THE MACARTHY TRUST.

Manawatu Herald, Volume L, Issue 3977, 30 July 1929, Page 2

THE MACARTHY TRUST.

GRANTS TO DISTRICT INSTITUTIONS.

The annual imeeting of the Board of G'ovemolrs of the T. G.Macarthy trust was held in Wldllington yesterday. The Public Trustee ire-ported that Lhe Advisory Committee had held its annual meeting on 11th July, 1929, for the purpose of considering it,he applications which had been received, and it had recommended lhe distribution of £15,000, being the largest amount yet distributed in any one year since the trust, commenced to operate. The following- grants to distrirt institutions weire approved, last year’s donations being shown in parenthesis: — All Saints tClhildren’s Home, (Palmerston North), £225 (£200). Convent of Mercy, (Palmerston North), £l5O (£100). Blanket Society, (Palmerston N.), £125 (£110). Brig'idine Convent (Foxton), £75 (£SO). Plunket Society, (Feilding), £6O (£6O). Plunket Society, (Foxton), £6O (£6O). Plunket Society (Pahiatua), £6O (£6O). Plunket Society, (Levin), £SO (£35). Y.W.C.A., (Palmerston North), £SO (£25). Royal Life Saving Society, (Palmerston North), £25 (£25). •St-. Vincent de Paul Society, (Palmerston North), £25 (£25). •St John Ambulance Nursing Guild, (Palmerston North), £25 (£25). W.E.A., (Palmerston North), £25, (£25). S.P.C.A., (Palmerston N.), £25 (£25). W.E.A., (Feilding), £2O (£2O). Plunket Society, (Shannon), £ls (£25). In Hue ease of the £75 grant to the Brigidine Convent, Foxton, a condition is iniadc thait -the money lie expended solely for school purposes.

Of the grant of £6O to the Foxion branch of the Plunket Society, £35 is 'to be allocated to general purposes and £25 bo the special building fund of the society.

ASSETS OF WHOLE ESTATE.

The estate :is <a valuable one, and with eaa'e and development may be expected to, increase in value in the future. The value of the whole estate comprise:— ' J. Freehold properties: £ (a) Licensed premises 45,295 (ib) Shop properties in TVjeUington City 126,435 (c) Other business and residential properties in Wiellington City 101,272 (d) Properties situated ' outside Wiellington . City 16,322 2. Shares in companies registered in ;N.Z. 167,57.1 3 Debentures 12,982 4. Mortgages on security of ftreahold property 31,853 £501,728 (The foregoing comprises 'the whole estate at its present-day \ alue, ibut only one-half of the income of the residuary estate is distributed to charities). ;jJ The said assets are unencumbered except to the Public Trust Office, as security for amounts advanced by the Public Trustee in respect of financial assistance afforded to the estate.

Under the terms of the will the whole control and management of the estate is vested in the Public Trustee, the only duty of the Advisolry 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 and educational purposes.