PART III. Money Legacy Charities.
It appears by the Report of the Commissioners of
Inquiry (vol. 3, p. 235) that the Company brought before
Parliament in 1746 and 1747 the state of its property
and liabilities, representing that owing to great expenditure in the erection of the Royal Exchange, on Sir
Thomas Gresham's estate after the fire of London (added
as they stated to the difficulties occasioned by loans to
King Charles the 1st), and also by means of improvident
bargains in granting reversionary annuities for the
purpose of raising money, the Company had become
insolvent in effect, and had been obliged to suspend the
payment of the interest on the charitable donations, the
capital of which they had applied to the several purposes
referred to. Two Acts of Parliament were passed
affecting the Company in the 21st year of the reign of
King George the 2nd, one of which was entitled An Act
for the further Relief of the Orphans and other creditors of the city of London, and other purposes therein
mentioned (21 Geo. 2, c.) and the other "for the
relief of the annuitants of the Wardens and Commonalty of the mystery of Mercers of the City of London,"
(21 Geo. 2 c.). By the former Act the sum of 3,000l. a
year was granted for a term of 55 years to the Mercers'
Company from the duties therein mentioned, towards
the payment of their annuitants and other debts. By a
subsequent Act of the 4th of Geo. 3rd "for the relief of
the bond and other creditors of the Wardens and
Commonalty of the Mystery of Mercers of the City of
London," the surplus of this 3,000l. a year and the
rents and profits of the estate in settlement under deeds
therein referred to, which were due upon the 10th October 1763, are directed to be applied to pay the arrears
on account of any of the annual donations out of the
said charities or money legacies up to that time. The
Act contains the following further clauses.
"And be it further enacted by the authority aforesaid: That the several surpluses which from and
after the said 10th of October 1763 shall arise from
the said yearly sum of 3,000l., together with the rents
and profits of the estates in settlement to grow due
from that time, after due and punctual payment of
the several annuities and other sums charged upon
their said estates, shall be from time to time applied
by the said Wardens and Commonalty, in and for the
payment, maintenance, and support of the annual
donations out of the said charities or money legacies,
in all times to come."
The amount thus charged upon the other estates is
defined by a recital in the Act, which states that in consideration of the money legacies therein referred to, the
Company had theretofore "annually paid the sum of
548l. 1s." in respect of the charities specified in a
table or schedule there referred to, the several particulars of which I have extracted and arranged alphabetically in the following part of this report, and which
by the effect of the statutes became thereupon a charge
upon the estates of the Company comprised in the deed
of settlement therein mentioned.
Sir James Allen's Gift.
Sir John Allen having paid to Mercer's Company
300l. the Company by deed of the 30th June 1521
charged themselves with the uses of the interest of the
said sum (chiefly for the maintenance of a priest to say
mass for certain souls and for keeping an obit) of which
there should go to the 13 almsmen of Whittington
College 4s. 4d. a year, to the keeper of the Mercers'
Chapel 1s. 4d. a year, and three loads of coal between
Hallowside and Christmas amongst poor householders
in the parishes of St. Mary Magdalen Milk Street,
St. Nicholas Acons, and St. Benet Fink. The parish
of St. Nicholas Acon was paid 8l. 8s. 9d. for 18¾ years
arrears, and the parish of St. Benet Fink 10l. 13s. 9d.
for 23¾ years arrears.
The payments are made by the Company as follows:—
|Whittington estate, part of a sum of
25l. 5s. 4d. for annuities||0||4||8|
|St. Mary Magdalen (paid to the churchwardens of the joint parish of St.
|Ditto St. Nicholas Acons||0||9||0|
|Ditto St. Benet Fink||0||9||0|
|The under beadle, who is the clerk of
of the chapel||0||1||4|
David Appowell, by his will, 3rd September, 1508,
gave to the company 100l. to be lent to two young men
who were to provide four sufficient cart-loads of great
coals to the poor of St. Laurence Jewry, and to the
clerk and beadle 3s. 4d., to be paid by the said young
men. The 5l. a year, the original gift, with a portion
of the interest of 300l. 11s. 10d. (mentioned in Sir
Lionel Duckett's gift) is paid annually to the churchwardens of St. Laurence Jewry. The 3s. 4d. is part
of the annual annuities paid to the Company's clerk.
John Bancks, or Banks' Charity.
John Bancks, by his will of the 20th May, 1630, gave
to the Mercers' Company 100l. to pay to the use of the
poor of St. Michael Bassishaw, 53s. 4d., 40s. for ancient
poor householders, and 13s. 4d. for repairing the common
The Company pay annually 2l. 13s. 4d. to the churchwardens of St. Michael Bassishaw, in respect of this
gift, together with the interest on the invested arrears
which constitute part of the 122l. 11s. 6d. 3l. per
centum Reduced Annuities mentioned under Baskerfield's Gift.
Edward Barkley, by his will, 2nd December, 1601,
gave to Company 1,000 marks to be lent to 10 young
men without any allowance for the same more than
21s. 4d. yearly for the use of the poor men of Whittington College. The interest annually credited to
this account is 10l. 13s. 4d., of which 10l. 8s. forms part
of the 25l. 5s. 4d. carried to the account of the college,
as mentioned under Elkins' gift. The 5s. 4d. is paid to
the clerk as part of the yearly annuities from charities
at the end of each year.
B. Barnes' Gift.
Bartholomew Barnes, by his will 1st March 1602,
gave to the Company 300l. to be lent to three or six
young men of the said Company, with interest at
3l. 6s. 8d. per cent. to be paid to Christ's Hospital, towards
the relief of the poor there on Good Friday. The fund
(like Hilson's) is not applied for as loans, it being one of
those on which interest is demanded. It in fact does
not exist, except as a charge on the Company. The 10l.
a year is annually accounted for to Christ's Hospital.
Richard Barnes, by his will of the 7th February 1598,
gave to the Company 100l. to be lent to two young men
at 6l. per cent. to be paid.
|To the poor of Whittington College||2||12||0|
|To St. Giles' Cripplegate parish||2||19||8|
And Edward Barnes (son and executor) in 1607 added
33l. 6s. 8d. to the gift, making altogether 133l. 6s. 8d.
The interest of the fund is like the other "money
legacy charities," a charge on the estates. By the
reduction of 1768 58l. 3s. 6d. for 19½ years arrcars were
added to the Cripplegate Charity, and the same is now
represented by 72l. 14s. 8d. 3l. per cent. Reduced
annuities, into which the 64l. 12s. 9d. old South Sea
annuities have been converted. The dividend, amounting
to 2l. 3s. 8d., making with the rentcharge a total sum
of 5l. 3s. 4d.
The 2l. 12s. annually is paid to the Whittington estate.
The Warden and the clerk also receive their respective
Martha Barrett's Charity.
Martha Barrett, by her will 25th September, 1584,
gave the Company 100l. to be lent to two young men at
3l. 6s. 8d. per cent.
|To the poor of St. Sepulchre||1||13||4|
|To the poor of St. Michael Paternoster and
St. Martin Vintry||1||13||4|
And she gave 100l. to the Company to pay one of the
poorest scholars of Magdalen College, Oxford, 5l. a year.
The application of the 16s. 8d. a year to each of the
Charities of St. Michael Royal and St. Martin Vintry,
and the appropriation of a portion of stock, producing
an additional annual sum in respect of the arrears, pursuant to the resolution of 1768 is stated on the report on
The sum of 1l. 13s. 4d. a year is paid to the churchwardens of St. Sepulchre. On this account I do not
find that any arrears were allowed by the resolution of
1768 before referred to.
The annual sum of 5l. a year for the Student in Divinity at Magdalen College, Oxford, is a charge on the
Company's estates, under the deed of 1699 and the stat.
4 Geo. 3. There is at present an accumulated capital
of 500l. 3l. per cent. Consols, producing 15l. a year and
a balance at the end of 1860 (in consequence of the
election of a student having been cancelled) of 63l. 16s. 5d.
cash. The studentship is at present vacant.
Humphrey Baskerfield, by his will 1st September 1563
gave to the Company 200l. to be lent to four young men
of the Company, each of them to deliver two cartloads
of charcoal to the Wardens to be distributed as follows:
|To St. Michael Bassishaw||2 loads|
|" St. Laurence Jewry||2 loads|
|" St. Mary Magdalen, Milk Street||1 load|
|" St. Peter's, West Cheap||1 load|
|" Poor beadsmen of Whittington College||2 loads|
The charges assigned to the several objects of this
gift, in the schedule making up the 548l. 1s. a year for
the money legacies were as follows:—
|St. Laurence, Jewry||2||10||0|
|St. Mary Magdalen, Milk Street||1||5||0|
|St. Michael Bassishaw||2||10||0|
|St. Peter, Westcheap||1||5||0|
The 2l. 10s. a year appropriated to Whittington's
almsmen forms part of the 25l. 5s. 4d. before mentioned
carried to the account of the College.
The united parishes of St. Laurence Jewry, and
St. Mary Magdalen Milk Street, receive annually
3l. 15s. It is received with the arrears of interest, as
stated in Lionel Ducket's gift.
The parish of St. Michael Bassishaw receives an
annuity of 2l. 10l. and also the interest on the arrears
of this gift and that of John Banks, and which is invested
together in 122l. 11s. 6d. 3l. per centum Reduced
annuities producing 3l. 13l. 8d. annually. It is received
by the churchwardens.
The parish of St. Peter Cheap receives annually
1l. 5s. and the interest on the accumulation of arrears,
as stated in Sir Lionel Ducket's gift.
The officers of the Company receive the sums allotted
to them on the annual payments of annuities.
Peter Berkenhead gave to the Company 150l. for the
|Two sermons on 30th January and 29th
|To the clerk||0||3||4|
|For wine and firing||0||10||0|
|Beadle and chapel keeper||0||6||8|
The sermons are preached in the chapel of Mercers'
Hall on the days mentioned, and the 4l. is paid to the
minister appointed to preach them. The sum, in fact,
paid is 4l. 10s., the Company reserving nothing for the
wine or firing. The remaining payments are made to
the officers at the end of the year, with other gifts of
a like kind.
Birkbeck's, Cropley's, and Desbouverie or De
George Birkbeck, by his will of the 26th October,
1600, gave 50l. to be delivered to a young man at
interest at 5l. per centum for coals to the poor.
Edward Cropley, by his will of the 6th March, 1647,
gave 200l. to be lent to four young men, 50l. a piece,
paying 20s. a year each, to be distributed to the poor.
Sir Edward de Bouverie gave 100l. to the Company,
for which they were to pay 4l. per centum to be distributed to the poor.
These sums amount to 10l. 10s. a year.
The Company grant certain annual pensions and
other gifts to members of the Company, which enter
under the head of "Donations and Charitable Gifts."
These comprise altogether sums to the amount of
1,000l. to 1,200l. a year. In the year 1860 there were
seven pensions, of which four were of 100l. a year and
two 80l., and one of 60l. The pensioners were members
of the Company and widows of members. There are
also casual gifts, varying from 10l. to 50l., all being
made to members of the Mercers' Company or their
widows. The fund thus distributed is composed of the
10l. 10s. derived from the above three money legacies,
from a large payment out of the Whittington estate,
and as to the residue from the proper funds of the
Company. In the year 1859 the Company contributed
from their own funds 662l. to this head of gift, and in
1858,, 667l. The total distribution in 1859 was
1,122l. 10s., and in 1858 1,009l. 2s. 6d.
A. Blundell's Gift.
Alice Blundell gave to the Company 100l. to be lent
to two young men of the Company who were to
pay every Sunday 1s. 1d. in bread among 13 poor
folks of St. Laurence, Jewry. The sum of 2l. 16s. 4d.
yearly paid to the churchwardens of St. Laurence,
Jewry, together with the interest of so much of the
300l. 11s. 10d. 3l. per centum Reduced Annuities (mentioned under Sir Lionel Duckett's gift) as is attributable
to this Charity.
William Brown having paid to the Company 200l. the
Company by indenture of 28th December 20 Hen. 8th,
charged themselves with the following payments:
|To four poor freemen of the Company in
|To the Master and Wardens||0||10||0|
|To the Clerk||0||3||4|
The sum of 1l. 6s. is given to each of the four poor
freemen of the Company, usually at the October distribution. They are all poor persons who receive a
share of other benefactions. The Master and Wardens
and Clerk receive their several portions of the remaining
Frances Clarke's Gift.
Frances Clarke gave to the Mercers' Company, as it
appears by will (but of which the date is not known),
200l. to pay 10l. yearly towards discharging and
succouring poor people at the Poultry Compter. A
sum of 182l. 10s. cash for 18¼ years arrears was appropriated to the Charity under the resolution of 1768. It
is now a portion of the 279l. 0s. 6d. 3l. per cent. reduced
annuities mentioned in the report on Sir Roger Martin's
Gift. The rentcharge of 10l., and the interest on the
279l. 0s. 6d. Reduced annuities are paid to Mr. Temple
on account of the City Prisons.
Sir William Damsell, by his will 1st June 1582,
bequeathed to the Company 240l. to distribute 5l. to the
poor and other godly uses, and residue of the interest
to the Company. At the July distribution the sum of
2l. 10s. cash is given to the widows of liverymen of
the Mercers' Company. This, and a portion of the
Charity of Ann Duckett, constitute the only benefaction which the Company regarded as positively restricted
Dauntsey's Coal Charity.
Alderman William Dauntsey, by his will 10th March
1542, gave to the Company 200l. to be lent to four
young men, 50l. a piece, each of them giving every year
one load of coals, whereof two loads for the poor of
St. Laurence, Jewry, and two for the poor of St.
The sum of 2l. 10s. was charged on the estates of the
Company for each of the above parishes. The portion
of St. Laurence parish, with the interest on the
300l. 11s. 10d. mentioned in Lionel Duckett's Gift,
which comprised the arrears on the Charity, is paid to
The sum of 2l. 10l., and the interest on 58l. 12s. 3l.
per cent. Reduced annuities producing 1l. 15l. 2d.
respectively, the arrears are paid annually to the
churchwardens of St. Antholin.
Ann Duckett's Gifts.
Ann Duckett, by her will (date unknown), gave to
the Company 100l. to be lent gratis to freemen, and the
further sum of 400l. to be lent to four young freemen at
2l. 13s. 4d. per cent. and the interest given
|To six poor widows of St. Giles, Cripplegate, 20s. each||6||0||0|
|To four of the poorest widows of freemen,
|To the Company for a collation||0||10||0|
The application of the 100l. to be lent free is stated
in the Report on the Money Legacies for Loans.
The 400l. and the interest thereon is charged with
the money legacies on the Company's estate. There
were 18 years arrears added.
The stock now standing to the credit of this gift
in respect of arrears is 240l. 18s. 5d., 3l. per cent.
Reduced annuities producing 7l. 4s. 8d. annual
The Cripplegate widows are taken three from the
parish of St. Giles, and three from St. Luke's. They
are selected by the officers of the several parishes, and
are brought to the Mercers' Hall at Easter by the
beadles of each parish. They receive 1l. 13s. 7d., and
the two last 1l. 13s. 6d. each, making 10l. 1s. 4d.
The four widows of the Mercers' Company are selected
by the Master and Wardens, and are on the Company's
Donation List, and generally the poorest on that list
are taken. They each receive 1l. 15s. 10d., making
7l. 3s. 4d.
The Wardens 10s. is always given to the porter, and
the 3s. 4d. is paid to the beadle.
The 10l. 13s. 4d. original charge, and 7l. 4s. 8d.
interest are thus disposed of.
Sir Lionel Duckett, by his will 21st March 1585, gave
to the Company 200l. to be delivered to four young men
at 4l. per cent., and the profits given yearly to the
poorest and oldest persons in the parishes of St.
Lawrence Jewry, St. Mary Magdalen, and St. Peter in
Cheap, and the renter Warden retaining four nobles
(1l. 6s. 8d.).
The parishes of St. Laurence Jewry, and St. Mary
Magdalen, are united parishes since the fire of London.
These parishes receive in respect of this Charity an
annual sum of 4l. 9s. together with the interest on a
portion of 300l. 11s. 10d., 3l. per cent. Reduced annuities, the investment of a sum of 233l. 8s. 9d. in respect
of the arrears of the above Charity, and the gifts of
Alice Blundell, David Appowell, Humphrey Baskerville,
William Dauntsey, John Marsh, and John Allen. The
original gift is received by the churchwardens and their
collector. In pursuance of a resolution of the Court of
the Company of the 31st July 1767, "that the yearly
interest and produce arising from the said sum of
233l. 8s. 9d. to be laid out in the Old South Sea
annuities be applied proportionably to the augmentation of the donations given by the wills of the
donors above mentioned," the 9l. 0s. 4d. the dividends
on the stock are certified to have been laid out in coals,
under the direction of the churchwardens, and the bill
for the coals is produced.
The sum of 2l. 4s. 4d. the original gift of the above
donor, and interest on the 80l. 11s. 2d., 3l. per cent.
Reduced annuities, the arrears of this gift and of
Baskerville's, producing 2l. 8s. 4d. are paid annually to
the vestry clerk of St. Peter's Cheap, for the
William Elkeyn, or Elkin, an Alderman of London,
by his will 22nd August, 1592, gave to the Company
100l., to be delivered to two young men, they paying to
the poor almsmen of Whittington College 6d. weekly.
The sum of 5l. 4s. yearly forms part of 25l. 5s. 4d. carried
to the credit of Whittington College in respect of the
gifts of Haydon, Barnes, Goldsworth, Barclay, Baskerville Allen and the above.
William Ferrers, by his will (date not known) gave to
the Company 200l. to be lent to three young men at
3l. 6s. 8d. per cent. interest, of which,
|To the treasurer of Christ's Hospital||6||0||0|
|" the two Under Wardens||0||10||0|
The Company pay 6l. annually to Christ's Hospital,
and the officers of the Company receive their allowances.
Francis Floyer appears to have given by some instrument or form now unknown, an annual sum of 7l. 16s.
per annum for the poor of Brent Pelham in Hertfordshire, which was computed in the charge on the Company's estates at 30 years purchase, or 234l. Arrears
for 18 years and a quarter were allowed by the resolution
of 1768, amounting to 142l. 7s., now represented by
177l. 19s. 2d. 3l. per cent. Reduced annuities. The dividends and the original gift, amounting together to
13l. 3s. 4d. are annually paid to the churchwardens of
Robert Gibson, by his will of the 1st May, 1637, gave
to the Company 50l. to be lent at 5l. per cent., and the
interest bestowed in coal to the poor of Kirkheaton and
Huddersfield, Yorkshire. Arrears for 19¼ years were
added by the resolution of 1768, and are now invested
in 60l. 3s. 3d. 3l. per cent. Reduced annuities. The
charge of 2l. 10s. a year and the dividends 1l. 16s. 2d.,
making together 4l. 6s. 2d. are equally divided and paid
annually upon the joint receipt of the vicar of Hudderfield and the rector of Kirkheaton and one churchwarden
of each parish. The payment for the year ending
October 1860 had not been made at the time of my
investigation (30th January 1861).
Samuel Goldsmith, by his will 4th July 1647, gave to
the Company 100l. to pay yearly amongst the almsfolk of
Whittington College 20s.
The one pound a year is paid to the account of the
John Heydon, by his will 6th March 1579, gave to
the Company 300l. to be lent to six young men of the
Company at 3l. 6s. 8d. per cent., and the interest applied
|To 13 poor almsmen of St. Michael,
Paternoster Royal, coals, 1l. 10s.;
money, 1l. 16s. 8d.||3||6||8|
|To three poor people of the same parish
weekly, 9d. in money and 3d. bread||2||12||0|
|To the Wardens of Company||0||12||0|
|To clerk and beadle||0||2||8|
|To poor of Woodbury, Devon||3||6||8|
Testator also gave to the Company 300l. to be lent to
six other young men at 3l. 6s. 8d. per cent. to be applied
|To the poor of St. Michael, Paternoster||3||0||0|
|" St. Martin Vintry||3||0||0|
|" St. James, Garlickhithe||2||0||0|
|" St. Thomas Apostle||2||0||0|
Testator also gave to the Company 400l. to be lent to
eight young men at 3l. 6s. 8d. per cent., and the interest
applied to maintain yearly a divinity lecture at St.
He also gave 100l. to each of eleven companies to be
lent to young men at 3l. 6s. 8d. per cent., and the
interest paid to the Mercers' Company and applied as
|To St. Thomas's Hospital||6||13||4|
|" Bartholomew's Hospital||6||13||4|
|" Bridewell Hospital||6||13||4|
|Poor prisoners in Newgate||5||0||0|
|" two Compters||8||0||0|
|Wardens of Company||0||10||0|
|The Company pay as follows:—|
|Churchwardens of St. Michael, Paternoster Royal||11||1||6|
|Which comprises the following items:—|
|To the poor under the
second donation above||3||0||0|
|For three poor people in
money and bread under
the first gift||2||12||0|
|For Martha Barrett's
charity to the same
|For interest on 154l. 16s. 5d.
3l. per cent. Reduced
annuities, the appropriated arrears under
the resolution of 1768 to
Heydon's and Barrett's
|To the churchwardens of
St. Martin Vintry, for
the poor under the
second donation above||3||0||0|
|For Martha Barrett's
charity to the same
|For interest on 87l. 9s. 2d.
3l. per cent. Reduced
arrears as above||2||12||6|
|To the churchwardens of
St. James, Garlickhithe,
for the poor under the
|Interest on 48l. 2s. 6d. like
stock appropriated as
|To the churchwardens of St. Thomas
Apostle under the second donation
on which there does not appear by
the resolution of 1768 to be any
appropriation for arrears||2||0||0|
|To the churchwardens of
Woodbury for the poor
under the first gift||3||6||8|
|Interest on 76l. 17s.
Reduced annuities applied for arrears as
|To the divinity lecturer in St.
Michael, Paternoster Royal, under
the third gift. The present lecturer
is the Reverend Thomas Hill, who
is not permitted by the rector to
deliver the lecture in the church,
and who therefore delivers it at
the Whittington Chapel, Upper
|With reference to the question of
the propriety of thus substituting
a lecture in a distant place to one
directed to be given in the parish
church, it may be observed that
the almshouses formerly were
adjacent to the church, and the
almspeople had access to the
church by a separate door, and
the assumption on which the Company acts is that the lectures were
at least in part intended for the
benefit of the Whittington poor.|
|The resolution of 1768 directed that
the arrears of this annual payment
for one year due Lady-day 1746
should be paid to the representatives of the late Robert
Drew, but it made no provision
for any subsequent arrears, and
the probability is that during the
intervening period no lecturer had
|The payment directed under the
first gift to 13 poor almspeople of
St. Michael, Paternoster Royal,
forms part of the Christmas gifts
to the Whittington almspeople,
and is divided amongst them
with other characters at that
time, amounting altogether to
25l. 5s. 4d.||3||6||8|
|The payments for the benefits of the
wardens, clerk, and beadle are
made to these officers respectively
|The Mercers' Company receive
under the fourth bequest the sum
of 3l. 6s. 8d. from each of the
other eleven greater companies,
making together 36l. 13s. 4d.,
which the Company administer as
|To St. Thomas's Hospital||6||13||4|
|To St. Bartholomew's
|To St. Bridewell Hospital||6||13||4|
|To the city prisons
(by Mr. Temple)||16||0||0|
|The wardens and beadle are also
credited with the yearly 13s. 4d.||0||13||4|
Robert Hilson by his will dated the 15th March, 1582,
gave to the Company 400 marks (266l. 13s. 4d.) to be
lent to four young men of the Company at 5l. per cent.,
and out of the interest to pay—
|To Christs Hospital||10||14||8|
|To the churchwardens of St. Michael
Crooked Lane, for bread||2||12||0|
Publication is given to the following notice by its
being suspended in the General Court Room at the Hal
of the Mercers' Company.
"Notice is hereby given that a sum of money being
legacies bequeathed by Robert Hilson and others is
vested in the Mercers' Company, in trust from time
to time to be lent out to young men free of the
said Company in sums not less than 50l., and not
exceeding 100l., from three to seven years with interest at
various rates from 1l. 12s. to 5l. per cent. upon bond
with two good sureties for every sum to be approved by
the Court of Assistants of the said Company. Application by parties duly qualified to be made at the Clerk's
Office, Mercers' Hall."
This being one of the loan funds on which interest is
required, is, as elsewhere stated, not applied for as
loans (see my Report on money legacies for loans).
The Company pay to Christ's Hospital 10l. 14s. 8d.,
and to the churchwardens of St. Michael, Crooked Lane,
2l. 12s. annually.
The sum of 60l. 2s. 7d. 3l. per cent. Reduced annuities
purchased with a sum of 48l. cash in pursuance of a
resolution of a sub-committee in 1768 is appropriated to
this portion of the Charity in respect of the arrears
during its suspension, and the interest of that sum
amounting to 1l. 16s. is annually paid to the churchwardens of St. Michael in addition to the 2l. 12s. The
60l. 2s. 7d. stock is part of a sum of 27,028l. 16s. 4d. like
stock standing in the corporate name of the Company.
There does not appear to be any appropriation of the
stock to Christ's Hospital, and the probability therefore
is that there were not any arrears due to that body.
Thomas Langham gave the Company 400l. for the
payment of 11l. per annum to the churchwardens of
Clapham, Surrey, for 4s. a week in bread to the poor,
and 12s. per annum to the churchwardens. Arrears for
18½ years were added to this donation, under the
resolution of 1768, which are now represented by
254l. 8s. 3d. 3l. per cent. Reduced annuities, producing
7l. 12s. 8d. dividends, making together 18l. 12s. 8d. This
sum is paid yearly to the rector's churchwarden of the
parish of Clapham.
Sir Thomas Leigh's Gift.
In the schedule of the charges forming the 548l. 1s. 0d.
is comprised a sum of 4l. a year to be paid towards the
repairs of the Mercers' Chapel from this gift. The
Company keep an account which is called "incidentals," and to that account they charge all the repairs
of their hall, chapel, clerk's house and beadles houses
and offices; and the 4l. a year is brought to that
account in aid of such expenditure.
John Marsh by his will of the 7th July, 1557, gave
the Company 200l. to be lent to five poor young men at
5l. per cent., and out of the interest to pay—
|To the curate and churchwardens of
Uxbridge for 2s. of bread on Sunday to
24 poor people, and 2s. 8d. to the
|To poor prisoners||3||5||0|
|To poor householders of St. Laurence
Jewry in coals||0||15||0|
|To the wardens||0||10||0|
|To the person distributing the monies||0||3||4|
On the Uxbridge gift 18½ years of interest were
capitalized by the Company, and is now represented by
123l. 7s. 3l. per cent. Reduced annuities, producing
3l. 13s. 10d. interest, making with the original gift
9l. 0s. 6d. which is annually paid to the churchwarden of
The prisoners gifts received the following additions
in respect of arrears:—
|The Queen's Bench||1||0||0||1||14||0|
|Interest on 23l. 8s. 8d. 3l. per
cent. Reduced annuities||0||14||0|
|Interest on 24l. 13s. 9d. 3l. per
cent. Reduced annuities||0||14||8|
|Ludgate, 5s.||And interest on the
share of stock which
forms part of the
for under Sir R.
the amount of which
is not divided.||1||5||0|
|Wood Street, 5s.|
The gifts to the Marshalsea prisoners are paid to Mr.
Colwell, the chief turnkey, and the remainder to Mr.
Temple for the other prisoners.
The 15s. a year is paid to the churchwardens of St.
Laurence Jewry as their collector.
The master and warden take annually 10s., and the
clerk is paid 3s. 4d., which is included in the annual
Giles Martin, by his will of the 1st August, 1630, and a
codicil of the 22nd May, 1631, gave to the Company 450l.
on condition to pay 10l. a year to the poor of the parish
of Yarcombe, Devon, and he also gave to the Company
125l. to purchase land of 5l. a year to be paid to the
parson and churchwardens of Mamhead, in the county
of Devon, for binding out poor apprentices, setting the
poor to work, or relief of the poor of the parish as the
parson and churchwardens should think fit.
On the Yarcombe gift there were 19 years arrears or
190l., and on the Mamhead gift 18½ years or 92l. 10s.
These sums are invested in 237l. 10s. 8d. 3l. per cent.
Reduced annuities for Yarcombe, and 115l. 12s. 9d. like
stock for Mamhead. The payments, including the
respective dividends, are annually made, viz. 17l. 2s. 6d.
to the rector of Yarcombe and 8l. 9s. 4d. to the rector of
Sir R. Martin's Gift.
Sir Roger Martin, by his will dated 8th September,
1573, gave to the Company 200l., to be lent to poor
young men at 4l. per cent. and the interest given to poor
prisoners. The capital is not lent and exists only as a
charge. The 8l. a year is paid to Mr. T. Temple, in
respect of the prisons of Ludgate and Newgate and the
Wood Street and Poultry Compters. There is also paid
to the same account interest on 144l. cash, which pursuant to a recommendation of the sub-committee of the
4th May, 1768, was invested in Old South Sea annuities,
and was subsequently converted into and is now represented by a portion of 27,028l. 16s. 4d. Reduced annuities.
The exact sum of stock applicable to this Charity has
not been separated, but with the arrears on Marsh's
and F. Clarke's Charities is appropriated as follows:—
|Ludgate||50||17||3||3l. per cent Reduced annuities.|
The dividends on this stock, amounting to 13l. 2s. 6d.
annually, are also paid to Mr. Temple on account of the
said City prisons.
As to the estates upon which this annual charge of
8l. is secured (see Hilson's Charity).
Lady Mico's Almshouses.
Dame Jane Mico, by her will dated the 1st July, 1670,
gave the Company 1,500l. to build almshouses for 10
poor widows of the age of 50 years or upwards, and with
the rest land should be bought for a yearly revenue to
be equally divided among them yearly. The fund and
interest received in respect of this charity had in 1692
amounted to 2,980l. 5s. 9d. Of this 780l. 5s. 9d. was
laid out in building almshouses at Stepney, upon land
legally vested in the Company. The Company are
possessed of a large estate at Stepney, either as belonging
to the estate of Dean Colet or in their own right, or
partly in the right of one and partly in that of the other.
The almshouses, consisting of 10 houses of one storey,
were built on a plot of ground at the back of the parish
church, affording considerable space in the front and
rear of the houses. These houses the Company have
recently rebuilt entirely at their own expense (each
house having two rooms and a kitchen) at a cost of
2,945l. 10s. 11d.
The endowment fund consists of 2,200l., the residue
of the original bequest, which by order of the Court of
the Company of the 20th April and 1st September 1692
"was to lie on the Company's hands at interest at 4l. per
cent," producing 88l. a year. This 88l. a year forms
part of the 548l. 1s. "Money Legacy Charities."
The arrears of interest which accumulated on this gift
was invested in 1,879l. 2s. 8d. South Sea annuities, and
is now represented by 2,114l. 8s. 6d. 3l. per cent. Reduced
|The interest charged on the Company,
including rent and repairs, but excluding
the clerk's allowance||86||0||0|
|The dividends on the stock||63||8||6|
The expenditure in respect of the almshouses and
their inmates is about 400l. per annum. The particulars
of this outlay in 1859 was as follows:—
|Cash paid 10 poor widows, 30l. each||300||0||0|
|" " apothecary, 1 year||31||10||0|
|" " nurses attending inmates||33||6||0|
|" " water rate||7||10||0|
|" " gardener||5||0||0|
|" " insurance||3||7||6|
|" " poor rates, sewer, and general
The sum of 2l. a year is paid annually to the clerk of
the Company on account of his allowance out of the
88l. charged as above stated. The 1l. 5s., formerly
taken as rent and carried to Dean Colet's estate, has not
been appropriated for half a century. I presume the
Company has treated the site of the almshouses as
belonging to the Charity.
In the year 1859 nothing was received in respect
of Mrs. Fermor's estate, and the Company vested
255l. 18s. 7d. from their own funds. There is always
an excess of expense thus provided for.
The almshouses are occupied by ten poor widows,
none of whom are widows of liverymen as freemen
of the Company, but all are widows of freemen of
London, and, according to a rule laid down by the Company, must be about 55 years of age, and not possessing
an income of 20l. in real property, or of 30l. from all
sources. They are chosen by the General Court of the
Company. (fn. 1)
Hugh Perry, by his will of the 20th April 1630,
gave the Company 200l., to be lent to two young men,
paying 3l. apiece yearly for six morning lectures at
St. Antholin's 20s. apiece yearly for ever, and also a
further sum of 270l. to purchase lands and hereditaments of 13l. a year for a weekly lecture at St. Bartholomew's, Royal Exchange, viz., 12l. to the lecturer,
and 1l. to the clerk and sexton.
The sum of 6l. a year is paid by the Company to
Robert Miller, "receiver of St. Antholin's rents for
the feoffees." On referring to my report on that parish
it will appear that a scheme for the lecturer's fund was
settled in the Court of Chancery in 1841, including
this payment. The 12l. a year for the lecture on every
Saturday immediately preceding the Sunday on which
the monthly communion is celebrated at Bartholomew,
Royal Exchange, is paid to the Rev. Charles Marshall.
The 1l. a year is paid to the sexton.
Thomas Rich's Gift.
A portion of the benefaction of this donor was 100l.,
to be lent to young freemen of the Company, and the
interest thereon at 33s. 4d. a year to be paid.
|To the clerk and register of the Company||1||3||4|
The annual sums are paid accordingly.
Sir T. Rivett's Gift.
Sir Thomas Rivett, by his will, 1st October 1582,
gave to the Company 200l., to be lent to four young
men, who should distribute every Sunday, in St. Margaret, Lothbury, London, and Chippenham, Cambridgeshire, 13 penny loaves to 13 poor. The sum of
2l. 12s. a year is paid to the churchwardens of St.
Margaret, Lothbury, and another sum of 2l. 12s. a year
is paid to the churchwardens of Chippenham, together
with the produce of an investment of 47l. 9s. cash, for
18½ years arrears, invested in 59l. 6s. 5d. Reduced
annuities, producing a further sum of 1l. 15s. 6d. per
annum, making together 4l. 7s. 6d.
Statham, or Slatham's Gift.
Michael Slatham, or Statham, by his will of the 2nd
October 1538, bequeathed to the Company 500 marks
(333l. 6s. 8d.), to be disposed of at the appointment and
oversight of the Master and Wardens amongst young
men at interest at 5l. per cent., and the interest to or
for the relief and sustentation of poor people in such
hospital or place in England where the King would give
The sum of 16l. 13s. 4d. in respect of interest is
annually paid to St. Bartholomew's Hospital.
Peter Symonds, by his will of the 24th April 1586,
directed, under an indenture by which the Mercers'
Company had covenanted to pay an annuity of 10l. a
year for ever, after the death of himself and his wife,
that the following payments should be made:—
|To Allhallows, Lombard Street||3||2||8|
|To poor people in the Mercers' Chapel,
every Friday, 12 penny loaves, and, if
not distributed, the benefit of one half
to Christ's Hospital, and the other to
the city of Winchester||2||12||0|
|To the city of Winchester||4||2||0|
|To two clerks at the Hall||0||3||4|
The payment made to the churchwardens of Allhallows annually is, besides the original gift of 3l. 2s. 8d.,
the sum of 1l. 14s. 4d. for interest on the sum of
57l. 4s. 9d., 3l. per cent. Reduced annuities, which
represent now the 45l. 15s. 8d. cash, for the arrears
under the resolution of 1768 before referred to. This
makes together the annual payment of 4l. 17s. for the
benefit of the parish of Allhallows, Lombard Street.
The Commissioners of Inquiry say (p. 297) that the
"distribution of bread in Mercers' Chapel has not
taken place for many years. The accumulation of
the money destined to that purpose from the year
1763 to 1818 has been laid out in the purchase of 250l.
consols, producing a dividend of 7l. 10s. The immediate cause of the suspension of this distribution
seems to have been the discontinuance of any
service in the chapel on Fridays, and a further
reason appears to exist in the inconvenience which
would arise from the assembling of paupers therein.
It is stated that the Company do not well know how
to dispose of the money, as they cannot strictly adhere
to the directions of the will. It appears to us that
no great difficulty could exist in adopting some plan
of distribution which might effect the intention of the
donor as nearly as the alteration of circumstances will
admit. With respect to the accumulated arrears, we
would observe that, as by the terms of the will the
benefit of the Charity, if not distributed by the Company, is to be divided between Christ's Hospital and
the city of Winchester, those two bodies appear to
be entitled to the accumulations already invested,
and to all that may accrue, until the Company
have devised some means of recommencing the
It appears that the accumulation of stock on this
account in 1824 had amounted to 300l., and this, in conformity with the recommendations of the Commissioners
of Inquiry, the Company transferred in equal moieties
to Christ's Hospital in London and Christ's Hospital in
Winchester, together with 8l. 17s. 3¾d. to each institution
for uninvested arrears. Since that period the 2l. 12s. per
annum has been equally divided between the same two
establishments, 1l. 6s. being paid to each annually.
The receipts are given by the Treasurer of Christ's
Hospital, London, and by the Steward or Secretary of
the Hospital in Winchester.
City of Winchester.
The Commissioners of Inquiry say (p. 298) that "the
annuity of 4l. 2s. to the City of Winchester had not
been paid for many years. In the year 1813, a claim
was presented purporting to be on the behalf of the
conservators and gubernators of Christ's Hospital in
Winchester, founded by Peter Symonds, for 164l. for
40 years rentcharge at 4l. 2s. per annum, from the
year 1774, and the Court of Assistants made an
order that their clerk should pay these arrears on
receiving a proper discharge, which order was
communicated by letter to the person who presented
the claim, but nothing further has been heard of it.
The Company declare themselves ready to pay the
arrears to the present time, whenever a proper
authority to receive them is produced."
It appears that in the year 1824 the arrears of the
payment to the Mayor and Corporation of Winchester
amounted to 342l. 10s. 1d. 3l. per cent. consols, an
uninvested sum of 84l. 7s. 6d. up to the 11th October
1824, and half year's dividend on the stock, 5l. 2s. 9d.
The stock was transferred in that year to the Mayor of
Winchester for the time being, and the two sums of
cash, and the annual charge of 4l. 2s. paid to him. The
like sum of 4l. 2s. has been ever since paid.
The clerk of the hall receives the 3s. 4d.
Alderman William Walthall bequeathed by his will
of the 16th July 1608, to the Company the sum of 500l.
to be put out to ten young men of the Company, 50l. to
a man, each paying 40s. a year, of which interest,—
To the poor children of Christ's Hospital, 10l.
To three of the poorest scholars of Cambridge, 9l.
To the wardens, 1l.
The 10l. per annum is regularly paid to Christ's
Hospital, as well as the 1l. to the wardens.
With regard to the payment to the poor scholars, the
Commissioners of Inquiry (Vol. 6 page 229) remark,
that they "have not been applied for for many years,"
and add that, "the accumulations thereof had been
invested in the purchase of 900l. 3l. per cent.
consols." The Commissioners further say "the nonapplication of this benefaction appears to have arisen
in a great measure from a difficulty felt by the
Company in ascertaining who were entitled to receive
it under the description of persons 'commencing
'master of arts.' It appears to us that the intentions
of the donor would be sufficiently complied with by
paying the money to poor scholars on taking their
master's degree towards defraying the expense
After this report, and as it appears in or about
October 1824, the stock was increased by a further
investment of cash, making together the sum of 1,100l.
3l. per cent consols, the cost of which was 830l. 9s. 8d.
cash. In 1826, the Company began to grant allowances
to poor members of the University of Cambridge, in aid
of the expenses of taking their master of arts degrees.
The Company now receive more applications than can
be supplied yearly. They are generally from poor
curates or other clergy. There are at present seven
applications, of which the master and wardens select the
poorest. The payment is made on the production of the
University Calendar, or the College Certificate, showing
that the degree has been taken. The dividends and
charge make 42l. a year, or three allowances of 14l.
Daniel Westall, by his will 26th October 1717, gave
to the Company 100l. to pay 40s. per annum for two
sermons at the Mercers' Chapel on Christmas and the
following Sunday; and he gave 3l. per annum to 12
poor members of the Company, viz., 5s. apiece on
Shrove Tuesday, and he bequeathed the residue of his
estate to the poor children of Christ's Hospital, with
power for the Mercers' Company to nominate four boys
to the hospital.
And by a deed of the 28th March 1721 between
Christ's Hospital of the one part, and the Mercers'
Company of the other part, the governors of the hospital
covenanted to pay 3l. a year to 12 poor members of the
Company, and to admit into the hospital yearly four
boys, children of the members of the Mercers' Company
nominated by the said Company.
The 2l. a year which forms part of the 548l. 1s.
charged on the Company's estates are paid to the
preacher of two sermons in the Company's chapel.
The Governors of Christ's Hospital pay to the Mercers'
Company under the above indenture 3l. a year, which is
given in sums of 5s. apiece at Easter to 12 persons
either members of the Company, widows, or daughters
of members The same persons also receive other benefactions both from the charities and the bounty of the
The number of presentations to Christ's Hospital is
rarely full, as there are not sons of members of the
Mercers' Company requiring them. There are now
seven boys in the school on this foundation, the Company claiming under this endowment the right to nominate four boys yearly to remain eight years, being 32 on
the books at the same time.
The following Table exhibits the amount of the
foregoing "money legacy charities," arranged in three
columns; the first column showing the interest payable
in respect of the original endowment, and forming the
amount of the present charge on the estates of the
Company; the second column showing the amount of
additional capital stock held by the Company on
account of the several charities arising from accumulations; and the third column the additional income of
each charity as the produce of such accumulations:—
|Donors.||Charges.||Stock from Accumulations.||Interest on Stock.|
|Sir John Allen||1||13||0||—||—|
|R. and E. Barnes||6||0||0||72||14||8||2||3||8|
|Birkbeck and others||10||10||0||—||—|
|Sir L. Duckett||8||0||0||80||11||2||2||8||4|
|Sir Thomas Leigh||4||0||0||—||—|
|Sir R. Martin||8||0||0||437||9||5||13||2||6|
|(including F. Clarke's.)|
|Dame Jane Mico||88||0||0||2,114||8||6||63||8||6|
|Sir Thomas Rivett||5||4||0||59||6||5||1||15||6|
In addition to the above charges the interest of two
other money legacies are mentioned and included in the
schedule of the deeds of 1699 and in the statute of the
4 Geo. 3rd.
The gift of Lady Campden for the purchase of two
impropriations, in lieu whereof the Company have paid
|A lecturer at Grantham||75|
|A lecturer at Wakefield||75|
This charge has been subsequently provided for in
part by a sum of 4,095l. 13s. 10d. consols appropriated
by the Company in 1838 to meet the lectureships, but
the dividends of which amount only to 122l. 17s. 4d.
The residue of the stipend, which the Company have
fixed at 100l. a year each, is made out of the Company's
own property. Their liability as trustees is in this
matter somewhat undefined. (See my report on Lady
The above charges comprise the entire interest account,
making up the annual sum of 548l. 1s., and representing
a capital fund of 14,769l., being the amount stated in
the schedule as the total capital of the various donations
from which that interest is derived.
The schedule contains also the following additional
capital sums not described as bearing interest.
200l., the gift of John Banks, to be lent to young men
at 2l. 13s. 4d. per cent., for the better performance of
the uses for which he gave the lands at Holloway.
1,000l., the gift of Thomas Papillon, to afford such
charitable relief as the Company shall find convenient
to any person or persons lineally descended from him as
shall be in want.
The estates and funds on which the "Money Legacy
Charities" are secured are described in the deeds of
settlement referred to in the statute 4 Geo. 3rd, above
mentioned. The principal deeds are dated the 3rd and
4th of October 1699, and made between the Company
of the one part, and Sir William Hedges and 20 other
persons, trustees, of the other part. The schedule to
this deed sets forth the estates thereby charged in detail,
specifying every tenement and the lease under which it
was held and the rent which it yielded, occupying
several skins of parchment. I have thought it necessary that a record of the property charged with this
annual sum should appear in this report; but instead
of taking the descriptions as they are contained in the
schedule, which would not in many cases (perhaps
scarcely in any) afford the means of identifying the
property at this day, the clerk of the Company has at
my request furnished me with the present description
and rental of the property to which the charge extends,
and which are as follows:—
Browne's Estate. Premises
72 and 73, Tower Street. Vaulted cellars and ground
in the rear.—All let on leases.
Gross rental 160l.
Purchased by the City of London for the site of the
New Royal Exchange, the consideration money being
invested in 9,511l. 9s. 6d. 3l. per cent. consolidated
annuities in the name of the Accountant-General of the
Court of Exchequer, the dividends on which amount to
285l. 6s. 10d.
Chertsey's Estate. Premises.
5 to 7, Garlick Hill.—Let on lease.
Gross rental 200l.
Collier and Mallory's Estate. Premises
3 to 5, Queen Street; 68, Cheapside.—Let on lease.
Gross rental 726l.
Dauntsey's Estate. Premises.
3 to 6, Gracechurch Street; 1, 3, and 7 Corbet Court;
4 to 6, St. Peter's Alley; 8 to 10, New Cannon Street;
41 to 43, Watling Street; 74 and 75, Queen Street.—
All let on leases.
Gross rental, 1,462l. 10s.
Eastfield's Estate. Premises
18 to 20, Bread Street, and premises in the rear of 18
and 19; 34, Cannon Street, West.—All let on leases.
Gross rental, 605l.
Henry VIII.'s Estate. Premises.
35 to 37, Old Jewry; 44, Poultry; 81 to 89, Cheapside; 7, Ironmonger Lane; 3 and 4, Church Passage;
5, 36, and 37, King Street.—All let on leases.
The Company's hall and offices.
Gross rental, 2,845l.
Rental of Mercers' Company's Irish Estate, 1861.
|Freeholds, quit rents,—|
Bradbury's Estate. Premises
78 to 143, Long Acre; East side of Upper St. Martin's
Lane; Mercers' Street; Langley Street; King Street;
Hanover Street; Charles Street; Brokers Alley; Wilson Street; south side of Charles Street; 25 to 40,
Drury Lane.—All let on leases.
Gross rental, 8,709l. 10s.
7,911l. 7s. 11d. consols in the Court of Chancery,
237l. 6s. 8d.
Sir Thomas Gresham's Estate.
One moiety of the rents of the shops, &c. at the Royal
Exchange and vaults.—All let on leases.
Ambulatory and an annuity for site of premises in
Old Broad Street.
1859, gross rental, 12,240l. 19s. 9d.
Lady Gresham's Estate. Premises
Five houses in Gresham Street; 20 and 21, Milk
Street.—All let on leases.
Gross rental, 678l.
Lakin's Estate. Premises
15, Cannon Street, West; Aldermary Churchyard.—
Let on lease.
Gross rental, 360l.
Whittington's Estate. Premises
1 to 9, Gresham Street; 18 and 19, Lawrence Lane;
1 to 4, Mumford Court; 13 and 14 Milk Street; 8 and
9, Wood Street; Mitre Court, Milk Street: 23, Addle
Hill, and stables; 20 to 23, Great Knightrider Street;
Old Swan Lane; College Hill; 2 to 12, Basinghall
Street; 48 and 49, Coleman Street; 63 and 64, Moorgate Street; 9 to 13, and 17 to 20, King's Arms Yard;
13 to 21, Trinity Square; 8 to 10, Barking Alley;
Highgate Archway Road; Lothbury Churchyard.—All
let on leases, except College Hill and a small part of
the premises at Highgate.
Gross rental, 6,212l. 12s. 6d.
Windout's Estate. Premises
54, Watling Street; let on lease.
Gross rental, 100l.
144, Leadenhall Street; let on lease.
Gross rental, 315l.
107 and 108, Cheapside; let on lease.
Gross rental, 442l.
It appears, therefore, that the interest of the money
legacies, which under the deeds of 1699 and the statutes
of the 22 Geo. II. and 4 Geo. III. is made a charge on
the estates of the Company, and also on the trust estates
(subject to prior charges and trusts), is secured upon
property that now produces a gross annual income of
about 40,000l., from which, however, there must be
taken the trusts and charges to which the several estates
are subject prior to the charge created in favour of the
interest of the money legacies.