Another factor is the low charges, which were reduced during the year to an absolute minimum, and testators have the satisfaction of knowing that the administration of their estates will be conducted at a minimum cost, and that no loss will ensue from the holding of funds pending distribution owing to the generous rates of interest paid by the Office on what is practically money at call. It is satisfactory to note that, particularly towards the end of the year, there was a noticeable increase in the size of estates falling in for administration and in the value of wills of living persons deposited —a clear indication that the Office is appealing to the wealthier class of testator as well as to the testator of smaller means. Office Accommodation. —With the growth of business the present accommodation is inadequate. A contract has now been let for the erection of a new three-storied building in the main street, which will make for ideal working-conditions. The ground floor, capable of accommodating thirty officers or more, will be sufficient for our immediate needs, and the first and second floors will be let as offices. Special heating arrangements, a lift, and strong-room accommodation are provided for, and a special feature will be the inauguration of a safe-deposit system in the vaults whereby any persons requiring a place for their deeds and securities can rent for a small fee a steel locker to which they will have access during office hours. The basement and ground floor are nearing completion, and the walls are now under way. The building should be ready for occupation within twelve months. Staff. —The staff now numbers twenty-four. A legal clerk was appointed during the year, which enables the conveyancing-work to be conducted locally, and with the class and volume of business now being obtained the time is not far distant when it may be necessary to appoint an AssistantDistrict Public Trustee here. Conditions obtaining in the District. —During the year a marked improvement has been in evidence, due to the good prices obtained for the dairy-produce and the exceptional prices for wool. As a result several good realizations of land have taken place, and confidence is being gradually restored in farming ventures generally. Many farmers have been adjusting their finances in anticipation of the lifting of the moratorium and so putting their affairs on a much sounder footing. The Office has assisted considerably in this direction in advancing large sums on mortgage of farming securities. A good deal yet remains to be done before the finances generally are put on a sound basis, and this can only be achieved when the price of land is reduced to its producing-value'and the farmer obtains a fair return for his labour and capital. Practically all sales are now made on this basis.

7—B. 9.