AFFAIRS OF THE TRUST.

Wairarapa Age, 30 August 1933, Page 5

AFFAIRS OF THE TRUST.

(To the Editor.) Sir, —Your leading article in to-day’s issue under the above heading is worthy of careful consideration, by the citizens of Masterton and of the Small Farm. Area. It is, I agree with you, to be deplored that so little interest is taken by the great majority of citizens in Trust affairs, but I am inclined to think that the attitude of apathy which you refer to is somewhat decreasing and that a rather more lively interest will be shown in the future. There is certainly much room for it. Your article makes reference to the proposed loan scheme of the Trustees, and I should like to be permitted to give you the reasons why I have decided that the proposal is not in the best interests of the Trust. My experience of houses has been that, after a comparatively short period, they become a steadily increasing liability. The average prudent owner usually sells before then and so avoids ibis loss, but I would emphasise that the Trust cannot do this——it has no power of sale. Therefore, it seems very obvious to me that it is only a matter of limited time before the depreciation of wooden dwellings becomes a very serious drain upon the Trust’s funds. The position is accentuated, too, in my opinion, because every penny of the building cost has to be borrowed: it is not even a case of employing surplus moneys. It is my definite opinion, therefore,, that the building of houses is uneconomic especially where they must be held for all time. The Trustees in favour of the loan contend, I believe, that because the vacant sections are costing a fairly large sum. for rates (what exactly the sum is, I should be glad to know), the erection of dwellings would be beneficial to the Trust funds. That contention would probably be correct during the first eight or ten years, but I feel that, from then on, the loss would be much greater than the amount of the present rates. Now that a thoroughfare is being constructed through Macara Street it does not seem to me that there should be a very great difficulty in letting the several sections in that locality on a ground l rent plus rates basis to persons who: desire to build at their own cost and expense and I am certain that that would be a much better method in the long run for the Trust than that which is at present being proposed. A magnificent. endowment has been built un through the wisdom of the Trustees of the past and it behoves those of the present to see that that endowment is conserved and that nothing i s done which may jeopardise it. As for the erection of business pre“1 j eS ’ I , tbat migbt be of advantage if a w ° Tthwhi!e Proposition was K° r a definite tenancy. For the time being and with no tenant in view I think that it would be little short of ridiculous to add to the numL er Mas V t a e X. bUSineSS premiSeS alread / In short, I consider that the whole scheme is highly speculative and is one which must ultimately end in a heavy loss for the Trust, with tho necessarily its n vre U r nt T T eduetion in its 'benefits and its grants. In my opinion, therefore it is not one which responsible Trustees t Vit '"' of thin S s . should undeitake and accordingly, as I have already said, I am definitely opposed to it* —1 am, etc., J. MACFARLANE LAING Masterton, August 29.