TRUST POLICY

Wairarapa Times-Age, 14 May 1943, Page 3

TRUST POLICY

OBSERVATIONS AT ANNUAL MEETING EFFECT OF EARTHQUAKE ON REVENUE. POSITION OF OPERA HOUSE. Reference to the splendid work carried out by the Mastertcn Trust Lands Trust during the year was made by several speakers at the annual meeting of the Trust held in Masterton last night. The small number of voters present, in view of the value of the Trust to the community was' referred to by the chairman. Mr H. P. Hugo. In reviewing the Trust finances for the year ending March 31, 1943, the chairman, Mr Hugo, said rents totalled £5,309 which was a drop of £705 on those for the previous year. The rental loss through earthquake damage amounted to £756. Grants totalled £925 of which £660 was paid to primary and secondary schools and £265 to other institutions. The point in regard to loans that was worrying trustees was that in 1937 £4,000 was borrowed primarily to repair earthquake damage to the Opera House. The Opera House suffered no serious structural damage in the last earthquakes. Strengthening the building had been under consideration but the trustees did not feel justified in incurring a further liability of several thousand pounds. More would be heard about the Opera House as the authorities had the matter under discussion. Mr Hugo referred to the earthquake damage account and said £13,812 was received for claims for damage to Trust buildings. The buildings reserve account stood at £3,513 and in view of the serious liability ahead of trustees the fund would have to be rapidly built up. Provided the Trust did not meet with further adversity the fund could be built up without altering the present scale of grants. Twelve students received assistance last yeai - at a cost of £175. UNDEVELOPED LAND. The Trust, he said, had substantial areas of undeveloped lands. Provision was being made to develop them, and no doubt a start would have been made in the erection of suitable buildings as soon as the war had been brought to a successful conclusion. However, this proposal had been altered as a result of the earthquakes. Trustees would now have to find ways and means of replacing business premises with up-to-date buildings of modern construction. This would involve considerable expenditure and trustees would have to make savings wherever possible. “I would like to thank my co-Trust-ees and the secretary, Mr McKenzie, for their co-operation and work on behalf of the Trust during the past year. As a result of war conditions and earthquake damage they have a lot of work and hard thinking ahead of them,” said Mr Hugo. LONG VIEW URGED. Mr J. Macfarlane Laing congratulated Mr Hugo on his comprehensive report. The earthquakes had been a major disaster to the Trust. Mr Laing said a substantial building reserve was needed and if grants had to be curtailed that would benefit those who would get grants in the future. A long view had to be taken on Trust matters as the Trust was an organisation not of today or tomorrow, but of many more tomorrows. Trustees would require very seriously to consider the conservation of revenue and the building up of as substantial a reserve as possible. Mr A. Owen Jones said Mr Laing was jumping too many hurdles in saying that grants would be cut down. He agreed that a long view was, necessary but until the Trust got down to figures he could not see any reason for curtailing grants. Loans could be spread over a long period which would save the necessity for cutting grants. Mr E. G. Eton said the chairman and Mr Laing were being pessimistic. The balance sheet showed the Trust to be in a wonderful position. He could never advocate cutting down grants. He congratulated the secretary, Mr McKenzie on the good work he had done and said that his heart and soul was in his work. THANKS FOR GRANTS. Mr E. G. Coddington congratulated trustees on their efficient management. He knew that the Trust affairs were in good hands. On behalf of the Headteachers’ Association he thanked the Trust for the grants made to the primary schools, particularly the library, stationery and special class grants. Major V, J. Dick, as chairman of the Whatman School Committee and manager of the Home, added his congratulations. He referred to the noble work done by the Trust and gave an example of how a boy helped by the Trust had made good progress at Nelson College. Major Dick congratulated Mr Coddington, and the teacher in charge, on the work done for the special class at Central School. He had travelled extensively in New Zealand but it was the finest thing he had seen. Mr G. Selby suggested that the Trust could establish a grants reserve account. Messrs W. R. Nicol, on behalf of the Methodist Home, thanked the Trust for assistance and Mr W. S. Flaws returned thanks on behalf of the St. John Ambulance. Mr Jones expressed appreciation on behalf of the chairman of the West School and the Plunket Society. Mr H. H. Daniell added to the congratulatory remarks regarding the work of the secretary. With regard to the building programme he said that the old Star block (Ninnes’s corner) was built at a cost , of 5s per square foot. If the borough by-laws were followed it would cost £2 a square foot to rebuild. Thirty per cent of the upstairs floor space in Masterton was unlettable and if people did not see the Trust rush into rebuilding schemes they would know that there was a good reason for it. After several questions had been answered by the chairman, Mr Hugo thanked those present for their attendance, but expressed regret that there was such a small attendance. For a Trust controlling £lOO,OOO the room should have been packed.