T. G. MACARTHY TRUST.

Hutt News, Volume 3, Issue 11, 7 August 1930, Page 4

T. G. MACARTHY TRUST.

Total over £153,000

Seventeen Years' Allocations.

Hutt Valley"lnstitutions Benefit,

Th« relief of suffering and distress j ajijd the advancement of edu"cat|oii are '! •always' of great .interest to thojse -who have the- welfare of the community at heart. At the present time, h&weveiy in view of the wide-spread distress and the depressed conditions throughout the world, the alleviation of hardship makes it very special appeal. Probably the largest and best known trust in New Zealand devoted to philanthropic prjrpopes is that created 'by .the late ~M.i. T. Gv Mr earthy. This beiieficient ti'ust has V-^u operating .since 1913 and during that time over £153_,00Q has been: dis- ! tijbuted amongst eligible institutions a'tici o-rganisations. This year £14,500 .is ttvailable for the purposes; of the irusl^jiiid the eontribu'iions «wiiM«Ja willbe. received from this handsome distribi.iioii will be of tionejy as^ista;nce toy nxinierous worthy philanthropic olbjeets tllroughout the Wellington province. " ; THE OEiaiN OF THE TEXTST.> The trust arose T.-rider the will, dated : Ut'h May^^lpOe, of the late, Thomas Grorgc Maearthy, of Wellington, brewer; who owned the CityV an,d Phoenix ' Br.'iwery,, now conducted by the Public j

T.-i stee, as part of the assets of the estate. The deceased lived in Wellington for many years, and died on 19th August, 1912. The will appoints the Public Trustee of the Dominion sole executor and trustee.

After payment of certain annuities, one half of the annual income from the residuary estate is paid to a life 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 Aviii. On the death of the life tenant the whole .of the capital and income of the estate^ subject to any annuities still payable, hecomes available for the said ehdirita'blo trusts. ■ The final balance of the Avhole estate for diity purposes was £389,689 17s Bd. Legacies amounting to £1(5,000 were paid under the will, and estate and succession duty amounted to £63,101 16s Sd. ■■:../■,: ,'. •/ ;.■,■■ ' ■■' .■ ; 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 Twist Act r 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 doomed expedient and jji-oper to facilitate the effectual ;carrying out of the trusts, of the will. It alsip gave the Board of Governors power to appoint an advisory committee, the function of which is to examine., ap-.-.' plications for financial assistance received from' charitaible arid educational institutions entitled to .apply, and to reccKnxm'cnd to the .Board of Governors the distribution. of the sum available./, each year. Up to August, 1921, the Advisory j Committee consisted of Mr. C P. Skcrrett,' E.C.i (afterwards V Sir Charles Skerrett), Mr., E. P. Bunny, and the late Hoiii J. G. W; Aitken^ 3VE.L.6' \

i The Board of Governors on 2nd Au■giist, 1921,, after the -death of Fao Hon J. G. W. Adtken, resolved upon the reconstitution of the Advisory- Committee antl the following constituted the new personnel: The late Sir Charles Skcrrctt, Mr. A. E. Atkinson, Mr. E. P. Bunny, Mr. G. A. Troup, Lady L,uke, 08.. E., and Mr. J. W\ Macdonald, the Plblie 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 Commit-

tee. On 24th February, 1928, Mis. Henry Hall, of Wellington, was a P" pointed by His Excellency the Governor General to lill the vacancy. During the past year the lamented death of Sir Chaises Skerrett created a further vacancy, and Mr. Harold Featlierston Johnston was appointed to fill it. Among the many' contributions made throughout the Wellington province, the •following institutions in the Hutt Valley have received donations: —-Anglican Boys' Home, £400; Boys' School, Nai Nai, £500; Free/.Kindergarten Association, £50; Plutiket s Society, Lower Hutt, £110; Plunket Society, Petone, £125; Pluukct Society, Upper Hutt, £100; Koman Catholic Parochial Sehooh Lower Hutt (late St. Peter and St. Paul's School), £200; Saercd Heart Convent, Petone, £75; St. Joseph Orphanage, Upper Hutt £750. ASSETS OF WHOLE ESTATE. The estate is a valuable 6ne, and with caro 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 Phoenixßrewery. (3) Mortgages on freehold lands. (4) Shares and debentures: Large holdings jn well-known pii"3lic companies. Only onehalf of the income. of the residuary estate is distributed to charities. The said assets are iinemciumbered except to the Public Trust Office, as security for amounts advanced by the. j Public -Trustee in respect of fiiian eial assistance afforded to the estate. Under the terms of the will the whole control andy 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 andy educational purposes. j