8.—9

1935. NEW ZEALAND.

PUBLIC TRUST OFFICE (REPORT OF THE) FOR THE YEAR ENDED 31st MARCH, 1935.

Presented to both Houses of the General Assembly in accordance with Section 47 of the Public Trust Office Amendment Act, 1913.

Pursuant to section 47 of the Public Trust Office Amendment Act, 1913, I have the honour to lay before Parliament the attached report on the working ot tie Public Trust Office for the year ended 31st March, 1935. 1. In succession to the late Mr. J. W. Macdonald, Mi. -j. . , Superintendent of the State Advances Office, and formerly Assistant Public Trustee, was appointed Public Trustee and assumed office as from the Ist Octobei, 1934. . j i 2 A pleasing feature of the vear's operations has been the increase recordec in the new business reported to the Public Trustee for administration Inboth the number of estates and funds, 2,980, and the value ot the business, £6,284 883 there was a marked advance upon the figures for the preceding year, when 2,637 estates and funds of a total value of £5,468,643 were accepted for administration. This represents an increase of approximately 13 per cent, m numbers and 15 pei 3. The slight decline in the number of estates and funds under administration, from 21,058 to 20,264, and in the aggregate value of the business, from £60,760,4. 3 to £60,706,016, is due to the conversion of local bodies' loans under the provisions of the Local Authorities Interest Reduction and Loans Conversion Act, 1932 33. The Public Trustee, who held sums exceeding five million pounds as Commissioner of the sinking funds of local authorities, has assisted greatly in the conversion operations by allowing, within certain limits, the premiums Payable on conversion to the holders of the debentures and the expenses associated with the conversion operations to be met from the sinking funds held by him m respect of the individual loans and also bv agreeing to the sinking funds being applied m reduction ot the loans where he was both lender and Sinking Fund Commissioner. The aggregate amount of the sinking funds has thus been considerably reduced. Moreover, the loan indebtedness of the individual local authorities has been amalgamated to a considerable extent in the process of conversion and the sinking funds have likewise been amalgamated, reducing the number of the separate funds under control of the Public Trustee. The total value of the estates and funds, apart from sinking funds, under the Public Trustee's control has increased by approximately half a million pounds, being the net increase after making allowance tor the funds distributed or assets transferred to beneficiaries and clients during the year. 4. The expansion of the Public Trust Office over the past twenty years is shown by the following table, giving the value of the business under administration at ten-yearly intervals — Value of Estates and Funds „ under Administration. Year. 1(m 13,580,936 }qS " " .. •• •• 35,570,642 1935 ;; ;; .. .. .. 60,706,0ie 5 The deposit of wills appointing the Public Trustee executor and tiustee also continues in satisfactory volume. Altogether 83,740 such wills, representing the greatest number ever held by the Public Trustee, are now deposited and constitute a large reserve of future business for the Office. The making of wills for clients is a very important activity of the Office, which it is well qualified to