GREATEST YET

New Zealand Times, Volume LIII, Issue 12509, 27 July 1926, Page 9

GREATEST YET

MACARTHY TRUST FUND TOTAL OF £12,040 ALLOCATED NEW APPLICATIONS GRANTED Again there is a substantial increase in the distributions made by the Macarthy Twist. Several institutions have thus received bigger grants, while a number of new applications have also been voted moneys. The following table shows the sum allocated each year to date:—

95,427 The annual meeting of tRe Board of Governors of tKe T. G. Macarthy Trust was held in the executive council room, Government Buildings, yesterday, when the following were present:—His Excellency the Gover-nor-General (Sir diaries Fergusßon), the Prime Minister (the Right Hon. ♦T. G. Coates), His Grace ArcTHushop O’Shea, the Public Trustee (Mr J. W. Macdonald), chairman of the advisory committee. YEAR'S WORKING The Public Trustee submitted his annual report on the administration of the estate and the estate’s balancesheet fir the period under review. The Public Trustee reported that there had* been one meeting of the advisory committee during the year to consider the draft distribution. The Public Trustee also reported that during the period of the present accounts the net income had increased very substantially. In submitting details of the income, he explained that the figures represented one-half of the net income from the residuary estate only. He pointed out that there were certain assets which by the will are given to the life-tenant of a separate trust, and the income from these had not been included. In addition, the will provided for payment of a number of annuities; these had been deducted in arriving at the net income. The result of the operations of the estate for the period under review had been very pleasing, especially in view of the heavy land tax and rates to which the estate is subject. The maximum rentals were being obtained from the properties, but a heavy deduction required to be made from the income by reason of the graduated land tax assessed on the estate’s large property holding. With a view to decreasing this and turning certain of the assets to better account, the Public Trustee had realised a number of unproductive assets where the circumstances had shown retention was not justified. Realisations had been made, however, and only in exceptional circumstances. The real estate at the present time, exclusive of country and suburban hotel proconsisted substantially of business and residential premises in imIppriants&iid progressive city localities. Accordingly, €he prospects of increasing future values had to be weighed in determining the question of realisation. The Public Trustee submitted a schedule showing a very marked increase in the net income from the residuary. estate during the last . few jyegEP) and stated he had schemes under way?" to reorganise the estate as old leases; expired and other circumstances arose that would materially increase the income in the future. ASSETS OF THE TRUST The Public Trustee reported that . the City and Phoenix brewery is one of tbe assets under his control, and that the business showed a satisfactory increase in the sales of ale and stout. For the purpose of ensuring the manufacture of the highest grade of ale and stout, special machinery had been procured, and the Public Trustee had also arranged for periodical analyses of the product to be made. The Public Trustee remarked on the very large sum paid by the estate during the period of the accounts for beer duty. During the period covered by the balance-sheet, leases of certain of the hotel properties had been arranged on a satisfactory basis. In addition, tenancies of business and residential properties had also, heen negotiated. A considerable sum had been expended in repairing and renovating various properties. Building and alteration schemes had been carried out with a view to increasing the estate’s revenue, and other schemes were in hand. The facilities afforded by the Public Trust Office for financing estates under the Public Trustee’s administration had enabled the Public Trustee to arrange continued and enlarged assistance to the estate duruig the years it had been under his control. This had made possible the retention of important assets so that the estate would’ derive the benefit of increased values which are seen in the market prices prevailing to-day. . . The reduced rates of commission charged by tho Public Trust Office still obtained, and the Public Trustee had recently been able to provide for an increased rate of interest to be allowed to tbe estates und<u* Ms administration in respect of funds in certain cases. These were kept under constant supervision. Balance-sheets from institutions in which the estate is a shareholder were annually received and comsidered by. the financial adviser to the Publio Trust Office Board. The estate’s mortgage securities wore periodically inspected with a view to obviating depreciation and possibility of loss, and where considered advisable the Public Trustee had requested mortgagors to remove any unfavourable features. i As a result of the insertion of newspaper advertisements inviting applications for grants, seventeen .new applications had been received, the total number submitted for the year being 115. The Public Trustee’s report, was received, and His Excellency expressed appreciation of the Public Trustee’s nd« ministration of the trust, and. of the manner in which the applications for grants had been examined and submitted by him. LIST OF GRANTS The Public Trustee reported that the Advisory Committee had held its annual meeting and had recommended distribution of the sum of £12,040. Ho } explained that thin wnc the great- | cst, amount that had been recommended ' for distribution in any year since tho

inception of the trust. The Advisory Commttee’B recommendations' were ; adopted by the Board of Governors, j The grants were as follows (last year’s j donations being shown in parentheses): ; £ £ ; 1. Boys* Institute, Wellington 750 (500) 2. Home of . Compassion, Island 'Bay i 400 (325) 8. Home of Compassion, Trust Board 200 (Nil) j 4. St, Peter’s Taranaki street j Mission 500 (350) 1 5. St. . J Joseph’s Orphanage, Upper Hutt ......V. 500 (350) 6. Plunket Society, Wellington 500 (400) 7. Boys' Orphanage, Nai N'ai 4CO (300) 8. Residential Nursery, , Wellington 350 (300) ! 9. Home for Incurables, Rue- j kle street 300 (225) 1 10. Alexandra Home, Welling- ! ton 250 (209) 11. Anglican Boys’ Home Society, Lower Hutt 200 (150) 12. The Creche, Buckle street 125 (100) 13. Citizens’ Day Nurseries, Wellington 250 (250) 14. Levin Memorial Home, Bcrhampore 200 (150) 15. Ladies’ Christian Association, Wellington 50 (50) 16. Marist Bros.’ School, Tasman street 50 (25) 17. St. Anthony’s Primary School, Seatoun 50 (25) 18. Home for Destitute and Orphan Boys, Island Bay ... 150 (100) 19. St. Anne’s School, Newtown Nil (60) 20. Mothers’ Help Division ... 150 (150) 21. All Saints’ Children’s j Home, Palmerston North 150 (100) 22. Convent of Mercy, Dufferin street 25 (25) 23. British and Foreign Sailors’ . Society, Wellington 250 (200) 24. Plunket Society, Carterton 50 (Nil) 25. Brigidine Convent, Carterton 50 (50) 2s. District Nursing Guild of St. John, Wellington 100 (150) 27. Girl Guides* Association, Wellington 50 (50) 28. Paekakaviki Publio School Nil (n.a.) 29. Northland Catholio Girls’ School 50 (25) 30. Plunket-Karitane Appeal... Nil (lOCO) 31. British. Red Cross Society, Wellington 100 (50) 32. Convent of Mercy, Palmerston North 75 (75) 38. Featherston County Central School Library 25 (n.a.) 34. Presbyterian Boys’ Orphanage, Berhampore 209 (150) 35. St. Catherine’s Convent, Kilbirhi© 50 (50) 36. Society of Musicians, Wellington Nil (n.a.) 37. St. John Ambulance Association, Wellington 100 (100) 38. St. Vincent de Paul Society, Wellington 150 (100) 39. Society for Prevention of Cruelty to Animals » 100 (lOffi 40. St. Mary’s College, Hill st. 50 (50) 41. Wanganui Society for Pre T vention of cruelty to Animals 25 (50) 42. Wellington City Observ- | atorv Committee Nil (n.a.) 49. Turakina Presbyterian i Maori Girls* Sohool ICO (50) 44. Y.M.C.A., Wellington 100 (100) 45. St. Peter’s Church Day School, Gonville Nil (Nil) 46. St. Anthony’s School, Pahiatea 25 (215) 47. Plunket Society, Feilding 50 (Nil) 48. Marist Bros.’ Old Boys* As- f sociation Nil (n.a.) 49. Convent School, Petone ... 75 (75) 50. Anglican Chinese Mission, | Wellington Nil (n.a.) 51. Plunket Society, Foxton... 25 (n.a.) 52. Paulina Rescue Home for Young Women, Wellington , 200 (150) 53. St. Joseph's Parish School, Buckle street 50 (Nil) 54. Boy Soouts’ Association, Wellington ■ 150 (150) 55. Star of Sea. Boys’ Preparatory School, Seatoun Nil (Nil) 56. Plunket Society, Greytown 25 (Nil) 57. New Zealand Academy of Fine Arts, Wellington ... 200 (200) 58. Home for Destitute and Motherless Children, Wellington 150.(109) 69. Sacred Heart School, Banana ■>». Nil 60. St. Barnabas’ Babies Home Society, Khandallah 100 (50) 6t. Wellington Free Kindergarten 3CO (225) 62. Discharged Prisoners* Aid Society, Wellington ICO (75) 63. Plunket Society, Lower Hutt 50 (n.a.) 64. Royal Live-saving Society; ‘ Wellington • 50 • (50) 65. Sacred Heart Ptifnary ■ School, Guilford terrace... 50 (50) 66. Presbyterian Girls' Home, Island Bay 200 (150) 67. St. Francis’s School, Island Bay 50 (25) 68. Plunket Society, Pahiatua 50 (n.a.) 69. Manawatu Willard Children’s Home, Palmerston North 200 (150) 70. Girls’ Friendly Society, Wellington Nil (Nil) 71 Marist Brothers’ School,

Hawkestone street ......... 50 (25) 72. Community Club, Wellington 100 (100) 78. Feilding District Nurse Fund 50 (50) 74. Petone Technical School Nil (n.a.) 75. Maternity Home, Kensington street 150 (150) 76. St. Joseph’s Convent, Foilding Nil 77. Society for Protection of Women and Children .... 200 (200) 78. Salvation Army Men’s Industrial Home, Miramar 150 (100) 79. St. Patrick’s School, Kilbimie 50 (50) 80. Maori Mission Committee, Turakina Nil (n.a.) 81. Victoria University Social Service Club 50 (25) 82. Wanganui Publio Museum Nil (Nil) 83. St. Joseph’s Convent, Jerusalem 40 (Nil) 84 Plunket Society, Palmerston North 100 (n.a.) 85. St. Mary's Guild, Karori... 250 (130) 86. St. John Ambulance Association, Wanganui J.. 50 (50) 87. St. Joseph's School, Ohakune Nil (25) 88. Society for Relief of Aged Needy, Wellington * 250 (200) 89. Stewart Karitane Hospital, Wanganui 50 (100) 90. Plunket Society, Petone ... 75 (50) 91. St. Mark's Church School, Dufferin street 75 (75) 92. St. Marys Convent School, Carterton 25 (25) 93. Wanganui Swankeis’ Club 50 (n.a.) 1 94. Wellington East Girls* College Nil (n.a.) I 96. Y.W.C.A., Wellington 100 (100) 96. St. Mary’s Catholic School, Foxton 25 97. St. John Ambulance Nursing Guild, Palmerston North 50 (n.a.) 98. St. Margaret’s Parish School, Taihape 25 (25) 99. Plunket Society. Shannon 25 (n.a.) ICO. St. Patrick’s School, Masterton Nil (Nil) 101. National Art Asosciatiofi of New Zealand Nil (Nil) 102. Navy League, Wellington 50 (50) 103. Plunket Society, Taihape . 50 (Nil) 104. St. Patrick’s Parochial School* Palmerston North 75 (50) 105. Wellington Hospital Convalescent Home 200 (2CO) 106. Victoria University College Marino Observatory Nil (Nil) 107. Convent of Mercy, Daniell street 25 (25) 108. Plunket Society, Upper Hutt 25 (n.a.) 109. Wellington Sunday Schools’ Union Nil (Nil) 110. Workers’ Educational Association 50 (50) 111. Brigidino Conrent, Foxton 50 I]2. Methodist Charitable and Educational Endowments 200 (200) 113. Plunket Society, Waimari.no Nil (Nil) 114. St, Bride's Convent, Mnstertoii Nil 115. Wellington Advisory Committee to the Civilian Blind 50 (n.a.) Total amount recommended £12,040 Note. —“N.A.” signifies “new. appii-

cation.” Where no comment appears re last year’s grant, no application was received.) PAYABLE IMMEDIATELY The Tublic Trustee announces for general information that the amounts donated, as above, may be uplifted immediately. Wellington applicants should apply at the office of the District Public Trustee. Applicants on behalf of institutions situated outside Wellington should anmv at the local office of the District Public Trustee or District Manager as the case may be. Tn those townships where tlie Public Trustee has no representative, application should ho made at the nearest post, office. The Public Trustee lias dispatched appropriate notices to all concerned.

£ 1913 2530 1014 7325 1915 7070 1916 6880 1917 5790 1918 5112 1919 6545 1920 6785 1021 . 6860 1922 0015 1923 935Q 1924 10,125 192o 12,040