LARGE FORTUNE

Taranaki Central Press, Volume IV, Issue 438, 20 May 1937, Page 2

LARGE FORTUNE

MELBOURNE BENEFACTOR Many Gifts To Charities Melbourne, Miay 6. The magni ude of a fortune founded on tablets has been revealed by the lodging for probate this week of the will of Mr Alfred Michael Nicholas, governing director of Nicholas Proprietary, Limited, South Melbourne. He left personal property in Victoria, valued at £816,786. He was also director of Aspro, Limited, London; Almost certainly he died a millionaire. But that vanity did not appeal much to him. He was one of Melbourne's most princely philanthropists, and hie Vlc orian estate was originally worth about £1,500,0170, but it was reduced in value by his benefac. tions and his settlements on his children. Mr Nicholas, who died on February 26, bequeathed his estate to his trustees, upon two trusts. From the first the widow will receive the income for her life. Under the second the children, Maurice Alfred Nicholas, aged 20 years, and Margery Nicholas, aged 17 years, are entitled to both capital and income in equal shares upon attaining the age of 21 years and after the death or remarriage of their mother, when the trust operates. The widow’s share will go to her children on her death.

With his brother, t Mr G. R. R. Nicholas, Mr A. M. Nicholas gave a munificent gift for new buildings -at Wesley College, Melbourne. His share of tnat benefaction hat been estimated at £150,000. These buildings were completed rerun ly. A Melbourne college will receive about £40,000 from the estate. The sum was promised to the college for building purposes in a letter which Mr Nicholas wrote shor’ly before his death. The executors are unable yet to disclose the name of the college.

Under promises made in similar letters building improvements now being carried out at Queen’s College (University of Melbourne) and at Wesley College, will absorb £7OOO more. The executors will also honour a promise by Mr Nicholas? to the Epworth Hospital, Rmhmond, to meet the loss on 200. beds over a period of five years. In conformity with other letters written just before his death, the Victorian Miss’on to Suaiiert nt Port Melbourne will receive oeiv.edn £15,000 and £27'mO for a new building, and the Alfred Hospital w-'ll teceive about e 14,., ,0 for equipment. The executor-, expect to be able to carry on an annual allowance of about, £lOOO to promising students at Wesley College and Queen’s College whose financial circumstances are . likely to jeopardise their future. Mr Nicholas hlad given that assistance for many years,