Public Trust (New Zealand)

The Public Trust of New Zealand was a government appointed corporation sole providing Trustee services to those unwilling to use private services, or required by the courts or legislation to use the Public Trustee. From 2001 Public Trust ceased to be a corporation sole, adopting a structure similar to a company as a crown entity, and was renamed Public Trust. It administers 50,000 estates, trusts, funds and agencies.

In early New Zealand, where, mortality was high, literacy low, the population mobile, but travel and communications difficult there were problems getting reliable volunteers to be Trustees, that is to look after assets, (usually an estate where the beneficiaries are minors). Similar problems occurred in Australia, where in 1860 George Webster, now a New Zealand member of parliament had attempted to found a state trustee in Victoria.

In 1870 when the country was less than 30 years old, a member of Parliament, Edward Cephas John Stevens, suggested a state backed trust to colonial treasurer Julius Vogel, during a casual conversation about a case where a private trustee had embezzled money. The pair were apparently unaware of Webster’s earlier proposal.

Vogel was a keen promoter of state involvement in business, having founded State Insurance in 1869. He introduced the Public Trustee Bill to Parliament on 28 July 1870. The bill was passed by the house of representatives, but defeated in the legislative council, (New Zealand’s then upper house), by three votes.

In 1871 Vogel drafted an amended bill, removing two criticised aspects; the ability of the Public trustee to act under a power of attorney and the government guarantee, (both of which were soon reintroduced), and provision for closer supervision of the Public Trustee was included. The bill was presented to the house on 23 July 1872. Again it was heavily criticised in the upper house, where opposition was organised by Henry Sewell, who by the time of its final reading was Colonial Secretary.

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