Depression-era Bequest Still Helping 88 Years Later

An act of generosity during the Great Depression is still supporting people today. In 1936, banker William Hartley Hargreaves left £12,000 to establish a trust for the families of his colleagues at the Bank of New Zealand - a fund that has grown to over $1.45 million today. 

Originally created to support "indigent widows of bank officers" - it has evolved through High Court decisions in 1989 and 2023 to help BNZ staff members and their families facing financial hardship.

“The trust's journey reflects the changing face of New Zealand society,” says Frances Ronowicz, BNZ's Head of Social Impact. 

"What began as support for widows during the Depression era now helps our people and their families in tough times. The trust has provided over $320,000 in assistance to staff and their dependents in the past decade alone.”

“Recent grants have helped colleagues access urgent family support, cope with serious health challenges including mobility needs, and rebuild their lives during personal crises. The trust also assists with essential costs during unexpected life events that can create financial strain.”

The trust's founder, William Hartley Hargreaves, was a prominent figure in colonial New Zealand, managing BNZ branches from Thames to Temuka after joining in 1867. 

Deeply connected to the communities he served, his retirement in 1913 drew what local papers called "perhaps the largest gathering of citizens ever accommodated in the Borough Council."

Through careful management and investment, the trust has grown into a sustainable $1.45 million fund that generates ongoing returns to support future generations. This ensures the trust can continue providing assistance without depleting its capital base. 

"Hargreaves' gift has left a lasting legacy, and we're proud to continue administering the trust in his name, providing support to our people in times of need," says Ronowicz.

© Scoop Media