Unwanted paging

Have an NT4 SP5 server with 256Mb RAM.
Performance Monitor shows hard page faults running at >20/sec.
Task manager shows total physical memory of 256Mb, but Total Commit Charge is .5 to .75 of this.
So its not using all the physical memory beforepaging.
Maximize throughput for Network Applications is selected.
Seeing this effect on 3 separate machines

Anyone know if there is a setting that is inhibiting use of physical memory?
Am I interpreting the numbers incorrectly?
Or other ideas.