MACARTHY TRUST

Pahiatua Herald, Volume XXXVI, Issue 10889, 17 July 1928, Page 5

MACARTHY TRUST

RECORD ALLOCATIONS INCREASE IN INCOME. The annual meeting of the Board of Governors of the J’. G. Macartby Trust was held in the Executive Council Room, Government Buildings. yesterday. There were present: His Excellency the Governor-General (Sir Charles F’ergusson), the Prime Minister (the lit. Hon. J. Cl. Coates), His Grace Archbishop Redwoxl and tne Mayor of Wellington (Mr G. A. Troup). The Public Trustee (Air J. W. Macdonald), Chairman of the Advisory Coin inf t tee tc the Board cut Governors, wets also (present. In submitting his annual 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 last year’s record figures. In determining the amount available in terms of the late Mr Macarthy’s will for charitable and educational purposes, the Public Trustee explained that certain asset® in the estate are held on special trusts and that the net income arising from these is not available for distribution each year to- charitable and educational institutions, and is not included in the figures for the year. Moreover, until the termination of certain life interests granted under the will only one-half of the income from the residuary estate is available for distribution for charitable and educational purposes. The Public Trustee reported that the Advisory Committee had held its annual meeting and had recommended the distribution of the sum of £14,500. This constitutes the largest amount that has been recommended for distribution in any one year since the inception of the Trust. The allocations include:—Phmket Society, Flketalmna, £35 (new application). Phmket Society, Pahiatua, £6O (£SO).

It is fifteen years since the inception oi this Trust which arises out of the will of the late Thomas George Alacarthy. During the period of its existence there lias been allocated from its revenue the sum of £123,527 for charitable and educational purposes. This year the record sum of £14,500 is being distributed. His Excellency the Governor-Gen-eral on behalf of tlie Board of Gov/eruors, and with the approval of each member, expressed his appreciation of the capable and efficient manner in which in the opinion c>f the Board of Governors the Trust and its functions were managed and carried out by the Public Trustee.