CHANGED CONDITIONS

Evening Post, Volume CXII, Issue 35, 10 August 1936, Page 10

CHANGED CONDITIONS

LESS NEED FOR RELIEF OF

DISTRESS

In accordance with the usual practice, applications- for grants from the trust were called by advertisement in the public Press in January. One hundred' and seventy-six applications were received, as compared with 166 last year. All charitable and educational institutions in the Provincial District of Wellington are eligible to apply lor grants from this trust. -

The applications received are first of all fully considered by the Advisory Committee set up under tne authority of the Thomas George Macarthy Trust Act, 1912. The present personnel of this committee is: Lady Luke, C.8.E., Mrs. Henry Hall, the Hon. Mr. Justice Johnston, Mr. G. A. Troup, C.M.G., Mr. .E. P. Bunny, and Mr. E. O. Hales, Public Trustee (chairman). The recommendations of this committee are then considered by the Board of Governors. Although those institutions princially engaged in the relief of distress still receive very substantial allocations it has been found that this year the need for the relief of distress has diminished. This circumstance, together with the additional sum available, has made it possible to consider more favourably the applications from institutions and objects which, while corning within the scope of the trust, have, in recent years, had their grants reduced or their applications declined on account of the more pressing need for relief of distress. PERPETUATION OF TRUST. The administration of the estate assets is under the control of the Public Trustee, and in his report to ths Board of Governors the Public Trustee states that, by virtue of an Act of Parliament passed this year, the trust has now been made a perpetual one for the benefit of the- charities in the Provincial District of Wellington. The Act, which carries into effect the known intentions of the testator, provides that no portion of the capital of the estate shall be distributed and, further, that out of the income each year reasonable reserves may be set aside for the replacement of the estate buildings. A sum for this purpose has been set aside this year. The assets of the estate, as shown in the Public Trustee's report, are:— (T) Freehold: (a) Hotel properties (town and country). (b) City shop and warehouse properties. (c) City residential, properties. (2) The City and Phoenix Brewery. (3) Mortgages on freehold lands. (4) Shai-es and debentures,, being "*- chiefly large holdings in wellknown public companies. Whilst the demand for the estate properties has become firmer, consequent on the improved conditions generally, Ihere will be no increase in the revenue received from freehold properties in the meantime. The estate has been fortunate inasmuch as several hotels were leased with substantial goodwill payments just prior to the period of depression, and these payments, having been apportioned over the period of the leases, have augmented the income during such period of expression.

The re-erection of the Empire Eotel, Petone, has been completed,l and a satisfactory lease arranged. CITY AND PHOENIX BREWERY.

The trading results for the year have been satisfactory, and a continued improvement is expected.