TRUST YEAR

Wairarapa Times-Age, 6 May 1943, Page 3

TRUST YEAR

DECREASE IN REVENUE EARTHQUAKE DAMAGE. SUM OF £13,812 RECEIVED FOR CLAIMS. “The income for the year amounted to £5926 Us 2d, and the following is a summary of receipts and payments for the year in respect of the general revenue accounts of the Trust,” states the annual report of the Masterton Trust Lands Trust:—

“Compared with the previous year there is a drop of £647 12s 2d in the general revenue. However, if it had not been for the earthquake in June last there would have been a slight increase in the general revenue, as loss of rentals through earthquake damage to premises amounted to £756. During the year the Trust received £13,812 in settlement of claims for damage to buildings caused in the June and August earthquakes. “Property Account—A sum of £lBB was expended in general maintenance and repairs to buildings, and £1556 has been expended in carrying out temporary and permanent earthquake damage repairs. The Trust loan indebtedness has been reduced by £1230, and £4OO has been placed to the credit of the Buildings Reserves Account. “Grants-. —The sum of £925 14s lOd was paid from the General Account by way of grants to the schools and other institutions in the district, and £175 was paid from the Scholarship Account to 12 students who have been prosecuting their studies at various institutions.

"Earthquake Damage Claims Account. —The Trust has received £13,812 in settlement of claims for earthquake damage, and from this sum £1556 has been expended in repairs to buildings, and there is a substantial contingent liability for repairs that have not yet been brought to charge. £BOOO of the amount received in settlement of claims has been invested in War Loan, and the balance of the fund is held on deposit with the Trust bankers and the Post Office Savings Bank. Although the Trust has received a substantial sum as a result of the earthquake damage to buildings, the amount received will not be sufficient to meet the requirements of the Trust in replacing damaged buildings owing to the nature of the reconstruction that will be required in rebuilding in earthquake resisting materials.” The annual meeting of the Trust will be held in the Y.M.C.A. rooms, Church Street, on Thursday, May 13, at 7.30 p.m. The annual election of trustees will be held on Saturday, May 29. The three retiring trustees are Messrs H. P. Hugo, R. Krahagen and R. Page.

No. 1 Account. No. 2 Account. No. 3 Account. Receipts. £ s d ... 5656 4 2 ... 246 7 0 ... 24 0 0 Payments. £ s d 5400 11 1 211 14 9 8 0 2 £5926 11 2 £5620 6 0