MACARTHY TRUST

Evening Post, Volume CXVIII, Issue 32, 7 August 1934, Page 5

MACARTHY TRUST

BOARD OP GOVEENOES

YESTERDAY'S MEETING

The annual meeting of the Board of Governors of the Thomas George Macarthy Trust, which was held yesterday was a lengthy one. An important stage in the. administration of this wellknown trust has now been reached by reason of the determination of the widow's life interest. In addition to the transaction of the business usually dealt with at theso meetings and the consideration of the long list of applications for grants out of the trust, the question of the future destination of the residuary estate, as a consequence of the death of Mrs. Macarthy Beid, has arisen. In effect, the late Mr. Macarthy's will provided that after payment of certain annuities and legacies, the residue of his estato was to be held by the Public Trustee upon trust, during the lifetime of the .testator's wife, to pay her half the not income thereof, and to utilise the other half for "such charitable and educational purposes or institutions in the provincial district of Wellington and in such manner and in such shares or to such extent" as the Board of Trustees appointed by the will shall from time to time by resolution direct and appoint. The .will further directed that upon the death of the wife, the residuary estate, except two properties specifically dealt with by the testator, was to bo held and applied for charitable or educational purposes or institutions in the provin cial district of Wellington in such man ncr and for such shares and to such extent as the Board of Trustees may determine. Thus it will be seen that tho whole of the residuary estate is now available to bo applied by the Board of Trustees in its discretion for the charitable and public purposes specified in the will. By The Thomas George Macarthy Act, 1912, tho Board of Trustees nominated in the will, consisting of bis Excellency the Governor-General, tho Prime Minister, tho Roman Catholic Archbishop of Wellington, and the Mayor of the City of Wellington, has been incorporated under the style and title of "The Board of Governors of the Thomas George Macarthy Trust." POWERS OF BOARD. The will confers upon the Board of Trustees the widest possible powers and discretion, both as to the charities or institutions which are to benefit and as to tho manner and extent of such bone; fit, and further provides that tho discretion of the board shall not bo questioned or interfered with in any court of law or equity. At the meeting yesterday'the Board of Governors considered the question of tho future dealings with the residuary estato and decided that as tlie matter is such an important one, it should bo given the most careful consideration. The board accordingly deferred it for tho moment, and -decided .to call a special meeting at an early date to go into the whole question, and to formulate the policy to bo adopted. The board is most anxious to fulfil the intentions of the testator as expressed in his generous will, and to administer to the best advantage the magnanimous benefaction, which he has entrusted to its care and control. The Public Trustee's report to the Board of Governors supplying it with the necessary information to enable it to, consider tho allocations for the past year- (details of which appeared in "The Post" yesterday), showed that owing to tho existing economic conditions, with tho compulsory reduction of rent and interest, and increased taxation, the income from the trust, had decreased, Consequently, in the normal course, it would have been necessary to reduce tho grants which were made to the eligible institutions and organisations. In view of the increase in the amount which will be available for distribution next year, however, and seeing that the poverty and distress in tho community have in •no way diminished, the board, at tho suggestion of his Excellency, resolved that it would be justified in utilising a portion of tho income for the current year. Accordingly additional allocations amounting to £2130 wore sanctioned. The Public Trustee's report and accounts were received and adopted by the board, and on the motion of his Excellency the Governor-General, a resolution was passed expressing tho thanks of the Board of Governors to the advisory committee for tho great ciiro.it had bestowed on tho consideration of tho applications, and to the Public Trust Office for the careful manner in which the various matters requiring attention had been dealt with. Upon tho motion of his Excellency, the Bottid of Governors also passed a resolution expressing sincere sympathy with Mr. Walter Beid upon the loss of his wifo, and also with Mrs. J. W. Maedonald and her daughters on tho death of the Public Trustee.' ' GOOD WISHES TO THEIR EXCELLENCIES. .The Mayor stated that this was the last occasion upon which his Excellency would be presiding at an annual meeting of the Board of Governors, and ho wished to expression behalf of himself and tho other members of the board, their very deep appreciation of tho work that had been done by his Excellency in connection with the trust during the time he had been chairman of the Board of Governors. His Grace Archbishop O'Shea, who has been associated with tho board since tho inception of the trust, and who attended tho first meeting in 1912, heartily endorsed tho remarks of the Mayor, and expressed his, regret at the departure of his Excellency, and also Lady Bledisloe, who had, by her keen interest in the welfare of tho people of this country, endeared herself to all sections of tho community.