8.—9.

ADMINISTRATION OF ESTATES AND KINDRED MATTERS. 6. The difficulties of administration arising from economic conditions have shown a tendency to diminish, although they are still much greater than in normal times. The realization of assets, particularly land, at prices acceptable to the beneficiaries is still a matter of difficulty; the collection of overdue mortgages is hampered, despite the plenitude of money available for investment, by the fact that present-day valuations, in a great many cases, do not support the advances required; but the management of unrealized assets has been simplified to some extent. In particular, some working-arrangement has been arrived at either through the medium of the Adjustment Commissions or the Court or by mutual arrangement with most mortgagors or lessees who are unable to meet their obligations in full. Furthermore, the difficulty of finding tenants is not so pronounced as before. Despite the signs of improvement, however, the administration of estates still calls for much care and anxious thought, and recent legislation, particularly the Rural Mortgagors Final Adjustment Act, 1934—35, is likely to present some novel problems. Particulars of the main classes of estates and kindred matters dealt with by the Office are given below. 7. Wills and Trust Estates.—This class, which represents the most valuable business under administration, covers those estates in which the Public Trustee acts as executor and trustee of the wills of deceased persons or as trustee of trusts constituted by settlors during their lifetime. Most of these estates arise out of the appointment of the Public Trustee by the testator or settlor personally, but some represent estates previously administered by private trustees and taken over by the Public Trustee at the request of the interested parties. The number of such estates accepted during the year was 1,507, of a total value of £3,829,526. 8. Intestate Estates. —This class represents a relatively small proportion of the Office business, as most people possessed of property take the precaution, by means of testamentary dispositions, of ensuring that the distribution of their estates shall be in accordance with their wishes and will not be left to the statutory provisions governing intestate estates. The number of such estates accepted during the year was 451, of a total value of £334,819. 9. Agencies.—Appointments to act as attorney form a considerable part of the Office business. These appointments are made not only by persons proceeding overseas, but also by others who, by reason of ill-health, advancing years, or other reasons, desire to entrust the management of their assets or' business interests to another. The Public Trustee also acts for a number of overseas executors and administrators in dealing with assets in New Zealand of persons who died domiciled outside New Zealand. 10. Estates of Persons under Disability.—Under the Mental Defectives Act, 1911, the duty of safeguarding the assets of a mentally defective person, if and so long as no committee or administrator is appointed by the Court, devolves on the Public Trustee. Furthermore, when a committee or administrator other than the Public Trustee is appointed the Public Trustee is required by statute to supervise the accounts and administration of such committee or administrator. In the great majority of cases the estate is administered by the Public Trustee under his statutory powers, the number coming under his administration during the past year being 417, with assets amounting to £506,983 in value. The total of such estates under administration by the Public Trustee as at 31st March, 1935, was 2,136, of an aggregate value of £2,551,296. The Public Trustee is frequently appointed manager under the Aged and Infirm Persons Protection Act, 1912, of the estates of persons who by reason of advancing years, mental or physical disability, or other causes are incapable of managing their own affairs. Where a private person is. appointed as manager

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