T. G. MACARTHY TRUST

Nelson Evening Mail, Volume LXVI, 15 August 1932, Page 5

T. G. MACARTHY TRUST

£12,000 DISTRIBUTED THIS YEAR DIFFICULTIES UNDER EXISTING CONDITIONS NINETEEN YEARS’ ALLOCATIONS TOTAL OVER £179,000 (Special to “The Mail”) WELLINGTON, This Day. Year by year the grants from this well-known trust provide generous assistance to the cause of charity and education in the Wellington district. The trust was created by the will of the late Mr T. G. Macartliy for charitable and educational purposes in the Pscvinoal District of Wellington. Since the bene factor’s death in 1912 over £179,500 has been distributed amongst the objects of his bounty, and this year £l2,t>oo is available for division. The distribution of such a large sum will be a welcome benefit at a time when there is so much distress and hardship. Last year, in view of the prevailing economic conditions, in arranging the allocations special attention was directed to the relief of poverty and distress. Unfortunately the depression has in no way abated since then, and the need for relief is now even more widespread and pressing. The list of this year s grants will show that again on this occasion the Board of Governors have given special consideration to the providing of assistance and the alleviation of the impoverished condition of persons in distress. The following table shows the allocations each year since the trust commenced to operate: —

THIS YEAR’S OPERATIONS

BOARD OF GOVERNORS MEET

The annual meeting of the Board of Governors of the T. G. Macarthy Trust was held in the Executive Council Room, Parliament Buildings, Wellington, today. There were present: His Excellency (Lord Bledisloe); the Prime Minister (Rt. Hon. G. W. Forbes); liis Grace Archbishop Redwood ; his Worship the Mayor (Mr T. C. A. Hislop); the Public Trustee (Mr J. W. Macdonald, C.M.G.), chainqan of the Advisory Committee to the Board of Governors. In terms of Mr Macarthy’s will the sole aontrol and management of the estate is vested in the Public Trustee, and the Board of Governors are concerned with the distribution of the funds available for the charitable purposes of the Trust. Under the T. G. Macarthy Trust Act, 1912, the Board of Governors were empowered to appoint an Advisory Committee, the function of which is to examine applications for financial assistance received from charitable and educational institutions entitled to apply, and to recommend to the Board of Governors the distribution of the sum available each year. The present personnel of the Advisory Committee is as follows:—Mr A. R. Atkinson, Mr E. P. Bunny, Mrs Henry Hall, Mr H. F. Johnston, K.C. ; Lady Luke, 0.8. E.,; Mr G. A. Troup, C.M.G.; Mr J. W. Macdonald, C.M.G.", Public Trustee (chairman). The Public Trustee presented his annual report, balance-sheet and accounts, in respect of the administration of the trust. He also submitted the report of the estate auditors, Messrs Clarke, Menzies, Griffin and Ross, which was satisfactory. The Public Trustee’s report showed that the assets are valuable and comprise:—(l) Freeholds: (a) Hotel properties (town and country) 'b) City shop and warehouse properties, (c) City residential properties. (2) City and Phoenix Brewery. (3) Mortgages on freehold lands. (4) Shares and debentures: Large holdings in well known public companies. In regard to the amount which was being distributed by the Board of Governors the Public Trustee explained that, in accordance with the provisions of the will for the present only one half of the income from the residuary estate is available for distribution amongst the .eligible philanthropic objects. > In making reference to the exceptional difficulties and anxieties which are being experienced in regard to commercial, financial and business interests, the Public Trustee stated: —“I regret that the general economic depression has continued to affect, often with dramatic intensity, the circumstances of nearly every individual in the community, with the result that the difficulties and responsibilities surrounding the administration of a trust holding such large interests as does the T. G. Macarthy Trust have largely increased,” The spread of unemployment, loss of earning power, and additional taxation have rendered it extremely hard to maintain the revenue of the estate. Notwithstanding all this, however, the Public Trustee was pleased that as a result of the year’s operations he was able tc provide £12,000 for the Board of Governors. By reason of the times through which we are passing the Public Trustee felt that the result must be regarded as satisfactory at a period of shrinking incomes on every side, and that the charitable organisations and institutions were fortunate to have such a sum for distribution amongst them. The Public Trustee assured the Board of Governors that the Public Trust Office was sparing no pains in tackling the many problems confronting the administration and preserving the income to the utmost degree. At the same time, however, he felt bound to mention that with the continuance of the nrevailing depression it might well be anticipated that, great difficulty will be encountered in obtaining payment of interetst and rents in the ensuing year. Moreover, it had to bo remembered that by terms of the National Expenditure Adjustment Act, 1932. all rent and interest from Ist April, 1932, are compulsorily reduced. This reduction would obviously be reflected in next year’s accounts, and there were therefore good grounds for forecasting a further reduction in the amount available for distribution on the next occasion.

CITY AND PHOENIX BREWERY

The late Mr Maearthy was the proprietor of the City and Phoenix Brewery, and since his death it has been carried on by the Public Trustee on behalf of the estate. The Public Trustee reported that in the face of the depressed conditions the state of the business has been well maintained. During the year under review an additional 50 per cent, by

way of beer duty lias been imposed, and this had increased the difficulties of trading. Nevertheless the result was satisfactory, and the Public Trustee was pleased’ with the progress which was being made. NEW ZEALAND ACADEMY OF FINE ARTS The Public Trustee advised that during the past three years sums totalling £SOO have been granted to the New Zealand Academy of Fine Arts for the purchase of pictures. Information has been received from the Council of the Academy of Fine Arts that the following pictures had been purchased with the sums received: —“Portrait of the late T. •G. Maearthy, Esq.,” Archibald F. Nicoll; “Blue and Silver,” Algernon Talmage, R.A.; “The Spit, Middle Harbour, Sydney,” Robt. W. Johnson; “Roses,” M. 0. Stoddart; “portrait, “May, Daughter of Brig.-General Andrew, C.M.G.,” Elizalgjth Kelly; “Study of a Boy’s Head,” G. Linley Richardson, R.8.A.; “In the Trees,” Win. Tiller; “From Ball Hutt,” M. 0. Stoddart ; “Forty Winks,” James Cook.

APPLICATIONS FOR GRANTS The procedure followed in previous years has been adopted on this occasion. Advertisements inviting atiplieations for grants were inserted in the newspapers. The applications received total 158, as compared with 142 last year. As usual they cover a wide range of objects concerned with charily and education, and the majority of them were on behalf of organisations which had previously participated in the Maearthy Trust distributions.

1913 £ ... 2,530 1923 £ ... 9,350 1914 ... 7,325 1924 ... 10,125 1915 ... 7,070 1925 ... 12,040 1916 '...' 6,880 1926 ... 13,600 1917 ... 5,790 1927 ... 14,500 1918 .. 5,112 1928 ... 15,000 1919 ... 6,545 1929 ... 14,500 1920 ... 6,785 1930 ... 14,000 1921 ... 6,860 1931 ... 12,500 1922 ... 9,015 £179,527