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City of London Livery Companies' Commission: Report and Appendix, Volume 4 online

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trators, shall well and truly pay or cause to be paid unto
the said defendants, their certain attorney, successors,
or assigns, the sum of money borrowed at the expiration
of the time for which such sum may be agreed to be
lent, together with interest for the same in the mean
time payable quarterly, And if it shall happen that the
said borrower shaQ die, fall to decay, or dwell out of
the city of London, or out of the bills of mortality before
the day of payment, then that if the heirs, executors,
or administrators of the said borrower shall well and
truly pay or cause to be paid unto the said defendants,
their successors or assigns, the sum borrowed with the
interest within 60 days next after such the death of the
said borrower, or his decay, departure, or dwelling out
of the city of London, or out of the bills of mor-
tality, which of them soever shall first happen, and also
that if the sureties named in the bond or either of them
shall happen to die, fall to decay, depart or dwell out
of that part of Great Britain called England, before the
said day of payment, then that if the said borrower or
the survivor of the said sureties or either of them within



60 days next after such the dying, decaying, or dwelling
out of England of them or any of them, shall find, name,
cause, and procure such other able and sufficient person
or persons as by the said defendants or their successors
shall be thought fit and allowed of to be bound by their
obligation to be sealed to the said defendants or their
successors in the stead and place of him or them so
dead, decayed, departed, or dwelling out of England,
in such sum and with such condition and in such sort
OS he or they which shall be so dead, decayed, departed,
or dwelling out of England shall then stand bounden,
or else should pay or cause to be paid unto the said
defendants, their successors or assigns, the sum of money
borrowed, with the interest, within 60 days next after
such the dying, decaying, departing, or dwelling out of
England of them or any of them, which of them soever
should first happen, without fraud or delay, then such
bond to be void, otherwise to be in full force and Mrt.x.

5th. That the clerk of the said defendants for the time
being shall be at liberty to charge the borrowers re-
spectively the usual and necessary charges for preparing
and completing each bond.

6th. That when any portion of the principal money
aforesaid shall be in the said defendant's possession to be
lent out, advertisements shall be inserted in two or
more of the daily newspapers at the discretion of the
said defendants offering to lendout the same pursuant to
the terms of this scheme, and notice thereof shall be put
up in some conspicuous part of the hall or premises of
the said Company in Threadneedle Street in the said
City.

7th. That a book shall be provided by the defendants
and kept by their clerk, in which shall be entered the
names and residences of the respective borrowers and
their sureties, their respectivefprof ession or business, the
sums lent, the times of makmg the loans, and when
payable, with the interest thereon, and such other par-
ticulars as may be thought material or necessary.

The cause came on to be heard on further directions
on the 3rd June 1835, when it was ordered that the
scheme be carried into execution, with the following
variation in the second clause : —

*' That the expenses attending the purchase or sale of
any funds belonging to the Charity from time to time be
in the first place paid out of the dividends to accrue due
on such of the money as may be invested in bank
annuities."

The loan fund and interest made together 1,345/., from
which the taxed costs of 547/. 11«. were deducted, leaving
797/. 9«., which ultimately forms the capital of the loan
fund. The court of the Company, on the 27th October
1835, ordered that the said sum should from time to
time be lent out by the Master and Wardens.

Mr. Fisher, the clerk of the Company, has furnished
me with an account, showing the state of the fund at the
present time, of which the following is a copy : —



Original amount of the fund

educt—

Amounts lost by the failure of
the following persons and
their sureties, viz. : —
James Gk)mm - - £60
G. H. Gilks - - 105



9 10


800
165



9 10


Present amount of the fund -


£634 10


2



Of which 200/. is out on loan to Mr. Stanley Peel
Cannon, for four years from 18th November 1862, at
4 J per cent, per annum, and the remainder (434/. 10«. 2d,)
in hand.

F. L. HOPKIEK,

Accoimtant to the Company.
Merchant Taylors* Hall,
3rd May, 1864.

Prisoners' Fund Account.

In the year 1850 the Company presented a petition to
the Court of Chancery, praying for a new scheme as to
the Charities of John Hyde, Bobert Dowe, and John
Vernon, for the benefit of Poor Prisoners of London, in
which it was submitted that the allowance for the reUef
of prisoners might be increased from 6/. to 30/. By an
order made on the hearing of the petition, it was referred
to the Master to inquire and state what alteration should
be made in the scheme in the petition mentioned for the
appropriation of the dividends and future surplus rents
of the trust estates.



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MH. hare's report. — MERCHANT TAYLORS* COMPANY.



391



The Master by his report of the 18th Jnly 1850, found
(amongst other things) that difficulties had arisen in
carrying into effect the trusts, and that in the year 1818,
on the petition of the said Company, it had been referred
to him to approve of a proper scheme for the appropri-
ation of a sum of 405Z 11^. Od., and of the future surplus
rents, and that in pursuance cf the said order he had
made his report of the 3l3t May 1820, and thereby,
after stating that for a great many years prior to 1815
the said trust funds were wholly applied by the Com-
pany in the relief of poor prisoners, debtors, entitled to
discharge, but were unable to pay their prison fees,
but that since 1815, by reason of the Company having
doubts as to the correctness of the application of the
funds, the said Company had only partially applied
such funds for tlie relief of poor prisoners debtors, and
that there remained unapplied 405Z. lis., to which was
added 262 Z. 16^., the amount of the residue of the rents
for one year and a half, making together 668Z. 7s.
And after stating the particulars of the said devised
estates, and of the several other funds belonging or
applicable to the said Charity, together with the charges
and payments directed to be made out of the rents
and profits of the said estates so devised by the said
John Hyde, as aforesaid, and that the said Master and
Wardens proposed that the said sum of 668Z. 7«. should
be laid out and invested in the purchase of 3 per
cent.. Consolidated Bank Annuities in the names of
the said Master and Wardens, and that the said Master
and Wardens should yearly and every year divide the
clear residue of the rents and profits of the estates so
devised by the will of the said John Hyde, into three
equal parts or shares, and should also divide the said
trust moneys or yearly sums of 201. and 161. y so given
or directed to be paid by the said Robert Dowe and
John Vernon, and also the dividends of the stocks or
funds so proposed to be purchased with the sum of
668Z. 78. as aforesaid, into four equal parts or shares, and
should apply the same respectively in manner therein-
after mentioned (that is to say) with respect to one
equal third part or share of the said clear residue of the
rents and profits, and of one-fourth of the said other
trust moneys and interest, to pay and apply the same
for and towards the discharge of the poor prisoners
who for the time being should or might be confined for
debt in the new prison in Whitecross Street, London,
aforesaid, in the ward caUed the Giltspur Street
Compter Ward, from such debt or debts, or as he, she,
or they might be confined upon in such prison, not
exceeding 5^. in the whole, by equal monthly payments,
upon application to be made by any one or two or
more poor prisoners in such ward, and requiring
assistance to discharge the same, and that such
application should be made by petition in manner
prescribed by the form of the petition in the said report
mentioned ; and that the said master and wardens also
proposed with respect to one other third part or share of
the residue of the said rents and profits, and of one other
fourth part of the other trust moneys and interest, that
the same should be applied for or towards the discharge
of poor persons confined in the said prison for debt,
whose debt or debts upon which he, she, or they might
be confined upon in the said prison did not exceed 61. in
the whole, in the same division, in the ward called the
Poultry Compter Ward, and requiring assistance to dis-
charge the same, to be applied for and certified upon
petition in the same manner as therein before was men-
tioned with respect to poor prisoners, and confined in
the same prison in the Giltspur Street Compter Ward
as aforesaid ; and that the said master and wardens pro-
posed with respect to the remaining one-third part or
share of the residue of the said rents and profits, and of
one other fourth part or share of the other trust moneys
and interest, that the same should be applied for or
towards the discharge of poor prisoners confined in the
said prison for debt, whose debt or debts upon which he,
she, or they should or might be confined upon in the
said prison did not exceed the sum of 61. in the whole,
in the same division, in the ward called the Ludgate
Ward, and so requiring assistance to discharge the same,
to be applied for and certified upon petition in the same
manner as thereinbefore was mentioned with respect to
the poor prisoners confined in the same prison in the
Giltspur Street Compter Ward, as aforesaid ; and that
the said master and wardens also proposed with respect
to the remaining one-fourth or share of the said other
trust moneys and interest, that the same should be applied
for or towards the discharge of poor prisoners confined
in the said prison for debt in the Middlesex division, in
the ward called the Newgate Ward, whose debt or debts
upon which he, she, or tiiey should or might be confined



upon in the same prison should not exceed in the whole
51, and requiring assistance to discharge the same, to be .
applied for and certified upon petition in the same
manner as thereinbefore mentioned with respect to poor
prisoners so as aforesaid confined in the same prison in the
Giltspur Street Compter Ward, as aforesaid ; and that it
was further proposed that in case at any monthly
meeting or court of the said Company the sum or sums
appropriated in any month under the said proposal
towards the discharge of the poor prisoners as foresaid,
or any part thereof, should not be applied for or granted,
then that the monthly sum or sums apDropriated and
applicable as aforesaid, or any part thereof which
should not be applied for or granted, shotdd go and be
added to the monthly sum appropriated for the ensuing
month under the said proposal to and for the seversa
purposes aforesaid, to the particular ward whose monthly
sum or any part thereof should not have been applied
for or granted as aforesaid, and so from time to time as
often as the case should or might happen, and that every
petition to be presented to the said Company from time
to time by any poor prisoner from either of the said
wards or divisions, and requiring assistance to discharge
his or her debt or debts, and whose debt or debts upon
which he, she, or they should or might be confined did
not amount in the whole to the sum of 5/. , should be pre-
sented, signed, and certified in manner thereinbefore
and thereinafter mentioned, and left with the clerk of
the said Company, at his ofQce at the hall of the
Company, at least seven days previously to any monthly
court or meeting of the said Master and Wakens and
Court of Assistants of the said Company ; and after
stating that a further sum of 175Z. 4fi. had been received
by the said master and wardens on account of the said
rents and profits, and other trust monies as therein
mentioned, which said sum of 175Z. 4«. being added
to the said several sums of 4052. lis. and 175Z. 4^.,
made together the sum of 7561. Ids. , and that he found
that notice had been given to the poor prisoners who
were confined for debt in the New Pnson in Whitecross
Street, of the proceedings before him in pursuance of
the aforesaid order, and that they had declined to attend
him, the said master, or to lay any scheme before him
for the appropriation and application of the said trust
moneys, ne found by his said report of the 31st day of
May 1820 that the nature of the said charities and the
several funds belonging thereto were such as were par-
ticularly stated in his said report, and he thereby
approved of the scheme therein-before stated for the
appropriation and application of the balance of the said
4052. 11^., and of the further sums of 175Z. 4«. and
175Z. 4«. then in the hands of the said Company, and
also of the future surplus rents of the trust estates and
other trust moneys given by the said deed of Robert
Dowe and by the said wills of John Hyde and John
Vernon, consistently so far as might be with the charit-
able intentions of the said donor and the several testators
respectively ; and he further found by his said report
that the yearly rentsd of the said estates so derised by
the said John Hyde as aforesaid then amounted to the
sum of 160Z., and that the specific payments by the said
will directed to be made thereout then amounted in the
whole to tiie sum of 201. 16«. And he found by an order
of the court dated 31st day of July 1820 his said report
was confirmed, and it was ordered that the costs of the
said petitioners should be taxed and paid out of the
said bidance or sum of 7661. 19«., and that the residue of
such balance should be invested in the purchase of bank
3 per cent, reduced annuities ; and he found that the
said costs were duly taxed and paid out of the aforesaid
balance, and the residue thereof was invested in the pur-
chase of 835L 109. 9d. Bank 3 per cent, reduced
annuities, pursuant to the said order of the 31st day of
July 1820. And he found, by an Act of Parliament
passed in the seventh and eighth years of the reign of
Her present Majesty, intituled ** An Act to amend the
** Laws of Insolvency BMikruptcy, and execution," it
was (amongst other things), enacted that from and after
the passing the said Act no person should be taken or
chafed in execution upon any judgment obtained in
any of Her Majesty^s Superior Courts, or in any county
Court of Requests or other superior court in any action
for the recovery of any debt wherein the sum to be re-
covered should not exceed the sum of 201. exclusive
of the costs recovered by such judgment, and it was
also enacted that all persons in execution at the time
of the passing of the said Act upon any judgment
obtained in any of the courts aforesaid in any action
for the recovery of any debt wherein the sum recovered
should not exceed 201. exclusive of the costs recovered
by such judgment, should and might upon the applica-

3C 4



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392



CITY OF LONDON LIYERY COMPANIES COMMISSION:



tion of asy such person or persons for that purpose made
at any time after the passing of the said Act to a judge
of one of Her Majesty's superior Courts of Law at West-
minister, or to the court in which such judgment should
have been obtained to the satisfaction of such judge or
court, be forthwith discharged out of custody as to such
execution by an order of such judge or court. And he
found that after the date of the said order of the 31st
day of July 1820, and so far as circumstances would per-
mit, the said Company appHed the said trust property
for the relief of prisoners for debt, pursuant to the
before mentioned scheme, and that since the said Act
came into operation there had ceased to be in the afore-
said prison any prisoners to the relief of whom the said
trust property could be applied according to the terms
of the said funds had been appropriated for the benefit
of such prisoners, and that the surplus had from time to
time been invested bjr the said Company in bank 3Z. per
cent, reduced annuities, and that there is now standing
in the names of the said master in the books of the
Gtovemor and Company of the Bank of England the sum
of 2,291Z. 5». M, bank 3Z. per cent, reduced annuities,
purchased with such surplus unappropriated trust
moneys as aforesaid, together with the said 835^. 108. 9d,
bank annuities. And he found that the said trust property
consisted of the said hereditaments devised under the said
will of the said John Hyde of the 8th day of September
1604, the average net annual rental whereof for the last
five years after deducting the aforesaid charges and other
expenses therefrom has been 127^. Ids. 2J. or there-
abouts, and of the said annual sum of 20^. under the said
gift of the said Robert Dowe, and of the said annual sum
of 16Z. under the said gift of the said John Vernon, and
of the said 2,291Z. 58. 2d. Bank 3 per cent, reduced
annuities. And it was submitted on the part of the peti-
tioners the Merchant Taylors* Company, that the before-
mentioned scheme shoidd be varied by increasing the
amount of debt in respect of which prisoners were or
might be relieved, from not exceeding 51. to a sum not
exceeding 30Z., and in consideration of the several cir-
cumstances in the said petition and herein-bofore
mentioned, the Master was of opinion that the aforesaid
scheme for the appropriation of the dividends of the said
2,2912. 5s. 2d. reduced annuities as well as the future
surplus rents of the said tnist estates and other trust
moneys should be altered by increasing the amount of
debt in respect of which the prisoners before referred to
might be reheved according to the said scheme to a sum
not exceeding the sum of 30Z.



This Report was acted upon up to the period of the
New Bankruptcy Law, since which time there are no
applications for relief of this nature.

The present state of the Prison Funds is as follows :—



The accumulation of unapphed dividends,
invested in 2,3902. 6s. 2d., reduced
3 per cent, annuities. - - -

Dowe*s gift - - - .

Vernon's gift - - . .

Hyde's gift (say about) -



71 14

- 20

- 16

- 428

^•535 14



In addition to the foregoing sum, which all except
Hyde's is dedicated to the four prisons jointly, and Hyde's
to the Giltspur, Poultry, and Ludgate wards only, there
is on the

£ 8. d.

Giltspur Ward Account (year 1861)

1,085/. 0*. 3J., 3 per cent, reduced - 32 11
(Subsequently 3002. cash has been
invested, leaving a balance at the end
of 1861 of 812. 158. lid. cash.)
Ludgate Ward Account — 1,1552. 3^. 6d.,
3 per cent reduced annuities - - 34 13

(3002. cash has subsequently been
invested, leaving at the same date a
balance of 792. 13«. M. cash.)
Poultry Ward Account — 1,0352. ds. Sd.,
3 per cent, reduced annuities - - 31 1 6

(To this 3002. cash has been added
by investment, leaving at the same
date a balance of 512. 17*. 2c2.)
Newgate Ward Account. — 1112. 5^. 5d.,
3 per cent reduced annuities - - 3 6 9

.1637 6 9

There is therefore, at the present time, nearly 6,000L
reduced stock in the hands of the Company to the
Prisoners' Fund Account.
All which I submit to the Board.

Tnos. Hare,

Inspector of Charities.
28th June 1864.*



Funds tc bo
vested in
the ollicial
Trustees of
Charit«sble
Funds.



Power to
compound
for Chari*
es.



Aoooant
books.



* The Prisoners* Fund Account.

The Chakities of Petek BLUNDEiiL, John Hide,
BoBEBT Dowe, John Vebnon, John Woolleb, and
William Pakkbb.

The rentcharge of 21. in respect of Peter Blundell's
Charity and the income of John Hyde's Charity (sub-
ject to the fixed payments mentioned in Mr. Hare's
report), and the fixed payments of 20/. in respect of
Bobert Dowe's Charity, of 16Z. from John Vernon's
Charity, of 41. from John Wooller's Charity, and of 91.
from William Parker's Charity, together with the
interest of accumulations of such Charities, represented
by the sum of 18,069/. 9«. 9d. reduced 3/. per cent,
annuities, have, under the provisions of a scheme esta-
blished by an Order of the Court of Chancery, dated
8th December 1876, been carried towards the maintenance
and support of the Convalescent Home at Bognor.

The provisions of this scheme are as follows : —

1. The sum of 18,069L 9». 9rf. reduced annuities now
standing in the names of the Master and Wardens of
the Merchant Taylors of the Frateruity of St. John
the Baptist of the City of London, representing
accumulations of the said Charities or some of them,
shall be forthwith transferred to the Official Trustees
of Charitable Funds in trust for the said Charities, to be
applied with the income thereof and any accumulations,
with the sanction of the High Court of Justice,
Chancery Division, or the Charity Commissioners for
England and Wales in past or future, and of and for
the benefit or improvement of the Convalescent Home
J^e/ein-after mentioned.

2. It shall be lawful for the said Master and Wardens
with the sanction of the Charity Commissioners for
England and Wales to compound for the payment of
the several annual sums mentioned in the first part of
the first schedule hereto, or any of them, in satisfaction
of the said Charities, by means of the transfer of an
adequate sum of stock to the said Official Trustees of
Charitable Funds.

3. The said Master, and Wardens shall provide books
wherein shall be entered accounts of their receipts and



payments on behalf of the Charities. Such accounts
shall be audited by them at least annually.

4. The said Master and Wardens and their successors
shall be the Trustees or Governors of the said Charities
mentioned in the said first part of the said first Schedule
hereto, and shall have the administration and manage-
ment of the same and shall apply the net income
thereof in or towards the maintenance and support of
the Convalescent Home which has been established by
them at Bognor, in the county of Sussex, pursuant
to the scheme approved by Order of the Board of
Charity Commissioners for England and Wales
bearing date the 26fch day of March 1873.

The above-mentioned sum of stock was reduced to
the sum of 17,027/. VSs. 6d. by the sale of
1,041/. 16.>'. Sd. stock to provide the proportion of the
taxed costs payable out of the funds of these Charities.

By an Order of the Board dated 10th July 1877, the
above-mentioned sum of 17,027/. 13*. 6d. reduced 3L
per cent, annuities was transferred into the name of
the Official Trustees of Charitable Funds in trust for
the Bognor Convalescent Home.

The Company as the trustees of these Charities
having advanced out of their corporate funds the sum
of 4,603/. 18s., in effecting certain improvements and
alterations, and in the maintenance and support of the
Convalescent Home, the Board by an Order dated
2nd August 1878, authorised the Company to apply
the sum of 1,478/. 158. 10</. cash in their hands arising
from the unexpended surplus income of the Charities in
part repayment. of the said sum 4,603/. 18^., and for
the purpose of providing for the repayment of the
balance amounting to 3,125/. 2s. 2d., the sum of
3,289/. Us. dd. reduced 3/. per centa. was sold out,
leaving the sum of 13,738/. Is. dd. reduced 3/. per cent,
annuities standing in the name of the Official Trustees
in trust for the Convalescent Home at Bognor, which
wajB founded out of the tnist funds of Bobert DonMn's
Charity, and is regulated by the provisions of the
scheme established by the Order of the Board, dated
26th March 1872, as mentioned above.



Applirstim
oriDCOSC,



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MR. hare's RKPORT. — MERCHANT TAYLORS* COMPAnY.



393



BuiiES AND BeOULATIOXS POB THE PUTDRB MaNAOE-
MENT AND CONDUCT OP GrEAT CbOSBY SoHOOIi.

First.

The Master shall be a olergyman of the United Chnroh
of England and Ireland. He shall oconpjtiie school-
house and premises Tnthout paying any rent for the
same, but shall keep the said school-house and premises
in good.aiid tenantable repair and condition, and shall pav
all rates and taxes and other outgoings in respect tiiereof .
His fixed stipend shall be the sum of 120Z. per annum,
payable quarterly, and there shall also be paid to him,
at the expiration of each quarter, the further sum of 5^.
for each boy taught in the school, whose name shall have



Online LibraryGreat Britain Great Britain. London livery companies commissionCity of London Livery Companies' Commission: Report and Appendix, Volume 4 → online text (page 111 of 169)