able persons for the office of trustee, executor and other similar offices; and whereas, in order to secure the more certain discharge of the duties of such offices a company has been formed and incorporated," etc.

The powers granted in this and succeeding acts or by the general statutes of Victoria are (as stated in the company's circular) to act as executor under wills alone or jointly, as administrator in intestate estates, as administrator with the will annexed, as trustee under marriage and other settlements, as trustee in cases of settlement of property for the benefit of women and children, as temporary executor, administrator or trustee, as receiver and committee of estates under the Lunacy Statute, as agent for absentees or others, as guarantor or surety for the proper administrator of estates; to take over existing trusts from individual trustees, to collect income, invest funds, manage or realize estates and perform general agency business, and to invest its own funds on clearly defined lines. To the powers specifically granted the company is strictly held by the Trustee Companies Act of 1890, which says (section 385) that a trustee company "Shall not engage in, carry on or be concerned in any business trade venture or undertaking of any kind whatsoever other than such as is expressly authorized by the special act or acts relating to such trustee company, and other than general agency business, and other than the deposit of its own funds with a company or person carrying on the business of a bank of deposit, and other than the investment of such funds in the stock debentures or marketable securities of any Government corporation or company or on mortgage of real property or Crown leasehold. Provided, that any such company may guarantee the safety of the principal and the regular payment of the interest of trust funds committed to its management as executor, administrator or trustee, and provided that any such company may give or enter into any bond or guarantee for the purpose of enabling any person or persons to obtain administration of the estate of any deceased person or persons in any case where such estate shall be placed under the management or control of such company by the administrator." The section closes with these words: "Any director, member (stockholder) or officer of a trustee company who is shown to be concerned in or a party to any wilful breach of the provisions of this section shall be guilty of a misdemeanor."

The special act provides that £10,000 of the capital of the company shall be invested in debentures or inscribed stock of the colony, to stand in the name of the Treasurer of the colony in trust for said company, but transferable only upon the joint consent of the Treasurer of the Colony and the said company, or upon the order of the Supreme Court or of a judge of said Court. This fund, together with the balance of the capital, "both paid and unpaid," and the other assets of the company, stand in lieu of special bonds in cases of administration. The amount of this deposit for the other companies varies from £5,000 to £20,000, according to the size of the company. The stockholders are subject to double liability.

The act provides for careful supervision and holds the company and its officials to strict accountability. It is "subject in all respects to the same control and liable to removal as private individuals” acting in similar capacities. Any person legally interested in an estate under the company's administration may through the Supreme Court compel an accounting. The Treasurer of Victoria may likewise compel the rendering of an account. The Supreme Court may at any time require an audit of any estate in the hands of the company, by an auditor appointed by said court. The following provision, similar to that already quoted from the general statutes, is significant: In every case where the company acts as administrator, trustee, receiver or committee, "The managing director, manager and directors shall be individually and collectively in their own proper persons responsible to the court, and shall in their own proper persons be liable by process of attachment commitment for contempt or by other process to all courts having jurisdiction in that behalf for the proper discharge of their duties and for obedience to the rules, orders and decrees of such courts in the same manner and to the same extent as if such managing director, manager and directors had personally obtained probate or letters of administration," etc. This does not, however, release the assets of the company from liability for pecuniary loss occasioned by imperfect or improper discharge or neglect of duty.

Moneys remaining unclaimed for a period of five years by the person entitled to same are to be paid by the company to the Receiver of Revenue in Melbourne, and by him be placed in "The testamentary and trust fund," which is invested in Government debentures or stock. The company is required to deliver to the Treasurer at the end of every six months a statement of all such unclaimed moneys; and for default in compliance with the provisions of this section is liable to a penalty not exceeding five pounds for every day while such default continues, "and every director and manager of the company who knowingly and wilfully authorizes or permits such default shall incur the like penalty." A similar penalty is imposed for failure to render the regular reports to the Government, which must be rendered according to a prescribed form on the first Monday in February and the first Monday in August every year.

Considering the limitations placed upon the companies, the supervision maintained over them, and the penalties to which the companies themselves and their officers individually are subject in case of violation of law, one is not surprised at the statement of a recent writer that "Not one of the fourteen trust companies has lost a single penny of its capital or of the money of its beneficiaries, or has ever been removed from trusteeship, or held liable for any neglect, wrong-doing, or breach of trust by any court in the Commonwealth during the whole time they have been in existence."

Reference to the table given above discloses the fact that in no case is the subscribed capital paid up, while in most cases the uncalled capital

. far exceeds the paid up capital. The total subscribed capital is £3,253,555, the paid up capital £404,422, leaving the uncalled capital £2,849,133. This is regarded as a very strong feature of the companies, the uncalled capital being looked upon as a great protection to the creditors. "It is almost unnecessary to point out that this (the uncalled capital) represents a very considerable security for the proper administration of estates, especially as the companies are generally very conservative with their share lists, refusing to accept as shareholders any who cannot satisfy them as to their financial soundness. There is generally a limit to the number of shares which may be held by each shareholder, this being 2,000 in the case of the Perpetual, and there is with most of the companies a provision that a large portion of the capital can only be called up in the event of liquidation, such portion being, therefore, practically earmarked as security to the trusts."*

The scales of charges for services varies somewhat with the different companies. Those of The Trustees, Executors and Agency Co., Ltd., which fairly represent the average, are as follows: For acting as executor, administrator, trustee under will, receiver and committee of estate under Lunacy Statute, 22 per cent. on the capital value (gross) of the estate up to £50,000; 11⁄2 per cent. on the amount from £50,000 to £100,000; 1 per cent. on the amount over £100,000; 21⁄2 per cent. on all income received; on transferred trusts, marriage and other settlements, not exceeding 5 per centum on income received, but charge subject to arrangement. Charge on corpus (capital), as above, on distribution.

THE NEW ZEALAND PUBLIC TRUST OFFICE.

There are two trustee companies in New Zealand-The Perpetual Trustees' Estate & Agency Co., of New Zealand, Ltd., and The Trustees, Executors' and Agency Co., of New Zealand, Ltd., both located at Dunedin. They are small companies, having resources of about £28,000 each. The administration of estates in the island is mainly in the hands of The Public Trust Office, which, though not a trust company, is considered here because of its unique character and its evident interest to students of the trust company movement.

The Public Trust Office, which is a department of the Government service, was constituted by "The Public Trust Office Act" of 1872, and its functions have been enlarged by succeeding acts. The office is administered by an officer of the Government, known as the Public Trustee. There is an advisory body, known as "The Public Trust Office Board," consisting of the Colonial Treasurer and two other members of the Ministry, with four other officials, of whom three form a quorum. The consent of this board is necessary before the Public Trustee can accept any appointment. The Public Trustee is forbidden to accept any appointment jointly with any other person.

94 C. E. Cowdery, of The Perpetual Trustee Co., Ltd., Sydney, in "Trust Companies" magazine, Vol. II, p. 676.

Any person may appoint the Public Trustee a trustee, executor, administrator, guardian, committee, agent or attorney-subject, of course, to the consent of the Public Trustee-and the duties and rights of the latter are the same as if a private person had been appointed. Trustees may, with the consent of the court, appoint the Public Trustee sole trustee in their places, while executors and administrators are expressly authorized to appoint the Public Trustee sole executor or administrator. No vesting order is required, as all the property by virtue of the appointment, and without any conveyance or assignment thereof, becomes vested in the Public Trustee. Any testator may deposit his will in the Public Trust Office.

Upon the death intestate of any person domiciled or having property in New Zealand, the Public Trustee is entitled to administration as of right, and is not bound to give notice to any person who but for this provision would be entitled to the grant, though power is reserved for the court to make a grant to such person if it sees fit. Where an intestate estate is under £250 the Public Trustee can administer without even getting a grant, and where any person dies testate, and application for a grant is not made within three months, the Public Trustee can apply for and obtain a grant of letters of administration, unless the executor can satisfy the court that the delay has been unavoidable or accidental. In the matter of procedure, special privileges are allowed to the Public Trustee.

The provisions for the disposition of the funds are of peculiar interest. A testator or settler may direct special investments for his moneys, in which case the directions are followed, at the risk, of course, of the estate. All other capital moneys, however arising, and whether directed to be invested or not (unless expressly forbidden to be invested) become one common fund, and are invested in certain securities defined in the act. From the income on this common fund interest is paid to the several estates at a rate to be determined from time to time by the Governor in Council, and is credited quarterly. The rate to be allowed is limited to 5 per cent. on amounts not exceeding £3,000, and on larger amounts must not exceed 5 per cent. on the first £3,000 and 4 per cent. on the excess over £3,000. The common fund is practically guaranteed by the state; if the fund is insufficient to meet the lawful claims thereon, the Colonial Treasurer shall pay such sums out of the consolidated fund as may be necessary to meet such deficiency.

"The charges for realization of any estate, whether of lunacy, intestacy, wills, or agency, are: Any sum up to £1,000, 5 per cent.; on the next £3,000. 3 per cent.; on the next £6,000, 2 per cent.; on all over £10,000, 12 per cent.; provided that with respect to cash or balances at the bank, or money received under any policy of insurance, there shall be charged a percentage of only half the above." These are maximum charges, and may be and often are reduced under special circumstances. With regard to income, as soon as all the property has been realized and