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FINANCE. 18. Investment of Funds.—The investments completed during the year totalled £1,689,427. On the 31st March, 1935, the investments held by the Office, including special investments on behalf of estates and funds, totalled £35,617,059. 19. Public Trustee's Bank Accounts. —In accordance with the provisions of section 21 of the Reserve Bank of New Zealand Act, 1933, the Public Trustee's bank accounts in Wellington were transferred to the Reserve Bank of New Zealand on 27th September, 1934. 20. Annual Accounts.—Although the commission and other earnings, as a result of the slightly better conditions which prevailed during the year, showed an increase on the figures for the three previous years, the total revenue of the Office was still much below normal. An improvement in this respect is not to be expected until such time as the property market improves sufficiently to enable the realization of estate assets, which are steadily accumulating, to be effected at satisfactory prices and until the rental from properties and the income from other estate assets and enterprises show a better return on the capital invested. The reason for this is that, with a few exceptions, commission is chargeable only on the proceeds of assets realized and on the amount of income actually collected. As explained elsewhere in this report, the work entailed in the administration of estates and the management of investments of the Office has, owing to accumulation of assets and the added responsibilities involved as a result of the difficult times experienced, increased the amount of work to be performed. Thus, although the earnings of the Office for the year were comparatively small, the extra work referred to precluded the expenditure being reduced proportionately to the earnings. It is satisfactory to report, however, that, after making provision for bad and doubtful debts, the accounts disclose a net profit of £6,718. 21. Advances to Beneficiaries and to Estates.—The power enabling the Public Trustee to make advances to estates is of great assistance to estates under administration and to the beneficiaries concerned in these times when difficulty is being experienced in realizing assets. During the year under review a large number of advances were made to estates possessing insufficient liquid assets to provide for the payment of administration expenses, death duties, legacies, debts, &c., as well as the current living-expenses of dependants. Beneficiaries in estates possessing assets which, owing to the state of the market, it has not been possible or desirable to sell, but which show an adequate margin of security, have also received advances against their interests in such estates. Current advances to estates and beneficiaries at the 31st March, 1935, amounted to £568,603. 22. Insurance Companies' Deposits.—ln pursuance of the provisions of the Insurance Companies' Deposits Act, 1921-22, and its amendments, all foreign insurance companies carrying on business in New Zealand, excepting those the operations of which do not extend beyond life, earthquake, and marine insurance, are required to lodge with the Public Trustee deposits varying in amount according to the nature of the business conducted. The capital amount of deposits held at 31st March, 1935, on behalf of thirty-eight companies was £1,137,500. During the year one company, which was already in business, increased its deposit to £50,000 as required by section 30 of the Finance Act (No. 3), 1934. In terms of the Life Insurance Act, 1908, and its amendments, securities and cash totalling £750,575 were also held by the Public Trustee on behalf of seventeen life-insurance companies. STAFF. 23. On the 31st March, 1935, the staff employed by the Public Trustee numbered 909, of whom 692 were on the permanent staff and 217 (mainly female officers) were employed on a temporary basis. Over the past year there was a staff-increase of 35, which was accounted for by the appointment of juniors for

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