MACARTHY TRUST FUND

Shannon News, 6 December 1927, Page 4

MACARTHY TRUST FUND

In tlie last issue of “The Trust Companies ’ Magazine,” a-monthly journal published in New York, and devoted to financial interests in the United States of America, the following interesting article appears in connection with the T. G. Macarthy Trust: — “One of the largest trust funds dedicated to charitable and educational objects, and which compares favourably with'some of the most generous funds in the United States, is the T. G. Macarthy Trust, administered by the Public Trustee of New Zealand, as sole executor and trustee. This trust arises under the will of Thomas George Macarthy, of Wellington, New Zealand, a wealthy brewer, who died in 1912, leaving an estate of £389,689, which has been enhanced through admirable administration of assets and properties, including breweries, by the Public Trustee Office, to a present total of £409,244, after payment of certain legacies. One half of the annual income from the residuary estate is direetd by the will to be paid to a life-tenant. The remaining moiety of annual income is distributable each year between charitable and educational institutions in the district of Wellington at, the discretion of a special board of trustees. “There is a striking analogy in the administration and distribution of income of the Macarthy Trust to the operation of the Community Trust ot Foundation conceived in this country by the late Judge Goff, of Cleveland, and this year embodied in over fifty Community Trusts in American cities Tlie Macarthy will provides for the creation of a board of trustees to distribute and apply income for charitable and educational purposes. This board is composed of the Governor-General of New Zealand, the Prime Minister, the Mayor of Wellington, and the Homan Catholic Archbishop of the Archdiocese of Wellington. This board also was empowered to appoint an advisory committee to examine applications for assistance and recommend distributions. During the fourteen years the trust has been in existence the sum of £109,027 has been distributed. During the current year the record sum of £13,600 is available for distribution. “The Public Trustee Office of New Zealand, Avhich, as executor and trustee, administers the Macarthy estate, has been established since 1872 and is guaranteed by the State. On 31st March, 1927, the Public Trustee had estates and funds under administration valued at 205,217,615 dollars. The fine record made by the office is attributable in large measure to capable conduct by J. W. Macdonald, the Public Trustee, and his efficient executive associates.’;