T. G. MACARTHY TRUST

Hawera Star, Volume XLVII, 16 July 1928, Page 11

T. G. MACARTHY TRUST

TOTAL OVER, £123,500. RECORD DISTRIBUTION AGAIN THIS YEAR. One of the most important charitable trusts administered in'the Dominion is the T. G. Macartliy Trust. It is fifteen years since the inception of this trust, which arises out of the will of the late Thomas George Macarthy. During the period of its existence there has been allocated from its revenue the sum of £123,527 for charitable and educational purposes. This year the record sum of £1,4,500 is being distributed. The allocations! since the commencement of the trust have been in all £123,527. THIS YEAR’S OPERATIONS. The annual meeting of the board, of governors of the T. G. Macarthy Trust was held in thfir Executive Council room, Government Buildings' Wellingtoii, to-day. There were present : His Excellency the Governor-General (Sir diaries Eergusson), the Prime Minister (the Rt. Hon. J. G. Coates), his Grace Archbishop 1 Redwood, Iris Worship, the Mayor of Wellington (Mr G. A. Troup). L'lio Public Trustee (Mr. J. W. ’Macdonald), chairman of. the advisory committee to the board of governors, was also present/’ In submitting the annual report and balance-sheet the Public Trustee reported that certain assets were held, in terms of the will, for special trusts, and the net income from these was not available for distribution. The trust, being long continuing, it is essential to conserve and develop the assets, so as to ensure that the earning poweiwill not be diminished in the future. The applications for financial assistance totalled 143, of which 29 were ,iew claims. His Excellency the GovernorGeneral on behalf of the board of governors and with the approval of each member, expressed his ap.pieciation of the capable and efficient manner in vh'ich, in the opinion of the board of governors, the trust and its functions were managed and eari-ied out by the Public Trustee. THE YEAR’S GRANTS. The Public Trustee reported that the advisory committee had held its annual meeting and. had recommended the distribution of ' the sum of £14,500. This constitutes the largest amount that nas been recommended for distribution in any one year since the inception of the trust. The recbmmeixdations were adopted. ‘' '' 1 ' The principal grants made wei-e as below, last year’s figures being given in 1 parentheses: All Saints Children’s Home, Palmerston North, £2OO (£200); Alexandra Home for Young Women, 6350 (£300); Anglican Boys’ Homes Society, Wellington, £4OO (£350); BoVs’ Institute and S. A. Rhodes Home for Boys, £750 (£750); Boys’ Orphanage, Nai Nai, \£soo (£500); Citizens’ Day Nurseiy, Wellington, £350 (£300); Home of Compassion, £6QO (£500); Home for Incurables, §450 (£400); National Art Gallery, War Museum, and War Memorial (to be paid over at the Public Trustee’s discretion), £500; New Zealand Academy of Fine Arts, £2OO (£200); Paulina Rescue Heme, Wellington, £3OO (£2so);' Pluriket Society, Wellington, £6OO (£500); other Plunket soviet?!® received in aL', a total of £BBO, including Waverley £25; Residential Nursery, Wellington, £4OO (£350); St. Mary’s Guild, Karori, £450 (£350); St. Patrick’s Parochial Schools, Palmerst-on North, £75 (£75); St. Peter’s Taranaki Street Mission, Wellington, £650 (£600); Salvation Army Men’s Industi-ial Home, Miramar, £225 (£200); Wanganui District Nursing League, £SO; Women’s division New Zealand Farmers’ Union, £100; Workers’ Educational Associations in various centres received in all £135; Wellington Free Kindergarten Association, £4OO (£400). The final balance of the estate for duty purposes was £389,689 17s Bd, and estate and succession duties totalled .£63 10s. A -board of governors appoints the advisory committee, whose .unction it is to examine applications or financial assistance. Assets of the whole estate at date are: Freehold properties, £225,077; shares in companies registered in New Zealand, £145,136; debentures, £12,980; mortgages on security of freehold property, £32,323; total, £415,516.