City of London Livery Companies Commission. Report; Volume 4. Originally published by Eyre and Spottiswoode, London, 1884.
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HABERDASHERS' COMPANY. PART II.
And he gave a rentcharge of 80l. issuing out of houses in Tower Street and Mincing Lane, in trust, as to 60l. a year for the almsmen and the remaining 20l. for 20 poor men or women of the Company on St. Katherine's day.
And he also gave 1,000l. to the Company to purchase so many rectory or rectories, parsonage or parsonages impropriate, as might be therewith purchased in fee simple, in the names of 12 or more persons of the said fraternity, and that to and for every one of the said rectories and parsonages, the said master and wardens and their successors should provide a learned and godly minister, there to be resident, to expound the word of God, and to preach there twice or once at the least every Sabbath day and there to celebrate divine service, and to perform christian duties, and that the yearly profits of the same parsonages or rectories should be given to such minister as should so continue there. And his will was that the said master and wardens, and their successors, should for ever have the nominating and appointing of the ministers to the said rectories and parsonages, and that they should provide such only as should have no spiritual living out of that parish for which he should be so provided, nor any cause of non-residency there, nor that shall absent himself above 40 days in any one year during the time that he should enjoy such rectory or parsonage impropriate, without the license or consent in writing of the master and wardens for the time being.
The almshouses which were erected on Snow Hill, and existed at the time of the last inquiry were pulled down in the year 1830. They were situated at the back of the stables in Cock Lane, and were approached through a narrow court leading out of King Street, Snow Hill. The site occupying about 65 feet in length, and 33 feet in breadth, was demised to R. A. Smith, under an agreement for a lease for 61 years from Lady Day 1830, at a rent of 18l., with a covenant to build a house and a carpenter's shed. The lessee built upon the site five tenements or cottages having a small garden in the front; and the lease which had previously been taken up was granted to the lessee of the Company on the 30th September 1846, whereby the tenements described as situated and numbered 1, 2, 3, 4, and 5, in Smith's Place, Snow Hill, in the parish of St. Sepulchre, in the city of London, were demised to Roddam Alethen Smith for 45 years from Lady Day 1846, at the said rent of 18l., with covenants by the lessee for insurance and repairs. The inmates of the almshouses at the time of their removal were allowed 2s. a week each for lodgings. No appointments of Hamond's almsmen have been made since the almshouses were pulled down, but six poor freemen who must be single men are now elected as Hamond's pensioners. They each receive 10l. a year in quarterly payments, and in addition in lieu of lodgings five of them receive 1l. 9s. per annum, and the oldest pensioner receives 5l. 4s. a year in quarterly payments making together 12l. 9s.
Twenty poor of the Company also receive 20s. a year at the October court. The pensions and gifts exhaust the rentcharge of 80l. a year, which is received from the trustees of Capt. Briscoe, the proprietors of 15 houses forming the angle of Mincing Lane and Tower Street, and surrounding Hamond's Court.
|Twenty poor of the Company||20||0||0|
|Allowances for the lodgings of pensioners||12||9||0|
|A quitrent of the Snow Hill property payable to the Dean and Chapter of Westminster||0||13||0|
|The charges of management at 5 per cent. taken by the Company||4||18||0|
The gift for the purchase of impropriate rectories and the appointment thereto by the Company of godly ministers, was laid out in the purchase of the advowsons of the rectory of Awre and the chapelry of Blakeney, both in the county of Gloucester on the banks of the Severn.
|The vicarage of Awre was, previously to the year 1854, estimated at the annual value of||560||0||3|
|The perpetual curacy of Blakeney at the same time was estimated at||290||6||11|
This includes all the rectorial and vicarial tithes. The habit was formerly on the presentation to these livings, for the Company to demise the rectorial tithes to the incumbent reserving a rent to themselves. This rent was in 1826 a sum of 400l. This reservation was not continued after the presentation of Mr. Jordan to the curacy in 1831.
In 1854 a new ecclesiastical arrangement was made with the sanction of the Ecclesiastical Commissioners by which a portion of the vicarial tithes of Awre was annexed to the district chapelry of All Saints. By a lease of the 29th March 1854 the Company demised the tithe rentcharge in lieu of great tithes of Awre and Bledesloe and of part of the fishing of Haytor in the parish of Awre, to the present vicar, the Rev. Joseph Henry Malpas, until March 1863 at a peppercorn rent. By a deed of the same date, made between the vicar of the first part, the Bishop of Gloucester and Bristol of the second part, the Haberdashers' Company of the third part, and the Rev. Charles Brooksbank, described as the late chaplain, and now perpetual curate of the district chapelry of Blakeney, of the fourth part, reciting an Order in Council of the 8th August 1853, whereby a particular district was assigned to the church or chapel of All Saints in Blakeney. It was witnessed that the vicar in pursuance of his agreement therein mentioned and the Act of Parliament, thereby assigned to the Rev. Charles Brooksbank the tithes and glebe therein mentioned, to hold the same as perpetual curate of the district chapelry. Mr. Malpas was presented in 1826, and Mr. Brooksbank in 1843. The vicarage, however, has been rebuilt and enlarged during the incumbency of Mr. Malpas.
The vicar enters into a bond in the penal sum of 2,000l. to reside in the parish, to repair the house and chancel of the church and chapelry of Blakeney, and not to have any spiritual living out of the parish, nor absent himself above 40 days without the consent of the master and wardens, according to the terms of the will. I do not find that any bond has been entered into by the chaplain (and perpetual curate). There is no house belonging to the incumbent of the chapelry.
The sum of 500l. forms part of the loan fund which is lent without interest, under the scheme of the Court of Chancery mentioned in my Report on "Loans without Interest." (fn. 1)
W. and M. Harrison's Charity.
Henry Hazlefoot, by indenture of the 22nd August 1646,
conveyed to the use of the Company an estate called Pitley
Farm of the yearly value of 70l., to be distributed as
and the rest and residue for the further increase of the Company's stock of corn.
The Commissioners of Inquiry suggested a question whether the surplus income of the estates devised by the donor were devised to Charity, or whether the charitable gifts were no more than a charge to that extent. On the 3rd June 1831 an information was filed by the AttorneyGeneral at the relation of George Shoebridge, against the master and wardens of the fraternity of the art or mystery of Haberdashers within the city of London, stating, that the rents and profits of the said estate and premises had become of great yearly value and much more than sufficient for the purposes in the said indenture of release mentioned, and that in consequence of the increased and increasing revenues derived from the said estate and premises, it had become expedient that the said several and respective charities should be increased in proportion to the increased rents and profits of the said estates, and that a scheme or schemes should be approved of by one of the Masters of the Court for such purpose.
And praying that an account might be taken of the estates and premises belonging to the said Charity, and of all the particulars whereof the same consist, and also an account of the rents and profits, and the accumulations thereof from such time as the Court should think fit, and of their application, and that the same might be administered according to the intentions of the said H. Hazlefoot, or as near thereto as circumstances would admit. And that it might be referred to one of the Masters of the Court to approve of a scheme for the future application of the increased and increasing rents and profits of the said Charity estates, and if necessary that the said estates and premises might be conveyed and vested in trustees for the benefit of the said Charity.
The Court, by its decree of the 12th November 1832 dismissed the information, with costs. From this decree, the relator appealed to the Lord Chancellor, who by his judgment of the 12th March 1834 (order drawn up 9th April 1834), affirmed the decree of the 12th November 1832.
I have perused the shorthand notes of the Lord Chancellor's judgment, and the decision appears to be placed on the ground that the direct object of the gift of 8l. and the residue, was merely to assist the Company in providing stacks of corn for sale, which it appeared the great companies had been formerly required by the Corporation of London to do at periods of apprehended scarcity.
In the administration of the Charity the 8l. given to buy corn, and the 20l. given to the poor of the Company, are added together and given away in gifts of 20s. each to 28 poor of the Company at the January court.
The respective sums are paid to the several hospitals, and to the parish of St. Nicholas. The 10l. for the release of prisoners has been hitherto paid over to the account of a "Fund for the Relief of Prisoners," which comprises, however, only this Charity. The application has been made by prisoners for debt in the London prisons, and sums varying from 20l. to 25l. have been given in late years; formerly not more than 10l. was given. One prisoner was released in 1854, another in 1856, another in 1858, and the last in 1860. There is, at present, a balance of 75l. to the credit of this division of the Charity.
The Company reserve 111l. 2s. 3d., 3l. per cent. stock as the supposed capital of this gift, which has not been lent for more than a century, and they pay 3l. 6s. 8d. annually to the Mercers' Company.
John Hobby, by will of the 12th March 1674, gave 3,000l. to purchase lands of 170l. a year, of which 60l. a year was to be applied annually in clothing for 30 poor aged persons, of whom 12 were to be free of the Haberdashers' Company.
The Company in 1855 increased the number of recipients of clothing from 12 to 14, who receive clothing in the same manner, and nearly to the same value, as the clothing mentioned in Bond's Charity. There was a balance in favour of the Charity of undistributed funds of 169l. 0s. 6d. In reply to the question whether the Company would be allowed to increase the number of recipients, I have said that I had no doubt of the competency of the Company to do so, or of the propriety of doing it.
Thomas Huntlowe, by indenture of the 28th January 1543, gave to the Company 50l. to pay 1l. 6s. 8d. amongst 10 almspeople in the almshouses in Staining Lane, and in 1547 he gave 200l. for the 10 poor almshouses. The almshouses in Staining Lane have not existed since the Fire of London. The Company had commuted all these payments by an increased payment to 10 poor freemen's widows of 3l. a year each.
Since the Report of the Commissioners of Inquiry (Vol. 10, pp. 189, 190), the Company have revised the account of this Charity and charged themselves with as much or somewhat more than the sum of 250l. would produce if invested at 5 per cent., and nominally secured it by appropriating 422l. 4s. 5d., 3l. per cent. consols, the dividends of which, amounting to 12l. 13s. 4d., they distribute in pensions of 3l. a year each to four widows of freemen, paid quarterly; the same persons also participating frequently in other gifts. The 10 pensioners mentioned by the Commissioners of Inquiry were reduced by request of the court of assistants of 14th January 1833 to four persons, as vacancies occurred.
The will then contained directions for the application of the surplus, and also on certain contingencies of a portion of the above payments in maintenance of the buildings on the charity estate, with directions for an intermediate application of the same surplus in loans without interest to trimmers of hats and caps free of the Company:—
There is no probability that any occasion for the literal application of the fund will ever arise. There are not any persons of the class referred to likely to require the loans, and unless some useful application of the fund be devised, there is nothing to prevent the accumulation from continuing indefinitely. (fn. 2)
Thomas Johnson, by will of the 3rd September 1563, gave to the Company 50l. to distribute quarterly to the neediest of the Company, 20s. in bread, &c. The Company appropriate 133l. 6s. 8d., 3l. per cent. consols to meet a disbursement of 4l. a year, which they divide equally amongst four poor persons free of the Company at the Midsummer quarter's distribution.
1. Jones' Charity.
William Jones, by his will of the 26th December 1614 (proved 6th October 1615), gave to the Company 9,000l. to ordain a preacher, a free school, and almshouses for 20 poor old diseased people of the town of Monmouth. The charity was established by letters patent of King James the First, of the 16th March 1614–5, whereby the Company was specially incorporated as "Governors of the possessions, revenues, and goods of the almshouses and free grammar school of William Jones, in Monmouth, in the county of Monmouth."
The buildings necessary for the preacher or lecturer, the school, the schoolmaster, and under master, and almshouses for 10 men and 10 women, were erected on land in Monmouth, purchased at the time of or soon after the foundation, and occupy the angle of Bridge Street and Almshouse Street, in the town of Monmouth.
The fund appropriated for the endowment was laid out in the purchase of the manor and estate of Hatcham Barnes, in the parish of St. Paul, Deptford, which I have in this report shortly distinguished from the other property of the Charity by the name of the Metropolitan Estate. This property has now become of great value, and having regard to its increasing magnitude, as the site of railway stations and vast building operations, its future importance must be enormous, and at present beyond the reach of calculation. It comprises a large portion of the district on the London side of Deptford, where the London and Greenwich, London and Croydon, and the London and Brighton Railways, the South Eastern Railway, and the Thames Junction Railway, approach and intersect each other; and portions of the purchase money, which the several railway companies have paid for the land which they have taken, have been invested in the purchase of estates in Kent and Staffordshire. The acreage of the metropolitan estate north of the Kent Road, was 218a. 2r. 33p., and south of the Kent Road, 104a. 1r. 26p., making altogether 323a. 0r. 19p. This has, however, been reduced to about 300 acres by the quantities taken by the railways.
|Insurance (on 4,500l.)||10||2||6|
|Water and gas||19||0||0|
|Repairs on an average of the last nine years (79l.), say||80||0||0|
The following table exhibits the times at which these various plots were alienated, the several companies by which they were taken, the quantities of land, and the amounts in stock and in cash paid or invested to the account of the governors in respect of such land.
The governors shall pay out of the income of the Charity the necessary repairs and outgoings in respect of the Charity estates and buildings, and the costs, charges, and expenses properly incurred by themselves, and the visitors, in and about the performance of their duties as governors and visitors; and also the following stipends; that is to say,—
To the clerk of the Haberdashers' Company for receiving the rents and dividends and transacting the ordinary business of the Charity, including attendance on all committees, both ordinary and special, a salary not less than 90l. nor more than 135l. per annum, at the discretion of the governors.
To the surveyor of the Company, for surveying the Charity estates and buildings and reporting thereon, including attendance on the courts and committees when required by the governors, a salary of not less than 50l. nor more than 75l., at the discretion of the governors.
Provided, that it shall be lawful for the governors, if they shall think fit and the funds shall be sufficient for that purpose, to increase the salaries of the lecturer and masters, including the writing master, or any of them, by any amount not exceeding 25l. per cent. on the stipend herein-after directed to be paid to them respectively, and to increase the number of exhibitioners to any number not exceeding four, and the stipend of each exhibitioner to any sum not exceeding 50l. per annum.
After making the payments mentioned in the last clause, and paying the allowances to the almspeople, and paying to a nurse for the almspeople 10s. a week, and to an apothecary for the almspeople 15l. a year, and providing cloaks for the almspeople, and applying such sum not exceeding 30l. in any one year as the governors shall think fit in purchasing books for the school library, and such sum not exceeding 20l. per annum as they shall think fit, for prizes, not exceeding 5l. for each prize, the remainder of the income shall be invested by the governors in Government stock by way of addition to the property of the Charity, and the dividends of the stock so purchased shall be considered and dealt with as income of the Charity property.
It has been suggested on behalf of the town council, that the mayor, ex officio, should be a visitor; but on this point, I am informed that the inhabitants are not unanimous. The Rev. E. F. Arney is the vicar of Monmouth, but is not ex officio visitor. The admission of both, the vicar and the mayor, as visitors, ex officio, would be a proper regulation.
Under the scheme of 1854, the school is limited to 100 boys, who are to be of the borough of Monmouth, and the counties of Monmouth, Hereford, and Gloucester (clause 12). The 100 boys are to be educated entirely free of expense.
The school is divided into the classical and the commercial divisions, the respective courses of instruction in which are settled by the clauses 27, 28, and 29 of the rules, appended to this Report. I am informed that the number of boys in the classical school is 19, of the average age of 13 years; and the number in the commercial school 81, of the average age of 11. The boys, however, are kept altogether in one schoolroom. The schoolroom, as far as I can ascertain by a scale on the map, is about 62 feet by 38 feet.
There are constantly more applicants for admission to the school, than there are vacancies. At the last election there were 22 candidates, and only six vacancies. There is no payment whatever made by the boys, who are admitted by the visitors at their quarterly meetings, the Company exercising no control over their nomination. The last scheme in increasing the exhibitions to four, extended them to the University of Durham and St. David's College, Lampeter, as well as to the English Universities. I append a letter of the head master in reply to my inquiry on the condition of the school, together with the last report of Mr. Seeley, the examiner.
The governors have intimated their intention, at the instance of the visitors, to hire a field on the estate of the Duke of Beaufort on the other side of the Wye, as an exercise and cricket ground for the boys. It has also been proposed to build a chapel on the land belonging to the Charity for the use of the lecturer, capable of containing not less than 250 persons.
A deputation of inhabitants of Monmouth who attended my inquiry, stated that the people of the town were anxious that these plans of improvement should be greatly extended, that instead of the chapel being built in a confined situation, restricting also thereby the space which they required as desirable to form a site for the extension of the school buildings, they wish the chapel to be a building of much greater capacity, and to be erected on the opposite side of St. Mary Street, where it would in their opinion form a great public improvement in the town. It is stated that what is now the site of an old malthouse might be procured on easy terms, and would be a good position for the new building.
The municipal council of Monmouth nominate three candidates for any vacancy in the almshouses, returning the number of votes for each candidate. The almspeople consist of 10 men and 10 women, and a vacancy when it occurs is reported to the Company by the lecturer. On the receipt of the three names the court of the Company elect one.
It is customary, I am informed, although I do not see anything in the rules on the subject, to exclude any applicants to the almshouses who have received parish relief during the preceding two years. It might, I should think, be desirable if the governors approved of it, to release them from this restriction, and also from the clause which confines the almspeople to those who are sole and unmarried.
There is a national school at Monmouth, supported by voluntary contributions, and other donations, the number of scholars in which is much diminished by their being drafted off to this school, to avoid the payment of threepence per week, and the consequence is, that the class of boys attending the endowed school in the largest numbers is so low, that the school is rendered of comparatively small value to the classes of the inhabitants who are in better condition. I am told that there were formerly 110 boys in the national school, and they are now reduced to 60.
The professional men in the town, I am informed, habitually send their sons to other places of education. It is greatly desired that the school should be raised and made one of the highset class, and the respectable inhabitants are perfectly willing that capitation fees of two or four guineas a year should be imposed for instruction of the best and most comprehensive character.
The funds arising from this endowment even at the present time, and the income which may hereafter be expected, are so large that I forbear any consideration of what might be done for the improvement of schools of the limited character of those which have been already established in Monmouth. There are ample means of establishing educational institutions in the town of Monmouth to render it a great collegiate centre for the adjacent English and Welsh counties. Not only school buildings, halls for instruction of large numbers of all classes, and in all subjects and kinds of study and exercise may be established, but houses might be erected for the habitation of boarders, from a distance, which may be let to fitting persons, retaining the control in the heads of the college, to secure the moral and physical welfare of the scholars. The inhabitants of every class may at the same time obtain the best teaching that the kingdom can offer at the most moderate rates of payment, which will be far more beneficial to them than the establishment of schools free of payment. It is sufficient, at present, to point out the opportunity which this endowment affords of adopting at Monmouth the most comprehensive scheme of public education which has ever yet been devised; and one which may lead the way to national improvement.
After all has been done that can be effected by means of the best institution that can be established in Monmouth at no distant time, the funds of the endowment will probably far exceed all that needs to be or can be properly expended in its maintenance. It will then be for the Legislature to consider the principles which should be applied to the government of endowments. A cypres system might of course cover the whole of South Wales with free schools and almshouses, but it may be hoped that no such pernicious waste will be permitted. The whole of this Charity might form an experiment and an example for the future. It contains most of the elements which are offered for consideration in such cases, an estate originally devoted to limited purposes, becoming disproportionately large in comparison with its objects, the establishment of a free school at a period when nothing was done by the State for the general education of the people, and provision for a certain number of the aged poor of a small country town, before the Poor Law had come into general operation.
The estate dedicated to these purposes lies in what is in modern times the centre of a vast population, standing as much in need of aid as any in the kingdom, whilst the locality for which the benefit was designed does not greatly differ, or not more than the average of other places, from its original condition. The question to be decided is, whether the exceptional law which sets apart this portion of the soil and property of the kingdom for perpetual uses for youth and age requiring special assistance, shall be administered in a literal and servile compliance with the dictates of a testator who lived two centuries and a half ago, or according to the wants and the judgment of the generation in which we live.
2. Jones' Charity.
The decree of the Court of Chancery of the 13th December 1701, adjust the claims of this Charity as against the other investment of the Company, and the Company was thereby charged with 200l. per annum in respect of this gift, and it was thereby further ordered that the Company should set out of their own lands of inheritance, or else purchase as much lands of inheritance as would effectually answer to the said Charity 200l. per annum, and that were not subject to any other charities or incumbrances.
There are 10 almshouses in the parish of Newland with a small garden, together with a house for the lecturer. The buildings are old, having been erected not long after the foundation upon two acres of land purchased in 1617. The Charity was incorporated by the Charter 17 Jas. 1st, and the Haberdashers' Company were thereby appointed governors of the possessions, revenues, and goods of the almshouse of William Jones, in the parish of Newland, in the county of Gloucester."
The governors appoint a lecturer, who is at present the Rev. George Ridout, and who has filled the office more than 50 years. He is also the vicar of the parish. He receives annually a stipend of 69l. 2s. 10d.
There are 16 almspeople consisting of an equal number of men and women. Some of the 10 houses are double, and are inhabited by two men or two women. The almspeople receive 3s. a week each, making altogether 124l. 16s. To this the governors have lately added a donation of five tons of coals, at an expense of about 2l. 15s.
In 1861, when there were no cloaks and gowns, and no deputation, the payments amounted to 209l. 12s. 10d. (fn. 3)
3. Jones' Charity.
4. Jones' Charity.
The endowment of this lectureship, which is called the "Golden Lecture," and is delivered now at the church of St. Margaret, Lothbury, on every Tuesday morning throughout the year, consists of the house devised by the testator, and another house purchased by the Company, partly with the 600l. which he bequeathed.
|No. 14, Size Lane, let to George Cox for 21 years from Lady Day 1851||75||0||0|
|No. 15, Size Lane, let to Alfred Jones for 21 years, from Lady Day 1851||50||0||0|
|No. 16, Size Lane, let to F. Wishton for 21 years from Lady Day 1861||200||0||0|
The present lecturer is the Reverend Daniel Moore. (fn. 4)
A sum of 66l. 13s. 4d. stock is reserved by the Company as applicable to this gift of 50l. to be lent at interest (see Loan Charities), and 1l. a year is paid by the Company to Mr. Temple, the officer of the city, for the use of the prisons. The remaining 1l. is paid to a poor freeman with the Michaelmas gifts.
An information was filed by the Attorney-General, at the relation of George Shoobridge, a freeman, against the Haberdashers' Company, which came on to be heard on the 8th June 1835, when the Defendants submitted to be charged with the following sums (i.e.):—
And the other sums (mentioned in the Report of the Commissioners of Inquiry, Vol. 10, page 231) being stated to be lost, the Court charged the Company with the sums so admitted accordingly, and ordered the costs to be taxed, and it was referred to the master to settle a scheme for the future application of so much of the said sum of 1,161l. 10s. as should remain after the payment of the costs.
1. That so much of 1,161l. 10s. mentioned in the decree as shall remain after payment of costs be set apart as a fund to be called the "Loan Fund bearing Interest," and that the management of the said fund, and all matters incidental thereto, be vested in the court of assistants.
2. That 500l., part of said fund, be lent by way of loans to young freemen of the Company in sums of 100l. and upwards, but not exceeding 200l., to each freeman for five years, bearing interest at 5l. per cent. upon bond, with two or three good securities for the repayment, to be approved of by the court of assistants.
4. That each applicant for the loans shall at the respective times of the same being made give a bond, with two or three sureties, as may be required, whereby they shall become jointly or severally bound to the Company in a penalty of double the amount of the sum borrowed, conditioned for the repayment of the said principal sum within three calendar months from the lending thereof; but the calling in of the said loan is not to be made, nor the said bond put in force, until the expiration of five years from the date thereof, unless it shall be manifest to the Company upon good grounds that any of the obligors or sureties are not responsible or are unable to satisfy the same, in which case it shall be lawful for the said Company to call in the money, and in case of non-payment to put the said bond in force unless the borrower being or continuing solvent can procure another surety or other sureties of substance as the case may require, and the Company shall judge necessary; and in the event of the borrower becoming insolvent, or in distressed circumstances, or in the opinion of the court of assistants unable to discharge the said loan, that then it should be lawful for the Company immediately thenceforth to put the said bond in force against the said borrower and his sureties, or such of them as the said Company shall think fit.
5. That on the death of any borrower before the said five years shall expire the said Company shall call in the money, and in case of non-payment put the said bond in force against his representatives and sureties, and all persons liable thereon.
7. That a book shall be provided and kept by the clerk of the said Company, in which shall be entered the names and residences of the respective borrowers and their sureties, their profession or business, the sums lent, the time for making the loans and when payable, and any other particulars which may be thought necessary.
8. That at the expiration of each and every year of making the said loans, or within 21 days afterwards, the respective borrowers do, if thereunto required by the Company, attend at the common hall of the Company, in order to give an account of the state and circumstances of themselves and of their sureties.
9. That from and immediately after any of the moneys called in shall be received, notice shall be posted up in the common hall of the Company and advertised in two or more of the London daily newspapers of the greatest circulation, that such moneys are ready to be advanced on loans to young freemen of the said Company.
10. That notice of the said funds or such part thereof as are or is now in hand shall be immediately in like manner posted and advertised as ready to be advanced on loan to young freemen of the said Company at such rates of interest as aforesaid.
11. That all reasonable and necessary expenses incidental to the carrying out this scheme (except such as shall be properly chargeable to the borrowers) shall be borne and paid out of the Trust fund, or out of any interest to be made therefrom while in hand, until the same shall be so sent out as aforesaid.
After the taxation of the costs the sum was reduced to 945l. 10ss. 11d. cash, which was invested to the purchase of 944l. 7s. 3d., 3l. per cent. consols. In obedience to this scheme, the Company, when they had lent the whole of the funds without interest in 1838, published advertisements of the fact that the funds were to be lent at interest, but no application for it on these terms has ever been made, and there has therefore been no occasion to repeat the advertisement.
These were the subject of an information by the AttorneyGeneral of the relation of Wm. Shoobridge, a member of the Company against the Haberdashers' Company, and were the subjects of an inquiry before the Master; and a report of the 3rd August 1833, in which the sums given in such trusts were found, and the loss of various portions of them were also found. And by a decree of the ViceChancellor of England of the 29th April 1834, it was declared that the defendants were chargeable with the sum of 1,546l. 13s. 4d., being the amount of gifts received by them after deducting certain losses amounting to 703l. 6s. 8d. And it was ordered that it be referred back to the Master to tax the costs of the suit to be paid out of the said 1,546l. 13s. 4d. And it was ordered that the Master should settle and approve of a proper scheme for the future regulation of the funds.
The Master approved and certified a scheme by his report of 23rd December 1834, and having taxed the costs of the parties, the said fund was reduced to 1,105l. 10s. 10d., and when the subsequent costs were taxed the ultimate residue was 1,028l. 10s. 3d.
1st.—That so much of the said 1,546l. 13s. 4d. mentioned in the said decree as shall remain after payment of the costs of the suit be set apart as a fund to be called the "Loan Fund," and the management of the said fund and all matters incidental thereto be vested in the court of assistants of the said Company for the time being.
2nd.—That the said fund be lent by way of loans to poor freemen of the Company in sums of 100l. and upwards, but not exceeding 300l., for five years without interest upon bond, with two or three good securities for any sum to be approved of by the court of assistants.
3rd.—That each applicant for such loans shall at the respective times of the same being made give a bond with two or three sureties as may be required, whereby they shall become jointly and severally bound to the said Company in a penalty of double the amount of the sum borrowed, conditioned for the repayment of the said principal sum within three calendar months from the lending thereof, but the calling in of the said loan is not to be made, nor the said bond put in force, until the expiration of five years from the date thereof, unless it shall be manifest to the said Company upon good grounds that any of the obligors or sureties are not responsible or are unable to satisfy the same, in which case it shall be lawful for the said Company to call in the money, and in case of nonpayment to put the said bond in force unless the borrower can procure another surety or other sureties of substance, as the case may require, and the Company shall judge necessary; and in the event of the borrower becoming insolvent or in distressed circumstances, or in the opinion of the court of assistants unable to discharge the said loan, that then it shall be lawful for the said Company immediately thenceforth to put the said bond in force against the said borrower and his sureties, or such of them as the said Company shall think fit.
4th.—That on the death of any borrower before the said five years shall expire, the said Company shall call in the money, and in case of non-payment, put the bond in force against his representatives and sureties and all persons liable thereon.
6th.—That a book shall be provided and kept by the clerk of the Company, in which shall be entered the names and residences of the respective borrowers and their sureties, their profession or business, the sums lent, the times of making the loans and when payable, and any other particulars which may be thought material or necessary.
7th.—That at the expiration of each and every year of making the said loans, or within 21 days afterwards, the respective borrowers do attend at the common hall of the Company in order to give an account of the state and circumstances of themselves and of their sureties.
8th.—That from and immediately after any of the money called in shall be received, notice shall be posted up in the common hall of the said Company and advertised in two or more of the London daily newspapers of the greatest circulation, that such moneys are ready to be advanced on loans to freemen of the said Company.
The gift was of a sum of 200l. to be lent out, of which 50l. was lost, and the Company were therefore charged by the Court of Chancery with 150l. (see "Loan Charities") in respect of which they appropriate 150l., 3 per cent. consols, to pay 4l. 10s. a year to four poor widows of freemen at 1l. each, and one widow at 10s. annually at Midsummer.
The 200l. the interest of which was to be distributed to the poor (of which 150l. only remained as a loan fund), is administered by the distribution of 10s. each to 20 poor freemen or widows annually at Lady Day; and the interest on the other 200l. having fallen into arrear for a long period previous to the last inquiry, the Company now nominate one exhibitor of 10l. a year, and the corporation of Chester appoint another exhibitioner of 10l. a year, who is paid by the Company. They are both full, the present exhibitioners are E. D. Whitmarsh and W. H. Parry.
|To four poor preachers||10|
|To the poor of St. Andrew Ward robe, London||3|
|To poor freemen of the Company||3|
The Company appropriate 533l. 6s. 8d., 3l. per cent. consols, as the source of this 16l. a year, and apply 10l. a year equally amongst four poor preachers, clergymen of the Church of England, chosen annually in January by the four wardens. Three pounds are divided in sums of 15s. each among four poor freemen on St. Thomas' Day, and 3l. paid to the churchwardens of St. Andrew's by the Wardrobe annually.
Sir Stephen Peacock, by will of the 3rd November 1535, gave to the master and four wardens of the Company, and their successors for ever, lands in St. Sepulchre, Newgate, for the performance of certain obits, with a devise over, in case the same should not be held, to the parish of St. Martin, Ludgate, upon the like conditions.
|To 12 poor men of the Company||12||0|
|" poor of St. Martin's, Ludgate||13||4|
|" clerk and beadle of Company||3||4|
|" poor prisoners of Newgate and Ludgate two loads of charcoal at 12s. a load|
|" master and wardens||16||8|
The property which under certain sales and re-investments now consists of a house, No. 24, Crutched Friars, with stables in French Horn Yard, let to Mrs. Blackett, and others, at a rent exceeding 100l. a year, has been since the Reformation held absolutely by the Company, subject only to the charitable uses. It is probable that, as between the Crown and the Company, the latter became the purchaser of so much of the property as was subject to the superstitious use under the instruments and Act of Parliament of James 1st, which I have mentioned in my other Reports on the Charities of the City Companies.
|This Company pays to the churchwardens of St. Martin, Ludgate||0||13||4|
|To the officers of the Company||1||0||0|
|To one poor freeman or widow of a freeman at the Michaelmas distribution||0||12||0|
|The gifts to the prisoners have been increased as the price of coals has advanced. It is to Mr. Temple, the hall keeper at the Guildhall||8||0||0|
|£10||5||4 (fn. 5)|
Sir Nicholas Rainton's Charity.
Dame Mary Ramsay's Charity.
This was a gift of 200l. for loans, of which 50l. appears to have been lost, and for the residue no application is now made under the scheme. The Company, however, nominally appropriate 250l., 3l. per cent. annuities as the capital of the Charity, and pay the dividends, amounting to 7l. 10s. a year, annually to a poor liveryman of the Company. (See "Loan Charities" with interest.)
Lady Romney's Charity.
Dame Rebecca Romney, by indenture of the 4th September 1629, gave 1,200l. to the Company on condition that they should lend out 200l., part thereof, to four young men, and also pay 48l. a year as follows:—
|To four poor scholars of Cambridge||24|
|To two poor men (6l. apiece)||12|
|To four poor women (3l. apiece)||12|
In the proceedings before the court on the loan charities to be made gratis, the Company admitted 50l. to be remaining in their hands on account of the 200l. given by Lady Romney on that account, and were charged with such sum of 50l. accordingly as will appear by reference to my statement of the proceedings in that case. The Company adopted the recommendation of the Commissioners of Inquiry (Vol. 10, p. 216), and in consideration of the arrears not applied in respect of exhibitions, have since doubled the amount, and pay annually four exhibitions of 12l. each to students at the Universities, two at Emmanuel College and two at Sidney Sussex College, Cambridge.
Seabrook and Harrison's Gifts.
William Seabrook, by a codicil to his will of the 12th June 1747, gave to the Company 100l. to be invested and to be reserved as a fund to supply the deficiency upon the charities which the Company paid beyond their income.
The sum of 150l., 3l. per cent. consols, part of the Company's own funds, is attributed to these gifts, and the Company credit themselves with 4l. 10s. "for assisting deficient charities." I do not apprehend that this can be properly regarded as a charity or as anything else than gifts to the Company.
|To the town of Rugby for bread to the poor and a sermon||4||15||0|
|To the Company's officers||0||5||0|
Henry Somer, in the 16th century, gave to the Company a tenement in St. Dunstan's-in-the-East, of the yearly value of 3l., for a yearly obit of 30s., for 12s. to 12 poor men of the Company and 2s. to the clerk and beadle.
Nothing is known of the property charged. The Company have appropriated 23l. 6s. 8d., 3l. per cent. consols, of which they give in respect of the dividends, 12s. to one poor freeman at their Michaelmas distribution, and the remaining 2s. to their officers.
John Taylor, by will of the 13th November 1600, gave to the Company 200l. to be lent to four young men, 50l. each, and each young man should give every Sunday 6d. in bread at the church of St. Stephen, Coleman Street, for the poor of that parish.
The Company have, however, continued to charge themselves with the gifts to be made at the church of St. Stephen, Coleman Street. These were increased in 1836 to 5l. 4s. a year, which is paid annually to the churchwardens of the parish. The Company attribute 173l. 6s. 8d. of the 3l. per cent. stock as nominally producing this dividend.
|For a lecture at Dursley, Gloucestershire||15||0||0|
|For a school in Cripplegate, London||80||0||0|
|For the poor of the Company||5||0||0|
The Company executed their mortgage of property, including the hall of the Company and other estates belonging to them, formerly called Flying-horse Court, and Staining Lane, and now Gresham Street West (together singularly enough with the premises they had purchased in Bunhill Row for the purposes of the Charity).
The Company, however, nominally appropriate 5,795l., 3 per cent. consols, sufficient to produce annually a dividend of 173l. 17s. for the purposes of this Charity. The sum thus appropriated is thus arrived at—
|The original gift of Trotman was||4,400||0||0|
|The expenses of building and establishing the school||923||0||0|
|which being deducted, leaves||£3,477||0||0|
and that at 5 per cent. would be 173l. 17s., as represented by the amount of capital stock referred to. The Company submit, that in this appropriation they have exceeded the charge they are legally subject to, inasmuch as about 700l. was expended in 1769 in rebuilding the school. This, however, would no doubt be a voluntary payment.
|The dividends of the supposed stock||173||17||0|
|A house in Twister's Alley, Bunhill Row. let to Wm. Lyons on a building lease for 61 years from Christmas 1824 (including 5s. a year for an easement)||10||15||0|
I may also here refer to my report on Trotman's Free School, when it came under my notice in my inquiry into the charities of St. Luke's parish, Middlesex, and which forms part of my report on that occasion.
The average expenditure on the entire charities founded by Trotman, beyond the annual payment with which the Company can properly be charged, have in the nine years 1852–61 amounted on an average to about 88l. a year. This annual deficiency will in future be somewhat greater, inasmuch as the Company in 1860 increased the salary of the schoolmaster from 50l. to 60l. a year. (fn. 6)
Lady Weld's Benefaction.
Dame Mary Weld, by will of the 12th of February 1623, gave to the Merchant Taylors' Company 2,000l. (if the Merchant Taylors would take the same, or otherwise to such Company as her executors should think fit) to purchase one or so many rectory or rectories, parsonage or parsonages, impropriate, as might therewith be purchased in fee simple; and her will was that to and for every one of the said rectories and parsonages so purchased, the Company should provide a learned and godly minister to preach twice every Sabbath day, and to celebrate Divine service and perform Christian duties and administer the sacrament, and that out of the profits of the said rectories and parsonages, they should pay to every such minister a yearly stipend as they should think fit, not exceeding two-thirds of the whole yearly profits of the said rectory or parsonage; and concerning the residue of the said profits, that they should increase and keep the same until they should have made up thereby and by the increase thereof, together with the residue of the said 2,000l., and the increase thereof remaining in their hands, the full sum of 2,000l.; and the said sum being so made up, the whole clear yearly tithes and profits of such rectories or parsonages should be bestowed upon such minister, to be provided as aforesaid, who should be resident in the parish where such parsonage or rectory should be; and as concerning the said 2,000l. which should be raised as aforesaid, her will was that the Company should, with convenient speed, employ the same in like manner as the first 2,000l., and the same course for buying impropriations and the continual raising of a stock to 2,000l. should for ever be observed unto the world's end.
Under a decree of the Commissioners of Charitable Uses, in 1702, the Company was charged with 4,000l. as then unapplied under this gift. Under a decree of the Court of Chancery of the 3rd May 1708, made at the suit of Christ's Hospital, the Company were discharged from all claims in respect of this trust on the terms therein mentioned, and it was proposed and agreed and ordered that the Governors should, out of the children educated at Christ's Hospital, nominate alternately to the impropriations already purchased, and the Company submitted to be charged with 2l. 10s. per cent. per annum for the interest of the floating balance in their hands, towards the accumulating fund.
The vicar is the Rev. W. Trollope, who was nominated by Christ's Hospital, and is now absent from his rectory, which is under sequestration. It is valued at 200l., but is considered worth more. There is a residence occupied by the curate, and 90 acres of glebe.
5. The vicarage and tithes of Diseworth, Leicestershire, the Rev. C. F. Cook is the vicar, Mr. Nash was presented by the Hospital, and exchanged with Mr. Cook with the consent of both bodies; valued at 190l. and a house.
6. The Vicarage of Chertsey.—The Rev. Lawrence W. Till; he was presented in 1857 by the Company; valued at 273l. and a house. The house has lately been re-built by the aid of Queen Ann's bounty. It is not supposed now to be worth more than 200l., the surplus fees having gone to district churches.
The great tithes of Chertsey are received by the Company. They are let at 14l. 0s. 6d. since the tithe commutation. This sum is received by the Company and forms what is the accumulating fund under the direction of the will. At the end of the year 1852, there was an accumulating fund amounting to 120l. 15s. 9d., the Company having for several years charged themselves with 2l. 10s. a year in respect of interest, which charge was continued until 1858. Continuing that account up to the end of 1861, the Company charging annually for the disbursements for the chancel, and the annual payment of 3l. 6s. 8d. to Christ's Hospital, and 5l. a year to the clerk, and 5l. incidental expenses, there was a balance of 62l. 13s. 8d. to the credit of the accumulating fund. The fund had been reduced at this time owing to the Company having in 1859 as rectors of Chertsey been called upon to repair the chancel, which involved putting in a new window, which was effected at an expense of 59l. 14s. 6d. In the same year, the Company paid a sum of 10l. 10s. surveyor's charge, for valuing part of the Wigston Glebe, which the Leicester and Hitchin Railway Company had given notice to take. The land was taken, and the purchase money paid into the Court of Chancery. The Company have no knowledge of the amount which has been paid, or the sum it produces. It is probably received by the sequestrators of the living. This does not agree with the accounts for 1861 as rendered to the Charity Commissioners, which erroneously represent a balance of 49l. 1s. against the Charity. This is explained by the Company as having arisen from the omission in the account of the balance on the accumulating fund, when the returns were first made to the Board.
It is obvious that if the whole accumulating fund be made to arise from the 14l. 0s. 6d. a year rectorial tithes of Chertsey, and that this sum is subject to the annual charges of 13l. 6s. 8d., together with the repair of the chancel, the idea of accumulation is delusive.
I have perused the deed of conveyance of the 22nd March 1819, of the tithes and advowson of Chertsey, from Sir John Gibbons and others to the Company, and by that deed, the vendor, Sir John Gibbons, reserves to himself the vault of Sir Joseph Mawby in the chancel of the parish church of Chertsey, but makes the purchasers covenant that notwithstanding this reservation the vendors shall not be liable to repair the chancel, but shall indemnify them therefrom. I apprehend that this is not an absolute indemnity, and at the utmost goes no farther than against the possible effect of the reservation of the vault.
Mrs. Whitmore's Charity.
|To the poor of St. Edmund the King, for coals||5||0||0|
|For gowns, etc., for 10 poor widows||14||0||0|
|To the wardens||2||0||0|
They pay annually 5l. to the churchwardens of St. Edmund the King, and they apply about 30l. a year (in 1861, 32l. 3s. 4d.) for entire garments for 10 widows of freemen of the Company, together with 2l. to the wardens of the Company.
The Company admit the possession of the fund in the proceedings before the Court of Chancery, it not being now lent out, as before stated; they attribute 50l., 3 per cent. consols, as representing the gift, and give 1l. 10s. a year to one poor member of the Company, annually in the month of July.
Richard Wynne, gave to the Company 200l., to pay 5l. a year to the poor of St. Chad's, Shrewsbury, and 5l. a year for apprenticing a freeman's son of the Company. The Company attribute 333l. 6s. 8d., 3 per cent. consols to this Charity, and pay 5l. to the churchwardens of St. Chad, Shrewsbury, annually, and carry 5l. a year over to the apprenticeship fund. There is now a sum of 40l. on this account. It is applied in premiums of 10l. when proper applications occur.