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of first-class quality at a reasonable figure. Sales by the Office have on the whole been satisfactory, the piices realized being acceptable to the beneficiaries interested. The house-property market has been quite stagnant, there being no demand whatever for houses not of modern design. A very keen demand has existed right throughout the year for Government stock, &c, and any parcels placed on the market have been quickly taken up. The financial conditions during the year have made it possible to icduce the overdue and maturing mortgages from £48,087 to £23,152, of which eighteen, totalling £19,817, are protected by the Mortgages Extension and Deposits Act. Evidence of the advantages of having the estate administered by the Office was demonstrated during the year, when, to meet the convenience of the beneficiaries interested, certain mortgages, totalling £8,715, in an estate were taken over by the Office at face value. The transfer was effected at a nominal cost and enabled a distribution to be made immediately to the beneficiaries, instead of being deferred some years until the maturity dates of the mortgages. Common Fund Investments. —Very little difficulty has been experienced during the year in the collection of current interest, and only in a few cases has it been necessary to grant short extensions of time for payment. No anxiety is felt concerning the safety of any investment in this district. Very little demand for loan-moneys was made until after the returns for the season's produce began to come in, when applications were freely received. The fact that in most cases the applications were entertained, if not for the full amount applied, at any rate for an amount acceptable to the applicant, indicates that many settlers have been able to place their finances on a sound basis and augurs well for the future prosperity of the district. Wills of Living Testators.' —During the past year 205 new wills were deposited, of a declared value of £801,155, making the total number of wills for the branch 1,210. Having regard to the development and settlement of the district, the total is small, but it is encouraging to find that the Office attracts a very good class of testator. The Office has in the past, and still is, very well supported by the farming community, and it has been gratifying to note during the year the confidence that has been manifested in the Office by business men in executing their wills in favour of the Public Trustee. Decentralization. —The benefit and advantages accruing from decentralization are now so selfevident that it is unnecessary to comment on the same. The result undoubtedly has been greater efficiency and expedition, combined with internal economy. The further the policy is extended the more will the Office render to the public a maximum of service at a minimum of cost. An extension of the powers of District Public Trustees can, no doubt, bo anticipated in those district offices where the organization and staff afford adequate means for the efficient and expeditious disposal of any business of the Office without the active supervision and control of the Public Trustee. Death Duties. —Finding adequate funds to meet death duties is one of the most serious problems that now confronts an administrator of a deceased person's estate, and serious inconvenience and complications can ensue if no provision has been made for this liability. Fortunately, the financial resources of the Office render it an easy matter to finance estates under its control where suitable assets are held, and this advantage is freely availed of. Dannevirke Office. —The progress of the Dannevirke Office was so well sustained during the year that it was decided to raise the status of the branch to that of a District Public Trustee office. The change was effected on the Ist February fast. The branch could conveniently have been carried on in charge; of a District Manager, but, as the volume of business was sufficient to justify the organization of a District Public Trustee office, it was considered that the clients in the Dannevirke district were entitled to the best possible service, even though the change involved slightly more expense. Feilding Branch. —This branch has made steady progress during the year, the estates on hand numbering fifty-eight, being an increase of twelve over the previous year. Thirty-six new wills were deposited during the year, making a total of 123 for the branch. A good class of testator is being attracted to the Office, and generally the policy of the Office in establishing a permanent branch at Feilding has been justified. Taihape Branch. —Having regard to the development of the district and the limited opportunities offering, this branch has made satisfactory progress. The number of estates under administration total fifty-eight, of an aggregate value of £78,300. Twenty new wills were deposited during the year, making a total of 151 for the branch. Marton Agency. —The Office is very well known in the Marton district, the present Agent having previously occupied this position for some years. The work is carried out in a capable manner by the Agent and his able staff, and steady progress is being recorded. Raetihi Agency. —Little progress has so far been made in developing the business of the Office in this district. The opportunities offering are, of course, limited, but it is hoped to see a movement towards new business in the future. Staff. —There have been some minor changes of staff during the year, the administration side being strengthened by the transfer of a Senior Estates Administration Clerk. The transfer has relieved the District Public Trustee of considerable detail work, and has given him a better opportunity for adequate supervision and control of the work of the district entrusted to him. Prospective Business. —Considering that it is only four years and a half since the Palmerston North Office was converted from an agency to that of a permanent branch, and that the period known as " the slump " with the resulting depression followed shortly after the change, the steady progress from year to year made by the Office must be regarded as eminently satisfactory. The district is fairly closely settled, but is capable of expansion in this respect, is highly developed, and its productive capacity is favourably known throughout the Dominion. Considerable scope is therefore offered for the expansion of Office business, and steady progress can bo expected from year to year.