MACARTHY TRUST

Nelson Evening Mail, Volume LXI, 16 July 1928, Page 9

MACARTHY TRUST

ANOTHER RECORD DISTRIBUTION

CMMRd'l'ABLfi AND EffIUJCA 'HiOJfAI, toUIANTS

ANNUAL MEETING OF BOARD OF GOVERNORS

(By Telegraph.—Special to "The Mail")

WELLINGTON. This Day

The atiiuiiij, meeting of tlio T. (!. Macavthy Trust Hoard of Governors took place at. the Government Buildings, Wellington today. There wore present: His Excellency the Governor-General (Sir Charles Fergusson), the Prime Minister (the Rt. lion. J. G. Coates), His Grace Archbishop Redwood, his Worship the Mayor (.\lr (!. A. Troup). The public Trustee (.Mr J. W. Macdonald), chairman of the Advisory Committee to the Hoard of Governors, was also present.

]t is fifteen years since the inception of this trust, which arises out of the will of the late Thomas Macarthy. During the period of its existence there has been allocated from its revenue the sum of £123,521 for charitable and educational purposes. This year the record sum of £14,500 is being distributed. Tn submitting his animal report and balance-sheet in respect of the administration of the trust, the Public Trustee reported that the operations during the year under review had again been most successful, and that the net income had shown a considerable increase over lass year's record figures. The report went on to detail various steps that had been taken to improve the assets of the trust and also reviewed the trading operations for the year. Thero were 143 applications for grants of which 29 were new. The X'uLlic Trustee reported that the Advisory Committee had held its annual meeting and had recommended the distribution of £14,500. The largest single grant was £750 to

Ilm Roys' Institute and S.A, Rhodes Homo ior Hoys, Wellington. I'hmkel Societies benefited considerably.

THE ORIGIN OF THE TRUST

As stated before, the trust arises under the will, dated 19th May, 1906, of the lato TJwmas George Macarthy, <« Wellhigtou, brewer, who owned, the City ,uid PHdeuiK Bjti*ery, now conducted by Ui« Public (Trustee as'part of the' x>acts of the estate, The deceased lived in Wellington for many years, and died on 19th August, 1912." The will appoints the Public Trustee of the Dominion sole executor and trustee.

After payment of certain annuities one half of the annual income from the residuary estate is paid to a life tenant in terms of the will. The remaining moiety of the annual income of the residuary estate, is distributable each year, between charitable and educational institutions or purposes in the Provincial District of Wellington at the discretion of n special Hoard of Trustees mentioned in the will. On the death of tlio life tenant the whole of the capital and income of the estate, subject to any annuities still payable, becomes available for the said charitable ' trusts.

The final balance of the estate for duty purposes was £389,689 17s Bd. Legacies amounting to £16,000 were paid under the will, and estate and succession duty amounted to £63,101 16s Bd.

The assets of the estate to date are ns follows:—(1) Freehold properties—(a) Licensed premises, £39,980; (b) shop properties in Wellington City, £82,440; (c) other business and residential properties in Wellington City, £86,765; (d) properties situated outside Wellington City, £15,892. (2) Shares in companies registered in New Zealand, £145,136; (3) debentures, £12,980; (4) mortgages on security of freehold property; £32,323; total; £415,516.