8.—9

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As the commission figures indicate, realizations were considerable during the year, and little difficulty was experienced in effecting sales at reasonable prices. A feature during the year has been the success which attended the sale of several farm properties, which were disposed of at excellent prices, but this has not been the general experience throughout the district. Administration of Estates. —At the close of the financial year there were 589 estates under administration, and the total value was £707,800, showing a substantial increase through the year both as regards the estates and values. During the year 147 estates were accepted, and of these approximately twenty were closed during the year. Of the new estates, thirty-five represented cases where the estate was obtained by reason of the testator's will being deposited in the Office. Wills for Deposit. —The number of new wills coming in was a very pleasing feature of the year's work, no less than 273 new wills being obtained, while ninety-four were redrafted. The estimated value of the estates disposed of by the new wills totalled approximately £600,000, which represented a further good reserve of future business. The number of live wills held at the beginning of the financial year was 1,617, and after allowing for wills withdrawn for probate and other purposes the total reached 1,828 at the end of the financiai year. In addition to these, during the year a complete list of wills deposited in Head Office was circularized through the branches, and from this list were obtained the names of approximately four hundred testators from this district of whom this branch had no record. These will in due course be incorporated into the statistics for this branch. Loans. —During the early part of the financial year it was found difficult to obtain applicants for loans, while, on the other hand, a number of mortgagors were desirous of repaying. Towards the close of the year, however, inquiries were much more frequent. Investment Agencies. —The total of the investment agencies for the year shows a decrease, but this is due to the fact that three very substantial investment agencies were transferred to the Wellington Branch during the year. This branch of the business has shown a good increase. Twenty-six agencies, totalling £13,400, were received during the year, as against nine for the previous year, of a total of £6,300. /fhe whole of the investment agencies are for the five-years period, and it is satisfactory to note the year every maturing deposit was renewed. The future success of this class of business is assured. Safe Deposits. —The safe-deposit system instailed at this branch made steady progress during the year. At the 31st March, 1923, fourteen lockers were let, and the number had increased by the end of the year to twenty-five. A steady increase in the number of lockers let can be confidently expected as the public become aware of their establishment. Gore Branch Office. —Business at this branch during the year has not been up to that of former years, but the town has had a severe set-back during the last several years, and business in all directions is more or less restricted. A number of good wills were obtained by the branch during the year. 11. MASTERTON. A full year has now elapsed since the branch moved into the new premises at the corner of Perry and Chapel Streets, and, as was confidently expected, the volume of business transacted at the branch has materially increased during the period. The work of the estates administration staff has consequently become heavier, but owing to the great improvement in the conditions under which the staff is now working, allowing for better control and system, no difficulty has been experienced in carrying out the onerous and responsible duties incidental to the administration of estates, and the high standard of efficiency always aimed at has been well maintained. This is evidenced by the absence of complaints from beneficiaries and others dealing with the Office and by the letters of appreciation received from beneficiaries. Estates under Administration, showing Progress of Business. —On the 31st March, 1923, the total number of estates and funds under administration at the branch was 285, representing a value of £673,374, while at the corresponding date in this year there were 318, of the value of £797,906. During the period under review ninety-two estates and funds of an aggregate value of £343,778 have been accepted for administration. This includes thirteen sinking funds, representing loans of £195,898. The administration of fifty-nine estates, valued at £40,435, has been completed during the year. This number would be materially increased if the terms of the will or the nature of the assets permitted it. Of the estates closed during the year, no less then twenty-nine, or over 31 per cent, of the estates accepted for the year, have been completely administered within twelve months of their acceptance. The following table summarizes the progress of this branch for the last three years : —

Wills deposited. —A substantial increase in numbers is also revealed in this department of the work of the Office. During the year ninety-nine testators whose wills were not already held had their wills drawn at this branch appointing the Public Trustee executor. This represents an increase of

Year ending 31st March, 1922.. 31st March, 1923.. 31st March, 1924.. Number of Value of Increase in Estates. Estates. Numbers. £ 287 616,239 285 '673,374 318 797,906 33 Increase in Values. I £ Estates closed. 57,135 ■ 124,532 46 59