Indiana daily times. [volume] (Indianapolis [Ind.]) 1914-1922, 1921-05-19

ford, at low rates Of commission.
secure and convenient recourse IN every
case whore a person residing IN either
New Zealand or abroad desires to make
will or TO appoint an agent or at
torney in the Dominion. In addition TO
administering the estates of deceased
persons and acting as attorney or ageDc
ths office is required to undertake VA
rious other duties. For Instance, the
public trustee administers the estates
OF all insane persons for whom no
guardian has been appointed. He alss
administers various reserves throughout
the Dominion that have been set apart
for the benefit Of the native race, as wei
as dealing with unclaimed lands and I'M
claimed property. The custody Of all the
department approximation funds Is
placed with the public trustee, who also
administers many OF the larger relief
funds subscribed by the public to allevi-
ate distress as the outcome OF mining
and other disasters.
The public trustee also has duties In
connection with land settlements. educa-
tional reserves, bankruptcy. shipping and
seamen, war regulations and conyiets'
estates. Tho public trust onice Is a
department Of the government service and
the security and fidelity Of the admin
istratlon Is guaranteed by statuto, the
state being pledged to maintain the IN
tegrlty OF capital funds placed IN the
public trust office, either without any
direction for investment or 70 be IN
vested at the option Of the public trustee
in any Of the securities IN which, unless
expressly prohibited, be may invest all
capital. All moneys coming into the Of
fee. unless expressly directed to the con
trary by the win or instrument OF the
trust. fall into what is called a common
fund any deficiency in which must be
made good by the State. The money In
THIS common fund is invested by the pub
lie trustee IN hrst-ciass securities and
the interest thus earned enables com
mon rate Of interest to be fixed and
regularly credited to an estates for which
funds are held.
ENTIRELY DIVORCED
FROM POLITICS.
This system OF investment results In
trust funds earning as much as well
conducted bank stocks. The public
trust office has no interest whatever In
the earnings Of the trust funds but only
In the commission for final distribution
and settling up OF the trust, which is
from 21A to 8 per cent on principal and
earnings Of the whole estate.
This public trust corporation is en-
tfrely separated from politics and goes
along lust IKE a private institution. 1t
owns its own buildings, pays the same
government and local taxes and postage
that any private institution pays. The
only difference is that its reliability and
responsibility is guaranteed by the
government and its customers take no
risk. The employees are under eivn
service and while they are not receiving
as high salaries as IL they we're working
for some private concern they are sure
OF their Jobs as long as they are doing
faithful and efficient work.
The public trust Office was not intended
originally to be q profitable corporation,
but the great confidence which the pub
lie has tn it throws nearly oil business
In New Zealand to 1t and its net profits
now are over $4,000 a year.
The public trust Office il most i'd
mirabIy managed by ]. W. Macdonald,
deputy Of the public trustee and high
class attorney.
THIS is an institution that should be
adopted by every state In the United
States.
RISK COMPANIES HAD
OWN WAY UNTIL 1905.
Until 1905 the fire insurance companies
doing business in New Zealand had a
monopoly Of writing all fire insurance
policies. They had got together, there
was no competition in rates and the pub
lie was paying entirely too much for fire
insurance.
The Rt. Hon. Richard Seldom, who
then was and had been for some time