MACARTHY TRUST FUND

Nelson Evening Mail, Volume LXI, 3 December 1927, Page 9

MACARTHY TRUST FUND

In the last iis.tuc of "The Trust Companies' -Magazine," a monthly journal published in New York, and devoted to financial interests in the United States of America, the following interesting article appears in connection with the T. G. MaeartbV Trust:— ( "One of the lar#t»t trust funds dedicated to charitable and educational objects, and which: compares favourably with sonic of Hie. most generous funds in the United Slates, is the T. G. Macarthy Trust, administered by tin'. Public Trustee of New Zealand, as sole executor and trustee. This trust arises U-uder the will of Thomas George Macarthy. of Wellington, New Zealand, a wealthy brewer, who djed iu 1912, leaving an estate of £389,689, which has boon enhanced through admirable admiMJJj-, tration of assets and properties, including breweries, by the Public Trustee Office, to a present total of £400,244, after payment of certain legacies. One half of'the: annual income from the residuary estate is directed by the will to be paid to a life-tenant. The remaining moiety of .annual income is distil; butablo each year 'between charitable apd educational institutions in the district of Wellington at the discretion of a special board of trustees. "There is a striking analogy in the administration and distribution of income of the Macarthy Trust to the operation of the Community Trust or Foundation conceived in this country by the late Judge Ooff, of Cleveland, and this year embodied in over fifty Community Trusts in American cities. The Macarthy will provides for the creation of a board of trustees to distribute and apply income for charitable and educational purposes. This board is composed of the -Governor-General of New Zealand, the Prime Minister, the Mayor of Wellington, and the Roman Catholic Archbishop of the Archdiocese of Wellington. Thk board also was empowered to appoint an advisory committee to examine applications for assistance and recommend distributions. During the fourteen years the trust has been in existence the sum of £109,027 has been distributed. During the current year the record sum of £13,600 is available for. distribution. ' "The Public Trustee Office of New Zealand, which, as executor and trustee, administers the Macarthy estate,, has been established since 1572 and 15 guaranteed bv the State. On 31st March, 1927 the "Public Trustee had estates and fund's under administration valued at 206 217 615 dollars. The fine record S by the .office is attributable an Srge measure to capable conduct by J. W Macdonald, the ?übhc Trustee, and his efficient executive associates.