MACARTHY TRUST.

Thames Star, Volume LXIV, Issue 17971, 21 August 1930, Page 6

MACARTHY TRUST.

17 YEARS’ ALLOCATIONS. TOTAL OVER £153,000. The relief of suffering and distress and the advancement of education are always of great interest to those who have the welfare of the community at heart. At the present time, however, in view of the widespread distress and the depressed conditions throughout the world, the alleviation of hardship makes a very special appeal. Possibly the largest and best knorwn trust in New Zealand devoted to philanthropic purposes is that created by the l'ate Mr. T. G. Macarthy. This benefkient trust has been operating since 1913 and during that time over £153,000 has been distributed amongst eligible institutions and organisations. This year £14,500 is available for the of the trust, and the contributions which will be received from this handsome distribution will be of timely assistance to numerous worthy philanthropic objects throughout the Wellington province. The following table shows the allocations each year sinee the inception of the trust:—

THE ORIGIN OF THE TRUST

The trust arises under the will, dated 19th May, 1906, of the late Thomas George Macarthy, of Wellington, brewer, who owned the City of Phoenix Brewery, now conducted by the Public Trustee, as part of the assets of the estate. The deceased lived in Wellington for many years, and died on the 19th August, 1912. The will appoints the Public Trustee of the Dominion sole executor and trustee.

After payment of certain annuities, one half the annual income from the residuary estate is paid to a l'ife tenant in terms of the will’. The remaining moiety of the annual income of the residuary estate is distributable each year between charitable or educational institutions, or purposes in the provincial district of Wellington, at the discretion of a special board of trustees mentioned in the will’. On the death of the life tenant the whole of the capital and income of the estate subject to any annuities still payable becomes available for the said charitable trusts. The final balance of the whole estate for duty purposes was £389,689 17/8. Legacies amounting to £16,000 were paid under the will, and estate and succession duty amounted to £63,101 16/8. The will directs that the Board of Trustees shall be: His 'Excellency the Governor-General, the Prime Minister, the Mayor of Wellington, and the Roman Catholic Archbishop of the Archdiocese of Wellington. Under the Thomas George Macarthy Trust Act, 1912, the Board of Trustees named in the will was incorporated under 'the title of “The Board of Governors of the Thomas George Macarthy Trust,” with perpetual succession and a common seal. The Act clothed the Board of Governors with additional powers and rights deemed expedient and proper to facilitate the effectual carrying out of the trusts of the will. It also gave the Board of Governors power to appoint an advisory committee, th’e function of which is to examine applications entitled to apply, and to recommend to the Board of Governors the distribution of the sum available. Up to August, 1921, the Advisory Committee consisted of Mr. C. P. Skerrett, K. C. (afterwards Sir Charles Skerrett), Mr. E. P. Bunny, and the late Hon. J. G. W. Aitken, M.L.C. The Board of Governors on 2nd August, 1921, after the death of the Hon. J. W. G. Aitken, resolved upon the reconstitution of the Advisory Committee and the following constituted the new personnel: The late Sir Charles Skerrett, Mr. A. R. Atkinson, Mr. E. P. Bunny, Mr. G. A. Troup, Lady Luke, C.8.E., and Mr J. W. Macdonald, the Public Trustee (chairman). On his election to the Mayoralty, Mr. Troup became ex-officio a ■member of the Board of Governors, and accordingly has not since sat on the advisory committee. On 24th February, 1928, Mrs. Henry Hall, of Wellington, was appointed by His Excellency the Governor-General to fill the vacancy. During the past year the lamented death of Sir Charles Skerrett created a further vacancy, and Mr. Harold Featherston Johnson was appointed to fill it. ASSETS O'F WHOLE ESTATE. The estate is a valuable one, and with care and development may be expected to increase in value in the

future. The assets of the whole estate are now valued at more than £500,000, 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.

Only one half of the income of the residuary estate is distributed to charities. The said assets are unencumbered except to the Public Trust Office, as security for amounts advanced by the Public Trustee in respect of financial assistance afforded to the estate.

Under the terms of the will the whole control and management of the estate is vested in the Public Trustee, the only duty of the Advisory Committee and of the Board of Governors being to meet annually and sanction the grants made to institutions out "of that portion of the income which is devoted to charitable and educational purposes.

1913 £2,530 1914 7,3-26 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 10,125 1925 12,040 1926 13,600 1927 14,500 1928 15,000 1929 14,500 Total £153,027