GRAAFF-REINET NEWS - The Old Library Museum in Graaff-Reinet has been chosen as the custodian of a permanent, national exhibition that celebrates and preserves the rich history of trust companies in SA.
This prestigious exhibit was unveiled on Saturday 20 March.
Not many South Africans know that the concept of a trust company originated in South Africa in 1834, only then spreading to the rest of the world. The Fiduciary Institute of Southern Africa (Fisa) Chairperson, Dr Eben Nel, says Graaff-Reinet is the perfect host for the exhibition for various reasons.
"Graaff-Reinet has a historical connection to the trust company movement and one of the oldest trust companies in the world is still operational in the town. Graaff-Reinet has also proved itself as a responsible guardian of history. These factors make it the ideal town to become the custodian of the colourful heritage of the trust company movement and the development of the fiduciary profession."
The exhibition has been organised by Fisa and put together by Graaff-Reinetters. The concept, design and layout of the exhibition was done by Graaff-Reinet graphic designer Nicola Woods of Country Mouse Design, and the printing was done by Graaff-Reinet company Blue Sky Express.
The weekend's activities, the Fisa AGM, and the museum launch were organised by a team consisting of the Graaf-Reinet Museum Board, the Tourism Board and Woods.
The Graaff-Reinet Club hosted the meeting and AGM, while the Drostdy Hotel handled all catering. David McNaughton of Karoo Connections led a town and valley tour, while the Queens Manor Guest House provided accommodation for 20 guests.
Exhibition
The exhibition became a reality due to the enthusiastic support of Graaff-Reinet Museums Curator, Anziske Kayster, and the Chairperson of the Museum Board of Trustees, Peter Whitlock.
"We are sure that this permanent exhibition will be well-visited by thousands of visitors and will go a long way to preserving the heritage of a profession that has always been focused on serving the public," says Kayster.
Woods said it was an honour to work with such an enthusiastic and dedicated team from Fisa and Graaff-Reinet.
The exhibition portrays the heritage of trust companies in South Africa and the development of the fiduciary profession.
The museum room has display boards documenting the time-line of trust company development, including its development in Graaff-Reinet. The exhibition includes a mysterious looking "time capsule", filled with items and documents relevant to the fiduciary industry, sealed and to be opened in 2032, 11 years from now.
The word "fiduciary" comes from the Latin "fiducia", meaning "confidence, trust, or reliance". In its most literal sense, fiduciary means looking after something on someone else’s behalf.
The Museum Board has decided to grant all locals FREE ENTRY to the Old Library Museum, to view the exhibition, till the end of the month.
Nicola Woods of Country Mouse Design next to the time capsule in the Fiduciary Institute's Heritage Exhibition.
Graaff-Reinet's role
The Graaff-Reinet Board of Executors was established in 1856. Together with its competitor in town, the Midland Agency and Trust Company (established in 1864), these two entities not only acted as executors in deceased estates but increasingly became deposit-takers, often paying a higher rate of interest than the commercial banks.
A confluence of events during the Great Depression, triggered by the gold standard crisis and in the surrounding areas exacerbated by a severe drought, led to the Graaff-Reinet Board of Executors closing its doors on 20 October 1931.
It was later placed under judicial management, which set an important national precedent in that in 1932 an amendment was made to the Companies Act 1926 to assist a company to seek judicial management to keep it going until it found itself in a more favourable position.
This helped several smaller companies to survive the Depression years and also protected depositors dependent upon interest income to survive those difficult years.
From left are Joy Williams, Graaff-Reinet Museum Board member; Anziske Kayster, Graaff-Reinet museums curator; Peter Whitlock, Chairman of the Graaff-Reinet Museum Board and Elizabeth Buisman, Graaff-Reinet Museum Board member.
Midland lives on
A veritable maze of name changes ensued over the years. In the case of Midland Agency and Trust Company, it merged with the Graaff-Reinet Board of Executors which was later taken over by Syfrets Trust Company in 1969 to become Syfrets Trust & Executor Ltd (Graaff-Reinet).
Twenty years later, the shares were bought by Bloemboard and the company name changed again to Midland Board of Executors Ltd. After several further changes of hands, the company was renamed Midboard Financial Services in 1998.
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