8.—9

REPORT ON THE WORKING OF THE PUBLIC TRUST OFFICE FOR THE YEAR ENDED 31st MARCH, 1935.

Public Trust Office, Wellington, C. 1, 22nd October, 1935. I have the hononr to submit a report on the working of the Public Trust Office for the financial year ended 31st March, 1935. NEW BUSINESS. 1 Burins; the year 2,980 estates and funds of a total value of £6,284,883 were accepted for administration. Both the number and value show a marked increase over those for the previous year—viz., 2,637 and £5,468,643 r ® s P eetiVe + ;J--2. The aggregate number of estates and funds under administration by t Public Trustee decreased slightly from 21,058 to 20,264 and the value from £60,760,493 to £60,706,016. The decrease of total business m the face ot ala 0 increase in new business is attributable to the effect of the Local Authorities Interest Reduction and Loans Conversion Act, 1932-33. Under this Act namei< local bodies have effected conversion and amalgamation of loans and the 1 uDlic Trustee, although under no obligation to do so, has met their wishes by a owing (within certain limits) the premiums and expenses of conversion to be met from sinking funds under his control as Sinking Fund Commissioner and, where the Public Trustee was both lender and Sinking Fund Commissioner m respect of a loan, by allowing the sinking fund to be applied towards repayment of the loan The effect of these concessions has been to reduce considerably the total value o sinking funds controlled by him. The number of such sinking funds has been reduced consequent on the amalgamation of loans. , The figures quoted do not take into account such matters as trusteeships for debenture-holders where the duties of the Public Trustee are not of an active nature or the supervision, in accordance with statutory requirements, of the administration of the estates of mental patients by private committees or ot age and infirm persons by private managers. By including these figures m the total the value of the estates and funds under administration at the close of the vear would be increased by £1,916,036. 3. The wills held in safe custody on behalf of living testators who have appointed the Public Trustee their executor and trustee increased during the year from 81,403 to 83,740, which represents the highest figure recorded m the hlstoi T of the Office The total number of wills deposited during the year was 4,1 it, and the net increase, after allowing for wills withdrawn on the death of testators or otherwise, was 2,337. In addition to preparing most of the new wills deposited, the Office redrafts wills to conform to the altered wishes of testators, and the number redrafted during the year was 3,726. „ , 4. The true indication of the growth of the Office and of its retention of public confidence is the new business, both in estates and in wills and it is satisfactory to note that both of these show an increase on the previous year. 5. The development of the business of the Office, both present and prospective, is indicated by the following table:—

Inset' —B. 9.

3

Value of Estates and I Moneys at Credit of Number of Wills Year. Funds. Estates and Eunds. on Deposit. £ I £ loo.ft 38,009,480 24,426,009 48,957 19 27 ' .. 41,043,523 26,485,917 53,531 iQ28 .. 44,155,548 28,485,442 58,065 T929 " .. 48,334,790 31,043,172 62,841 1930 .. 53,049,437 34,049,290 68,253 193 1 " .. 57,527,263 36,488,434 73,523 1932 .. 59,132,512 36,859,518 77,124 i Q33 .. 59,757,449 36,815,941 79,535 1934" .. 60,760,493 37,155,883 81,403 I935 " .. 60,706,016 36,666,196 83,740