McCARTHY TRUST

Greymouth Evening Star, 18 May 1938, Page 5

McCARTHY TRUST

WELLINGTON BREWERY SOLD. [PER PRESS ASSOCIATION.] WELLINGTON, May 17. The Public Trustee is no longer a brewery owner. This is one of the results of the change that has taken place in the ownership of the brewery which forms one of the chief assets of the estate of the late T. G. McCarthy. which the Public Trustee administers for the public benefit. The statement on the labels of the brewery’s products that the contents have been brewed and bottled by the Public Trustee has been the subject of adverse public comment in the past. The Public Trustee is still the direct owner of the hotels and other property assets in this estate, however. Hitherto, the estate has been the sole proprietor of the City and Phoenix Brewery, but recently a private company was registered tinder the title McCarthy's Brewery. Ltd., with a rapi,::l of .£<><;.ooo. divided into 66.000 ,‘M siiares. The subscribers were given as W. F. Hogg (42.000) and tlie Public Trustee (2 1.0001. Ils objects are. "to acquire and take over as a going concern the brewing, bottling, malting, and spirits merchant business now carried on in New Zealand by the Public Trustee as trustee of the estate of T. G. McCarthy (deceased): to carry on and develop the said business and incidental." Il is understood that (he Public Trustee is still the largest owner of property, and controls it. and that t’ne change has been made Io secure wider distribution of the brewery's

products. The Public Trustee. Mr. E. D. Hales, has declined to explain further than what is obtainable from the Registrar of Companies, the change that has been made in the ownership of the brewery. the commercial success of which is 0 important u- (he charitable and educational institutions f-H”ibie to benefit from th.- estate's i.-venue, or to stare why the i.mipany had lit't-n formed, lie would noi var;v the rule nut to reveal the affairs of estates administered by bis oll'u-e. He said the only persons entitled to informal ion were beneficiaries who were, in this ease, represented by the estate's board of governors, and they possessed it. That people might gain a wrong impression from what had been published already would not cause him to make any public statement, his only concern being to obtain the greatest good for the beneficiaries.