THOMAS GEORGE MACARTHY TRUST.

Pahiatua Herald, Volume XLI, Issue 12440, 5 September 1933, Page 2

THOMAS GEORGE MACARTHY TRUST.

£IO.OOO DISTRIBUTED THIS YEAR £189,000 ALLOCATED IN TWENTY YEARS. For the past 20 years the T. G. Macarthy Trust has been the subject of public interest by reason of the substantial pecuniary assistance contributed by it to charitable and educational objects. The trusty which arises under the will of "the late Thomas George Macarthy, who died in 1912, was created for charitable and educational purposes in the provincial district of Wellington, as the Board of Governors decides, and since it commenced to operate £189,-500 lias been distributed for the benefit of the eligible objects. This year there is £IO,OOO available for division. At a time like the present, the distribution of this large sum will prove very acceptable to institutions and organisations concerned with charitable and educa<tional work. In the last two previous distributions, in sympathy with the prevailing economic depression, special consideration was given -to the alleviation of poverty and distress. As the need for relief of persons in distress is still undiminished, the Board of Governors has again followed the same course on this occasion. 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 Buildings, Wellington, yesterday. There were present: His Excellency the Governor-General (Lord Bledisloe), the acting-Prime Minister (Rt. Hon. J. G. Coates), His Grace Archbishop O’Shea, His Worship the Mayor (Mr T. C. A. Hislop), the Public Trustee (Mr J. W. Macdonald, C.M.G., chairman of the Advisory Committee to the Board of Governors). In terms of Mr Macarthy’s will the sole control 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. The Public Trustee’s annual renual report, balance-sheet and accounts in respect of the administration of the trust were' presented. The Public Trustee’s report showed that the assets are valuable and comprise (1) 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. The Public Trustee reported that the general widespread financial stringency, with increasing unemployment, loss of earning power and additional taxation, had created many difficulties during the year under review, and had rendered it an anxious task to maintain a satisfactory return from the trust assets. The Public Trustee’s report also made reference to the effect of the recent legislation upon the collection of rent and interest. In regard to this point, the Public Trustee stated that an additional factor contributing in no small measure to the contraction of the income of the trust has been the operation of the National Expenditure Adjustment Act, 1932. The compulsory reductions in rent and interest effected by that enactment operated from Ist April, 1932, and as a. large proportion of the assets comprise freehold and moneys due on mortgages of freehold, it will be readily understood that the reduction in the amounts received from these sources °f has necessarily had a serTOus effect on the income received during the year. IS ot withstanding alj the adverse circumstances, the Public- Trustee was pleased with the result of the year’s operations, enabling £IO,OOO to be made available to the Board of Governors for distribution. In dealing with the administration of the trust assets, the Public trustee informed the Board of Governors that the utmost vigilance and care were being constantly devoted by the Public Trust Office to the many problems confronting the control of such a variety of interests as were comprised in the trust. The report showed that every effort was made to keep the trust properties occupied, and to collect the rents of those that were let. In this respect the Public Trustee stated that though generally the position had been an anxious one, there had been no appreciable increase in the loss Irom unoccupancy during the .year. All the trust properties had been kept in repair, so that when normal conditions resume, it is confidently hoped that increased returns will be obtained. CITY AYD PHOENIX BREWERY. The late Mr Macarthy was the proprietor of the City and Phoenix Brewery winch since his death has been carried on bv the Public Trustee on behalf of the estate. In deall>,7Kl) Vlt 'r th f year ’ s operations, the A u blic Trustee reported that all brewery concerns throughout the Dominion had been severelv affectcd by the existing erudition's. Faced xyith drastically reduced turnovers to f decreased spending power and enforced economies of the general public, the brewery businesses have had to bear heavy increases in cl i rect an cl indirect taxation. In the race of this experience, the Public I rustee stated that the vear’s trading showed satisfactory results, and the prospect for future expansion when conditions improve was very encouraging.

APPLICATIONS FOR GRANTS. As in former years, applications for grants out of the trust were called for by advertisements in the public Press. 156 applications were received, as compared with 158 last year. They cover a wide range of objects concerned with charity and education and, as usual, the majority of them are on behalf of organisations which have previously participated in the Macarthy Trust distributions. “His Excellency the GovernorGeneral moved that a special vote of thanks he passed to the Public Trustee and the Advisory Committee for the trouble taken in presen mg the recommendations to the Board of Governors and for the efficient manner in which the work ha-1 been carried out. This resolution was seconded by Archbishop O’Shea, and carried v n an imo u s 1 y. THIS YEAR’S GRANTS. The Public Trustee’s report showed that the usual practice had been followed in dealing with the applications. Every application had been carefully scrutinised, and full information as to the activities and financial position of the organisations had been obtained. The applications were subsequently considered by the advisory committee at its annpal meeting on the 15th August. 1933) when it recommended the distribution of £IO,OOO.