Public Trust

[1] In early New Zealand, where mortality was high, literacy low, and 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.

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.

The electorate was mobilised in support of the bill, notably by Anglican and Presbyterian churches, and Sewell himself lost his position nine days after the final debate, when the Stafford government was ousted by Waterhouse.

Jonas Woodward, a 62-year-old former banker, auditor and high ranking civil servant, was appointed the first Public Trustee gazetting the functions of the office on 30 December 1872 and starting on the job on 1 January 1873.