T. G. MACARTHY TRUST

Hauraki Plains Gazette, Volume XXXX, Issue 5458, 7 August 1929, Page 1

T. G. MACARTHY TRUST

TOTAL OVER £138,527. 1928 A RECORD YEAR. The annual meeting of the Board of Governors of the T. G. Macarthy Trust was held at M ell’.ngton on Monday, July 9. The Public Trustee submitted his annual report and balance-sheet in respect of the administration of the trust, and stated that the operations for the year had been very successful, resulting in a further increase in the net income available to be dealt with by the Board of Governors. The Public Trustee explained that in computing the amount available in terms of the late Mr Macarthy’s will for charitable and educational purposes, as certain assets were held on special trusts, and the net income from these was not available for distribution each year, this income was not included in the figures for the year. “The estate holds a large amount of valuable property in and around the City of Wellington,” says the report. “With the expansion of the city a number of these properties are now in important shopping, warehouse, and business areas, so that the purposes for which they were once used, have in a number of instances completely changed. It is therefore necessary from time to time to rebuild or remodel antiquated or inadequate premises. During the year extensive alterations and renovation, have had to be made to another of the estate properties in the centre of the city. The result is that a steady and satisfactory revenue is derived from this asset for many years to come. In a number of other cases minot alterations have been made, ail with a view of increasing the earning power of the properties concerned. The year’s accounts show that the results achieved justify the policy which is being pursued. “The Public Trustee has conducted the business of a brewery on behalf of the estate since the death of the testator. Tne Public. 'Trustee reports that after setting aside adequate reserves from the income, the year has been a record on.;, and very pleasing results have been obtained. The sales of the brewery products have been widely extended, and these products are now well known and favourably commented upon throughout the country. In addition a market for the new product of the brewery is being gradually improved. No pains were spared to maintain efficiency in the conduct of the business and to extend the sales of the products wherever possible. Application For Grants. “On account , of the large amount available for distribution in terms of the charitable trust, the,- dealing with applications for grants from it is of great importance, seeing that the late Mr Macarthy did not specify the objects of his bounty but merely indicated his general intentions permitting the distribution to remain-entire-ly at the discretion of the Board of Governors. The handling of the applications is all the more important m order to ensure that the trust is administered in the spirit which actuated the late Mr Macarthy in establishing it unhampered by numercus restrictions. “Certain broad principles are followed as far as the nature of the distribution renders practicable. As a rule no grant is made to an institution that has not commenced to function, and has therefore given no evidence of its usefulness and the benefit it will effect or the success with which it will meet. In regard to established institutions, activities in obtaining money from sources . other than the trust, the efforts made to help themselves, the voluntary work done by sunporters and those responsible/as well as the worthiness of the object, are all taken into acount. It is, however, difficult and inadvisable to lay down hard and fast rules by which every application must be judged. If this were insisted upon and the consideration restricted by rigid formularies, obviously a -number of meritorious objects might well be excluded, and thus the intention of the trust to some extent be defeated., Accordingly each application falling within the scope of the trust is considered on its merits. Liquor and the Church. “Following the usual procedure, the Public Trustee inserted in the newspapers advertisements inviting applications for grants. One hundred and thirty-three applications, of which fourteen were new ones, were received, as compared with 143 last year.” His Excellency the Governor-Gen-eral in stating: that the present meeting of the Board of Governors would be the last at which he would preside, congratulated the Public Trustee on the care and efficiency with which the Trust had been managed and carried out. His Excellency also expressed the gratitude of the Board of Governors to the Advisory Committee and the Public Trustee for the. manner in which the applications had been submitted for consideration. On behalf of himself and the Board of Governors he congratulated the Public Trustee on the honour recently conferred upon him by His Majesty the King. Since the inauguration of the fund in 1913 £138,527 has been allotted, 1928 with £15,000 being the record. Among those benefiting last year were the Salvation Army, in various activities, £875 ; the Y.M.C.A., £125 ; Y.W.C.A., £200; and various Plunket Societies, £1790. Catholic and Church of England organisations benefited, but no Presbyterian ones appeared on the 1928 list, although receivi:-ig considerable amounts in former years.