MACARTHY TRUST

Wanganui Chronicle, Volume LXXXI, Issue 19057, 9 July 1924, Page 12

MACARTHY TRUST

CHARITABLE AND EDUCATIONAL GRANTS. WANGANUI ALLOCATIONS A meeting of the board of governors of the T. G. Macarthy trust was held in Wellington on Monday. The Public Trustee reported com prehensively upon the year's operations, and stated that the net income for the period had increased by over £3OOO. He submitted the recommendations of the Advisory Committee, with respect to the grants for the current year, totalling £9350. and reported that this was the greatest amount that had been recommended for distribution in any year since the inception of the Trust. The recommendations of the Advisory Committee were approved by the" Board of Governors. On the motion of His Excellency the Governor-General the report of the Public Trustee was received ami satisfaction was expressed at the progress and administration of the estate. Grants concerning the Wanganui district were as follows: — Sacred Heart Native School, Ranana £5O; St. Joseph’s Convent School, Ohakune £25; Wanganui Orphanage £5O; Girl’s Friendly Society Lodge, Wanganui, nil; St. Joseph’s Convent, Taihape, nil' St. Stephen’s Parochial Day School, Marton, £5O; Presbyterian Maori Girls’ Schoo:. Turakina, £5O; St. John Ambulance Association, Wanganui, £5O; Stewart Karitane Home, Wanganui, £lOO. Plunket Society, Wanganui, £5O; St. Patrick’s School, Mangaweka, nil; Putiki Maori Mission School, Wanganui. nil; St. Peter’s Church Day School, Gonvillc, nil; Convent School, Taihape, nil; Plunket Society, Waimarino branch, £5O, and St. Brigid’s Convent, Mangaweka, £25. HISTORY OF TRUST. During the eleven years the T. G. Macarthy Trust has been in existence the sum of £73,262 has been distributed. The following list shows the sum allocated each year to date:— 1913, £2530; 1914, £7325; 1915, £7070; 1916, £6880; 1917, £5790; 1918, £5112; 1919, £6545; 1920, £6785; 1921, £6860; 1922, £9015; 1923, £9350; total, £73,262. The Thomas George Macarthy Trust arises out of the last will and testament of the late Thomas George Macarthy, of Wellington, brewer, who died at Wellington on August 19, 1912. The Public Trustee of the Dominion of New Zealand is appointed sole executor and trustee in the will, and probate was granted to the Publie Trustee on August 22, 1912. To indicate the estate is a very large and valuable one, it will suffice to mention that for death duty purposes it was valued at approximately £379,000. From this had to be deductec the legacies, desires, and heavy death duties. The assets comprise hotel properties, city and suburban residential properties, a number of valuable business blocks in Wellington city and elsewhere, other freehold lands, mortgages, shares in various companies registered in the Dominion, and the City and Phoenix Brewery in Tory Street. Wellington, managed by the Public Trustee. The will directs that, subject to certain dispositions of specific portions of the properties, one-half of the annual income from the residuary estate shall be paid to the widow of the testator, and the other half of the annual income shall be applied to and for such charitable and educational purposes or institutions in the Provincial district of Wellington in such a manner and in such shares as a special board of trustees named in the will shall direct, their decision to be final. On the termination of the trusts, other than in favour of charitable, etc., institutions, or purposes, the whole estate becomes available for the charitable and educational purposes referred to above at the discretion of the board of trustees. ‘ By the Thomas George Macarthy Act, 1912, the board of trustees re ferred to was incorporated under the title of “The Board of Governors of the Thomas George Macarthy Trust,” with perpetual succession and a common seal, and clothed with additional powers and rights deemed expedient and proper to facilitate the effectual carrying out of the trusts of the will The Act also gave the board of Governors power to appoint an Advisory Committee to examine the claims from charitable and educational intsitutions, and to recommend to the board of governors the distribution for each year of the sum available.