MACARTHY TRUST

New Zealand Times, Volume LII, Issue 12183, 7 July 1925, Page 9

MACARTHY TRUST

MEETING OF GOVERNORS £10,175 DISTRIBUTED THIS YEAR TOTAL OF £83,437 TO DATE The meeting of the Board of Governors of the T. G. Macarthv Trust was held yesterday when there were present : Jiis Excellency the GovernorGeneral (Sir Charles Fergusson), the Prime Minister (the Hon. J. G. Coates), the Roman Catholic Archbisaop of Wellington (His Grace Archoishop Redwood), the Mayor of Wellington (Mr C. J. B. (Norwood). The Puolic Trustee (Mr J. \V. Macdonald), chairman of the advisory committee to the Board of Governors, was also present. The hoard made feeling reference to the demise of the late rrime Minister, the Right Hon. William Ferguson Massey, R.C., LL.D. Reference was also made to the keen interest shown by the late Prime Minister in the Macarthy Trust, and to tljp services rendered by him up to the time of his death as i member of the Board of Governors. PUBLIC TRUSTEE’S STATEMENT The Public Trustee reported that during the past vear the net income had increased by £2133. In addition to this, the income on certain assets is given to the life-tenant on a separate trust, and therefore this has not been included in the above amount. The profits from the City and Phoenix Brewery showed an increase an the previous fear's figures; the public were showing i keener appreciation of the merits cf Macarthy’s ale and stout. The net income for the past year was Suite satisfactory, especially in view of the heavy land tax to which the estate is subject, and of the increase during the year in rates. Although the maximum rentals possible in the circumstances are being obtained from the various properties, there is a heavy deduction for graduated land tax by reason of the large amount of property held by the estate. In order to reduce this heavy charge, the Public Trustee had realised some of the assets in certain cases where there were special circumstances such as increased land tax. which plainly showed that retention was not justified. The question of realisation in this estate, however, was one necessitating careful consideration. On the one hand it hi>d to be borne in mind that eventually the whole of the capital and income would be available For the* benefit of charitable and educational institutions in the provincial district of W’ellington. Whilst, therefore, there was at present.a heavy charge for fates and land tax, nevertheless practically the whole of the estate’s valuible land holding consisted of business properties in important and progressive ocalities, and accordingly .the prospects >f increased value in the future had to »e taken into account. : SALE OF PROPERTIES The properties which had been sold had been offered by public auction at reserves determined by competent valuers, and thereafter approved by the Public Trustee, so that full advantage might be taken of any competition which was offering. The Public Trustee had recently been able to negotiate the surrender of a lease of a non-revenue producing property which would resmt in an ultimate saving of £625 in geBpect of rental. The facilities afforded by the Public Trustee for financing estates under his control had enabled him to arrange considerable financial assistance to this estate during the years it had been under his management. Thus had enabled important assets to be retained so that the estate would derive the benefit of increased values. This benefit was seen in the greatly increased market prices prevailing to-dav. . The Public Trustee had carried out building schemes where necessary with » view to securing revenue from unproductive land or increasing revenue in certain cases where unsatisfactory buildings were in existence. The result had in every case justified the Public Trustee in his action. During the previous year financial assistance had been given to the estate to enable It to secure its quota of 5250 fullypaid shares ai par m the new issue by she Bank of New Zealand. In the rear under review, the Public Trustee fad arranged for the acquisition of a imilar number of additional shares in she last issue by the Bank of New Cealand. -The result of this would be shat the capital of the estate would leap a handsome profit from, these infestments. 1 BUILDING SCHEMES The Public Trustee had under consideration building and alteration schemes calculated to increase the income of the estate, and would be able fto finance the estate in respect of )theee matters, so that the assets would ■not require to be disturbed. The Public Trustee stated that .the reduced rates of commission charged by the (Public Trust Office in respect of realisations and the collection of income still obtained. The income from a very valuable block of buildings in Wellington was still lost to the estate owing to the existence of a lease, granted before the death of the late Mr Maoerthy for a lengthy, period for consideration other than a sufficient rental. This lease would, however, expire within the next few years when the income tax would be available. In the meantime, after payment of land tax on the property, there was an actual loss to the estate in regard to this block of approximately £230 per annum. Efforts had Been made by the .Public Trustee to negotiate a surrender of the lease at a satisfactory figure, hut these had failed. Nevertheless, the block had an excellent prospective value whicn justified its retention, its present value being in the vicinity of £35,000. During the year a considerable mm aad been expended in repairing and renovating the estate properties, so that leases of certain of these properties had been negotiated at increased rentals. The shares and mortgagee of the estate were kept under constant Balance-sheets from institutions in which the estate is a ihareholdcr were annually received and ponsidered by the financial adviser to the Public Trust Office Board. Mortgage securities were periodically injected, and mortgagors were requested to remove any unfavourable features. As a result of the insertion of

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newspaper advertisements inviting applications for grants, 19 new applications had been evened, the total number submitted for the year being 111. ASSETS TO DATE The following are the assets of the estate to date: £ Freehold properties ■ (a) Licensed premises 40,17-1 (b) Shop properties in Wellington City 67,430 (c) Other business and residential properties in Wellington City ' 91,295 (d) Properties situated outside Wellington City ... 23,260 Shares in companies registered in New Zealand 121,220 Debentures 37,480 Mortgages on security, of freehold property 39,905 £420,814 The foregoing represents the whole estate, but as certain assets are held on Special trusts, the income from such assets is not available for distribution each year to charitable and educational institutions; neither is it included in the net income figures of the estate for the year. Only one-half of the income from the residuary estate, after payment of annuities, is available fos distribution. The above assets are unemeumbered except to the Public Trustee as security for the amount still oying in respect of financial assistance made available. . The pxisting Government valuatiorf of free-' hold properties has been accepted for the purpose of tho above summary. The market value ot course, is considerably greater. Included in the above is Macarthy’s city and Phoenix brewery. which is situated in Tory street, Wellington, and controlled by the Public Trustee, and produces McCarthy’s pale ale and brown stout. The Public Trustee, in view of the fact that such wide public interest is shown in the Macarthy Trust throughout the Dominion, and particularly in the Wellington Province, has made available the foregoing fact* relating to the assets in order that the gift of the late Mr Macarthy, the magnitude of the trust, and the importance of the assets, might he better appreciated by the general publio and those institutions receiving financial assistance under the provisions of the will. Under the terms of the will, the whole control and management of the estate is vested in tho Publio Trustee, the only duty of the Board of Governors being to determine and sanction the grants made annually to institutions out of that portion of the income, which is devoted to charitable and educational purposes. RECORD OF TWELVE YEARS During the twelve years the T. G. Macarthy Trust has been in existence the sum of £83.437 has been distributed. The following table shows the sum allocated each year to date:— £ 1913 2,530 1914 7,325 1915 7,070 1916 6,880 1917 5,790 1918 ~5,112 1919 6,545 1920 6,785 1921 6,860 1922 9,015 1923 9,350 1924 10,175 £83,437 On the motion of she Prime Minister, the Public Trustee’s report was adopted.- - ... - The Public Trustee submitted the recommendations of the advisory committee with respect to the grants for the current year, totalling £10,175, and reported that this was the greatest amount that had been recommended for distribution in any year since the inception of the trusty The recommendations of the advisory committee were approved by the Board of Governors. The grants were as. follow (last | year’s donations being shown in parentheses):— £ & 1. Karitane Home Fund, Wellington 1000 (n.a.) 2. Bovs’ Institute, Wellingtoi . 500 (500) 3. St. Joseph’s Orphanage, Upper Hutt : 350 (350) 4. St. Peter’s Taranaki street Mission 350 (300) 5. Home of Compassion, Island Bay 325 (250) 6. Plunket Society, Wollington ..... 400 (400) 7. Home for Inourables, Buckle street 225 (200) 8. The Creche, Buckle st. 100 (100) 9 Alexandra Home, Weilington 2CO (200) 10. Levin Memorial Home, Wellington - 150 (150) , 11. Ladies’ Christian Association, Wellington 50 (50) 12. Anglican Boys' Homes j Society, Wellington ...... 150 (150) 13. Marist Bros.' ■ School, Tasman street 25 (50) 14. St. Joseph's Convent School, Onakune 25 (25) 15. Society for Prevention of Cruelty to Anamils, Wellington 130 (100) 16. Convent School, Petono... 75 (50) 17. Manawatu Willard Children's Home, Palmerston North .. ISO (150) 18. Marsdqn Collegiate School, Wellington v .... nil (n.a.) 19. Convent School, FeildI ing nil (nil) 20. Astronomical Section, Philosophical Society, I Wellington 50 (75) 21. District Nursing Guild I of St. John, Wellington 150 (250) 22. Boys’ Orphanage, Nai Nai 300 (800) 23. Plunket Society, Carter- - ton nil (50) 24. Paulina Rescue Home, Wellington 150 (100) 25. St. Mary’s College, Hill street 50 (100) 26. Community Club, Wellington 100 (100) 27. St. Patrick’s School, Masterton nil (nil) 28. Sacrod Heart Primary School, Guildford t0r.... 25 (50) 29. Residential Nursery, Wellington 300 (300) 30. British Red Cross So- | 1 eicty, Wellington 50 (50) 31. St. Patrick’s School, Mangaweka nil (nil) 32. St. Anne’s School, NcwI town 50 (50) ; 33. Y.M.C.A., Palmerston North nil (nil) 34. Citizens* Day Numerics, : Wellington 250 (200) j 35. l’lunket Society, Feilding nil (n.a.) 36. Northland Convent PrlI mnry School 25 (50) . 37. N.Z. Academy of Fine j Arts, Wellington 200 38. 'Workers’ Educational I Association. Wellington 50 (50) 89. St. Patrick’s Parochial School, Palmerston N.... 50 (50) 40. Turakina Maori Girls’ School 50 (50) 41. Wellington Convalescent Homo 200 (250) 42. St. Peter’s and Paul’s School. Lower Kutt nil (75) 43. Wairarapa South CountyCentral Schools J.ibrnry 25 (n.a.) 44. Wol lington Free Kindergarten 225 (200) 45. St. Mary’s Primary School. Carterton 25 (30) 46. Presbyterian Boys’ Orphanage, Berhampore ... 150 (150) 47. Wanganui Public Muspnm nil (n.a.) 48. Convent of Mercy, Dufforin street 25 (50)

49. All Saints’ Children’s Home, Palmerston N. ICO (ICO) 50. National Art Association of New Zealand, Welton , nil (n.a.) 51. Marist Bros’ School, Havkestone street 25 (50) 52. Plunket Society, Grey-- - town nil (n.a.) 59. Boy Scouts’ Association, Wellington 150 (200) 54. St. Anthony’s Primary School, Seatoun 50 (nil) 55. Navy League, Wellington 50 (50) 56. Wanganui Technical College nil (n.a.) 57. St. Vincent de Paul Society, WelUngton 100 (100) 58. British and Foreign Sailors’ Society, Wellington 2CO (200) 59. Wellington Sunday Schools' Union nil (nil) 60. Convent of Mercy, Palmerston North 75 (75) 61. St. Peter's Church Day School, Gonville ... nil (nil) 62. Plunket Society. Levin. nil (n.a.) 63. St. Patrick’s Primary School, Kflbirnie 50 (50) 64. Y.M.C.A., Wanganui.. nil (n.a.) 65. Wellington Discharged Prisoners’ Aid Society.. 75 (IOOi 66. St. Mary's Homes, Ka- _ rori 130 (80) 67. Brigidine Convent, Carterton 50 (50) 68. Feilding District Nurse Fund 50 (50) 69. Girls' Friendly Society, Wellington - nil (nil) 70. Girl Guides’ Association. WelUngton 50 (n.a.) 71. Convent of Mercy, Newtown 25 (50) 72. Plunket Society, Masterton nil (n.a.) 73. Home for Destitute and Orphan Boys, Island Bay 100 , (100) 74. St. Anthony’s Catholic School, Pahiatua 25 (40) 75. Presbyterian Girls' Home, Island Bay 150 (150) 76. St. Brigid’s Convent, Mangaweka nil (25) 77. St. Barnabas’s Babies’ Home, Khandallah 50 (50) 78. Royal Life Saving Society, Wellington 50 (50) 79. St. Catherine’s Convent, Kilbirnie 50 (50) 80. Victoria University College, Wellington nil (nil) 81. Star of the Sea Convent, Seatoun nil (nil) 82. St. Mark’s Church School. Dufierin street.. 75 (75) 83. Salvation Army Men’s Industrial Home, Miramar 100 (75) 84. St. Francis’ School, Island Bay 25 (25) 85. Y.M.C.A., Wellington..' 100 (50) 86. St. John Ambulance Association, Wellington .. 100 (150) 87. Society for Protection of W omen and Children, Wellington g 200 (200) 88. St. Joseph’s Convent, Jerusalem hi! (—) 89. Society for Relief of Aged Needy, Wellington 2U> (200) 90. Stewart Karitane Home, Wanganui 100 (100) 91. Maternity Home, Kensington street 150 (150) 92. Methodist Charitable and Educational Endowments, Wellington 200 (200) 93. Home of Compassion Trust Board nil (n.a.) 94. Plunket Society, Otaki nil (n.a.) 95. Home for Destitute and Motherless Children, Wellington 100 (100) 96. St. Joseph’s Native School, Jerusalem 20 (20) 97. St. John Ambulance Association, Wanganui. 50 (50) 98. Plunket Society, Taihape nil (n.a.) 99. Mothers’ Help Division, Wellington 150 (150) 100. St. Joseph’s Convent, Ohakune nil (—) 101. Plunket Society, Petone 50 (50) 102. St. Stephen's Parochial Day School, Marton nil (50) 103. St. Joseph’s Convent School, Taihape 25 (nil) 104. Wanganui Society for Prevention of Cruelty to Animals 50 (n.a.) 105. Victoria University College Marine Observatory nil (ma.) 106. Plunket Society, Waimarino) nil (50) 107. St. Margaret’s Parish School, Taihape 25 (—) 108. Victoria University College Social Service Club. 25 (n.a.) 109. -St. Joseph’s Convent, Taihape nil (—) 110. Plunket Society, Wanganui nil (50) 111. Y.W.C.A., Wellington .. 100 (100) Total amount recommended £10,175 (Note: "n.a." signifies "new application." Where no comment appears re last year’s grant, no application was received.) KARITANE HOME FUND (Application No. 1) The amount donated to this fund is to be retained by the Public Trustee ut customary interest rates until in the Public Trustee’s discretion the fund is sufficiently established to warrant payment of the grant and interest. The trustees of the fund: are being requested to associate the name of the late Mr Macarthy with the home os- some portion of it, if this is found to be practicable. GRANTS AVAILABLE TOMORROW The Public Trustee announces for general information that amounts donated as above may be uplifted to-mor-row morning. The donations will be available immediately the Public Trust Office opens for publio business. Wellington applicants should apply at the office of the District Public Trustee. Applicants on behalf of institutions situated outside Wellington should apply at the office of the local District Public Trustee or district manager, as tho case may be. In those townships where the Public Trustee has no such representative, application should he made to the nearest post office. The Public Trustee has dispatched appropriate advice notices to all concerned.