PART IV.

MONEY LEGACIES FOR LOANS.

The money legacies for loans now applied in that form consist of funds derived from ten distinct endowments, of which abstracts are next hereinafter set forth under the respective names of their founders, viz.:—

Dormer's Charity.

Sir Michael Dormer, by his will of the 7th September 1545, gave to the Mercers' Company the sum of 200l. to be lent to four young men of the Company. This Charity was not the subject of any Report by the Commissioners of Inquiry, and probably was not known to them. The will is more fully set forth in the decree of the Court of Chancery, made on the hearing of the cause of the Attorney General v. Mercers' Company, on the 17th of January 1833, for further directions wherein the finding of the Master is recited. The above capital sum of 200l. forms a part of the "Money Legacies for Loans" dealt with in that account, which related not only to that but to several other sums of money, amounting in the whole to 2,850l. as hereinbefore stated.

Culverwell's Charity.

Richard Culverwell, by his will of the 1st December 1584, gave 50l. to the Mercers' Company to be lent freely for five years to one of the godliest poor merchants of Flanders, being a mercer and dwelling in London. The will, which does not appear in the Reports of the Commissioners of Inquiry, is recited in the decree referred to in the last case, and the fund is part of that dealt with in the same cause.

Sharles' Charity.

Margaret Sharles, by her will of the 2nd September 1600, gave to the Mercers' Company 100l. to be lent to five poor tradsemen, being free of the Company. The Charity was not reported upon by the Commissioners of Inquiry. The will is set forth in, and the fund was dealt with by, the proceedings in the suit mentioned in Dormer's case.

Robinson's Charity.

Mary Robinson, by her will, in the year 1618, gave to the Company 200l. to be lent to the young men of the Company by 50l. apiece for three years freely. The will is set forth fully in the proceedings in the cause Attorney General v. Mercers' Company, in which the fund was dealt with as stated in Dormer's case.

Quarles' Charity.

William Quarles, by his will of the 24th August 1592, gave 100l. to the Mercers' Company to be lent to two young men of the Company for four years, paying nothing for it. On this I refer to the Report on the Charity of Sir Michael Dormer, before stated. The diposition and administration of the gift are the same as that of the fund there mentioned.

Holliday's Charity.

William Holliday, by his will of the 16th December 1683, gave to the Mercers' Company the sum of 200l. to be lent to two young men free of the said Company. This has been hitherto an unreported case so far as the records of this office are concerned. It has been dealt with, and the fund invested and administered as in Dormer's case.

Poole's Charity.

John Poole, by his will, dated in or previous to the year 1660, gave to the Mercers' Company 100l., to be lent to two young men of the said Company. This was not before reported. The will is fully set forth, and the fund is dealt with as shown in the report on Dormer's case, and the proceedings on the suit hereafter stated.

John Duckett's Charity.

John Duckett, by his will, in or previous to the year 1666, gave to the Mercers' Company 200l., to be lent out to three young men free of the Company for five years gratis. The fund forms part of the 2,850l., the subject of the suit relating to "Money Legacies for Loans," hereafter stated. The circumstances are the same as in Dormer's case, as to investment and administration. The will is set forth more fully in the proceedings in the cause.

Sleigh's Charity.

Edmund Sleigh, by his will, in or about the year 1660, gave to the said Company 100l., to be lent to a young man free of the said Company gratis for five years. This is governed by the same suit which dealt with Sir Michael Dormer's and the other following Charities which precedes this in my Report. The same observations apply as to the recital of the will in the order hereafter stated.

Sir Samuel Mico's Charity.

Sir Samuel Mico, by his will of the 25th September 1665, gave to the Mercers' Company 500l., to be lent to five young men for three years gratis. The fund forms part of the 2,850l. administered as stated hereafter, according to the scheme settled in this suit. The will is stated in the recital of the Master's Report hereafter set forth.

The Commissioners of Inquiry in their Report (vol. 6, p. 284) say, "It will be seen that many of the charities consist of sums of money given to the Company, in trust to lend them, in different proportions, to young men of the Company, on good security, for limited periods and at certain specified rates of interest, and to apply the interest so paid to various charitable uses. It appears that of late years these loans have been very rarely made, from the want of applications for such assistance. The Company are, however, ready to advance the loans on proper applications being made for them, and in the meantime they pay the interest directed to be reserved to the purposes specified by the respective donors."

The same observation would still be correct, so far as relates to loans of charitable funds bearing interest; but certain loans have subsequently been directed to be made without interest, and are applied for and made to members of the Company accordingly, upon the personal security of themselves and two approved householders.

The Company in this respect, act under the directions of the Court of Chancery, made upon a friendly information filed in 1832, by the Attorney General, at the relation of George Palmer, against the Wardens and Commonalty. The proceedings and order in this suit are set forth in the following decree on further directions.

Money Legacies for Loans.

Order Of The Master Of The Rolls.

At Westminster, Master of the Rolls, Thursday, the 17th day of January, in the third year of the reign of His Majesty King William the Fourth, 1833. Between His Majesty's Attorney General, at the relation of George Palmer the younger, Informant.

The Wardens and Commonalty of the Mystery of Mercers of the City of London, Defendants.

This cause coming on the 13th day of December 1831, to be heard and debated before his Honor the Master of the Rolls, in the presence of counsel learned on both sides; and the pleadings being then opened, and the substance of the information being that accounts might be taken of the several sums of 200l., 50l., 100l., 200l., 100l., 200l., 1,000l., 100l., 200l., 100l., 500l., and 100l., and of the interest and accumulations thereof received by the said Defendants, or by their order, or for their use, and of their application thereof, and that the several charitable gifts might be respectively established and carried into effect under the directions of the Court, and that if necessary a scheme or schemes might be submitted to one of the Masters of the Court for the due application of the said several and respective sums, and that for that purpose all usual and necessary directions might be given for the benefit of those entitled to the said charitable gifts, or that such direction might be given touching the premises as to the Court should seem meet or the nature of this case might require. Whereupon and upon debate of the matter and hearing what was alleged by the Counsel on both sides, his Honor did order and decree that the defendants should pay into the Bank, with the privity of the Accountant General of this Court, to the credit of this cause, the sum of 2,850l., being the amount of the several sums of 200l., 50l., 100l., 200l., 100l., 200l., 1,000l., 100l., 200l., 100l., 500l., and 100l., received by them on account of the several charities in question. And it was ordered that the same when paid in should be laid out in the purchase of Bank 3l. per cent. annuities, in the name and with the privity of the said Accountant General, in trust in this cause. And the said Accountant General was to declare the trust thereof accordingly, subject to the further order of this Court, and for the purposes aforesaid the usual directions were given. And it was ordered that it should be referred to the Master of this Court, in rotation, to approve of and settle a scheme for the due application of the charity funds in question in this cause according to the wills of the several testators, or as near thereto as circumstances would admit. And it was ordered that His Majesty's Attorney General should have a notice to attend the said Master on the said scheme. And it was ordered that the parties should produce before the said Master on oath, all deeds, papers, and writings in their custody or power relating thereto, and be examined upon interrogatories, as the said Master should direct. And it was ordered that the said Master should tax the relators his costs of this suit up to that time. And it was ordered that the same when taxed be paid by the defendants. And his Honor did reserve the considerations of all further directions and of the subsequent costs of this suit until after the said Master should have made his report. And any of the parties were to be at liberty to apply to this Court as they might be advised.

That in pursuance of the said decree, Sir Giffin Wilson, the Master, to whom the said cause was referred, made his report bearing date the 23rd day of July 1832, which stands absolutely confirmed by an order dated the 26th day of November 1832, and thereby certified that he had been attended by the clerk in Court and the solicitor of the relator, and by the clerk in Court and solicitor of the defendants, and by the clerk in Court and solicitor for His Majesty's Attorney General, and in their presence he had considered the matters referred to him by the said decree.

Dormer's Charity.

And he found in the pleadings in this cause it was alleged and in the answer of the defendants admitted, that Sir Michael Dormer, knight, alderman, and mercer of London, by his will in writing bearing date the seventh day of September 1545, gave and bequeathed unto the Wardens and Commonalty of the Mystery of Mercers of the City of London, in the words and figures following, that is to say, I give and bequeath to the Company of Mercers and to the wardens and rulers of the said Company 200l. to be paid into four young men's hands of the same Company that be toward and intend to thrive, not being in the said livery, to have every of them four 50l. apiece in occupying upon good surety to the Wardens and Company for the repayment thereof again when it should please them to require it, to be put unto any other men's hands of the same Company upon a lawful warning, and also once a year about the time that it might please God to send for me that the four young men shall meet together at the Mercers' Church and there desire one of the chaplains to say Mass for all Christian souls, and every one of them to give the priest or offer at the same Mass one penny, and to give to the clerk of the Company at the same Mass yearly twenty pence and to the keeper of the chapel four pence; that is to be done yearly as it please God that this money shall be occupied as aforesaid, I pray God that this may be put to good use to the pleasure of God and the maintenance of young men to God's pleasure; and if the Wardens and Assistants shall think that the four young men shall be overcharged, then that they shall minish as much of the charges as they shall think good according to their discretions. And he found that the said Sir Michael Dormer afterwards died, and that upon his death his will was duly proved, and that the said legacy of 200l. so bequeathed as aforesaid was paid to the Mercers' Company in trust for such purposes aforesaid; but such last-mentioned will had not been produced before him.

Culverwell's Charity.

And he found by the pleadings in this cause it was likewise alleged, and that by the answer of the said Defendants admitted, that Richard Culverwell, of London, merchant, by his will in writing dated the first day of December 1584, gave and bequeathed to the said Company of Mercers in the words and figures following; that is to say, I give and bequeath to the Company of Mercers in London 50l., with condition that the said 50l. may be lent freely for the term of five years to one of the godliest poor merchants of the Low Country of Flanders, being a mercer and dwelling in London, at the discretion of the Wardens of the Mercers for the time being: and after one have had it five years, then another person to have it other five years, and so from time to time one after another to have it, but putting in sufficient sureties to the said wardens for the repayment thereof at the end of five years, and not one person to have it longer than five years. And he found that the said Richard Culverwell afterwards died, and that his will was duly proved in the month of February 1585, and that the said legacy of 50l. was paid to the said Mercers' Company in trust for the purposes mentioned in the will of the said Richard Culverwell, but such last-mentioned will had not been produced before him.

Sharles' Charity

And he found by the pleadings in this cause it was further alleged, and by the answer of the defendants admitted, that Margaret Sharles, of London, widow of Sharles, mercer, by her will in writing dated the 2nd day of September 1600. gave and bequeathed unto the said Mercers' Company, in the words and figures following, that is to say, I willed and bequeathed unto the Master and Company of Mercers of London 100l. to be paid within one year after my decease, upon the special trust and to the intent that the same may be from time to time for ever lent by them unto five such several poor tradesmen for two years together, and not above, as shall be thought most meet by the said Master and Wardens of the Company of Mercers, being free of the said Mystery of Mercers, and my will is that if any, which had been my servants, desire any part thereof, that then, they finding and putting in sufficient surety to the Corporation of the said Mystery of Mercers for the repayment of the same at the end of two years as aforesaid, shall be preferred to have the same before any others. And he found that the said Margaret Sharles afterwards died, and that upon her death her will was proved, and the said legacy of 100l. so bequeathed as aforesaid was duly paid to the said Mercers' Company in trust for the purposes in her said will mentioned, but such last-mentioned will had not been produced before him.

Robinson's Charity.

And he found by the pleadings in this cause it was alleged, and by the answer of the defendants it was admitted, that Mary Robinson, by her will dated in the year 1618, gave and bequeathed to the said Company of Mercers in the words and figures following, that is to say, I give and bequeath to the Worshipful Company of Mercers 200l. in money to be lent to the young men of the said Company of Mercers by 50l. apiece for three years freely, putting in good sureties for the same, and so from time to time for ever. And he found that the said Mary Robinson died in the year 1618, and that upon her death her will was proved on the 26th day of September 1618, and that the said legacy of 200l. so bequeathed as aforesaid was paid to the said Mercers' Company in trust for the purposes in the said will of the said Mary Robinson mentioned; but such lastmentioned will hath not been produced before him.

Quarle's Charity.

And he found that by the pleadings in this cause it was further alleged and admitted by the answer of the defendants, that William Quarles, late of the city of London, mercer, by his will in writing dated the 24th day of August 1592, gave and bequeathed to the said Company of Mercers, in the words and figures following, that is to say, to the Company of Mercers, to the two young men putting in two sufficient sureties for four years, paying nothing for it, the sum of 100l. And he found that the said William Quarles afterwards died, and that upon his death his will was properly proved on the 11th day of January 1608, and that the said legacy of 100l. so bequeathed as aforesaid was to be paid to the said Mercers' Company in trust for the purposes in the said will mentioned, but such lastmentioned will had not been produced before him.

Holliday's Charity.

And he found by the pleadings in this cause it was further alleged and admitted by the answer of the defendants that William Holliday, late one of the aldermen of the city of London, by his will, dated the 16th day of December 1623, gave and bequeathed unto the said Company of Mercers, in the words and figures following, that is to say, I give and bequeath to the Company of Mercers, London, the sum of 200l., to be lent unto two young men, free of the said Company, for five years, putting in three good and sufficient securities for the same, which five years being expired the said money to be repaid, and the same to be lent to two others, free of the said Company aforesaid; and if any of the three sureties shall happen to die or decay, then others, that be sufficient and able, shall be put in the place of them so dying or decaying; or, in default thereof, the money to be repaid within one month after warning given for each of which 100l. there shall be given by him that shall receive the same to the Renter Warden of the said Company for the time being for his pains taken therein the sum of 6s. 8d., and to the clerk of the said Company of Mercers the sum of 3s. 4d.; and in the disposing thereof my request is that my countrymen of Gloucestershire shall be preferred before others. And he found that the said William Holliday afterwards died, and that upon his death the said will was duly proved, and that the said legacy of 200l. was paid to the said Mercers' Company in trust for the purposes mentioned in the said will of the said William Holliday, but such last-mentioned will had not been produced before him.

Fish-bourne's Charity.

And he found by the pleadings in this cause it was further alleged and admitted by the answer of the defendants that Richard Fishbourne, citizen and mercer of London, by his will in writing, dated the 30th day of March 1625, gave and bequeathed unto the said Mercers' Company amongst other bequests to them, one bequest in the words and figures following, that is to say: I give and bequeath to the said Wardens and Commonalty of the Mystery of Mercers, London, the sum of 1,000l. to be lent out to five young men free of the Company by 200l. in each parcel for five years gratis, upon bond with three good sureties for every parcel to be allowed by a Court of Assistants, and so from five years to five years for ever. And my desire is that unto this money there may be preferred in the first place, shopkeepers of the trade of the mercery, next silkmen, then merchants, and other trades free of the said Company and such as be not of the livery of the same. And if any that shall have the occupying of any of this money be afterwards called into the livery, then such to pay in their moneys within three months after they shall be of the livery, and the same to be lent out to others as aforesaid. And he found that the said Richard Fishbourne died in the year 1625, and that his will was proved on the 14th day of May 1625, and that the said legacy of 1,000l. was paid to the said Mercers' Company in trust for the purposes in his said will mentioned, but which last-mentioned will had not been produced before him.

Poole's Charity.

And he found that by the pleadings in this cause it was further alleged and admitted by the answer of the Defendants that John Poole, by his will dated in or previous to the year 1660, by his will gave and bequeathed to the Company of Mercers, in the words and figures following, that is to say: I give to the Company of Mercers the sum of 100l. to be lent out, on good security, to two young men of the said Company, vizt., 50l. a piece for four years, gratis, and then to be called in and lent to other young men of the said Company, and so from time to time to others. And he found that the said John Poole was dead, and that his said will was proved, and the said legacy of 100l. was paid to the said Mercers' Company in trust for the purposes in his said will mentioned, but which will had not been produced before him.

John Duckett's Charity.

And he found by the pleadings in this cause it was further alleged and by the answer of the Defendants admitted that John Duckett by his will in writing in or previous to the year 1666 gave to the said Mercers' Company in the words and figures following that is to say: I give to the Wardens and Commonalty of the Mystery of Mercers of the City of London 200l., to be lent out to three young men, free of the said Company, for five years gratis, that is to say 100l. to one young man, and 50l. apiece to two other young men, each of them putting in two sufficient sureties to be allowed by a Court of Assistants of the Mystery of Mercers for the repayment thereof at five years end; and so from five years to five years, the same 200l. to other young men in manner and form aforesaid, for ever. And that the said John Duckett afterwards died, and that his will was proved, and that the said legacy of 200l. was paid to the said Mercers' Company in trust for the purposes in the said will mentioned, but which will had not been produced before him.

Sleigh's Charity.

And he found by the pleadings in this cause alleged and by the answer of the Defendants admitted, that Edmund Sleigh, Alderman, by his will dated some time in or about the year 1660, gave to the said Company of Mercers, in the words and figures following, that is to say: I give to the Company of Mercers of London, whereof I am a brother, 100l. of lawful money of England, to be lent to a young man, free of the said Company, gratis, for five years upon good security by bond of the penalty of 200l. sterling, with three sureties such as the Master, Wardens, and Assistants of the said Company, and their successors, shall like and approve, conditioned to be paid at the end of five years then next following, and so from thenceforth constantly and successively upon good security with sureties to be approved of as afore is specified, and to be repaid at five years end as afore is expressed, and so to be continued successively for ever for the preferment and encouragement of young men free of the said Company; but my desire is that a silkman be preferred in the first place, provided if the party be brought into the livery, he to pay in the monies within thirty days after. And he found that the said Edmund Sleigh died, and that his said will was proved, and that the said legacy of 100l. was paid to the said Mercers' Company in trust for the purposes in his said will, but which will had not been produced before him.

Mico's Charity.

And by the pleadings in this cause he further found it was alleged, and by the answer of the Defendants admitted that Sir Samuel Mico, knight, by his will dated the 25th day of September 1665, gave and bequeathed to the said Company of Mercers, in the words and figures following, that is to say: To the Company of Mercers, in London, whereof I am a member, I give 500l. to be lent to five young men of that Company, 100l. each for three years, gratis, on good security, to the liking of the Assistants of that Company, and so to the other five young men every three years successively, gratis, on the like security. And he found that the said Sir Samuel Mico died in the year 1665, and that his said will was proved, and that the said legacy of 500l. was paid to the said Mercers' Company in trust for the purposes in his said will, but which will had not been produced before him.

Ann Duckett.

And he found by the pleading in this cause it was further alleged, and admitted by the answer of the defendants, that Ann Duckett, by her will bearing date in or about the year 1660, gave and bequeathed unto the said Mercers' Company, in the words and figures following, that is to say: I give and bequeath unto the Wardens and Commonalty of the Mystery of Mercers of the city of London (meaning the Corporation or body corporate of the same Mystery by whatever name or addition the same is made or known), the sum of 100l., to be lent out to one young man free of the said Company, for five years gratis, he entering into bond with three sufficient sureties to be allowed of by a Court of Assistants of the said Mystery for the repayment thereof at the said five years. And my will and meaning is that the said 100l. shall be lent out to one other young man free of the said Company in manner and form and upon security as is aforementioned from five years to five years gratis for ever. And he found that the said Ann Duckett died, and that her will was proved, and that the said legacy of 100l. was paid to the said Mercers' Company in trust for the purposes in her said will mentioned, but which said will had not been produced before him.

And a scheme had been laid before him on the part of the defendants the Wardens and Commonalty of the Mystery of Mercers of the city of London, whereby it was proposed that they, the said defendants, should from time to time lend out the sum of 2,850l., the amount of the monies received by them on account of the said several charities at present remaining in their hands, notwithstanding the direction contained in the said decree, to pay the same into the Bank with the privity of the Accountant General, to the credit of this cause, to young men free of the said Company of Mercers, whether on the livery or not, in sums not less than 100l. each, and not exceeding the sum of 500l. each, for five years, without interest, upon bond with two good sureties for every sum to be approved by the Court of Assistants of the said Company, and that the said Company from time to time, while any part of the said funds shall be in their hands, shall cause due notice to be given to the members of the said Company thereof, and that when and so often as the said sum of 2,850l., or any part thereof, shall not be lent out as aforesaid, the same shall, from time to time, be laid out and invested by the said defendants on Government or real securities at interest, with full power to call in and convert the same, or any part thereof, into money when and as the same may be required, to lend the same as aforesaid, without being in any manner liable to any deficiency which may be occasioned by any sale or sales, and the investment thereof, from time to time, on such securities as aforesaid, and that the dividends and interest to arise therefrom, or from such part as shall not for the time being be lent out, shall, at the discretion of the said defendants, either be annually awarded at a Court of Assistants of the said Company, to be held in the month of January in every year, to such child or children of freemen or liverymen of the said Company as shall have completed the term of his, her, or their apprenticeship within the year preceding, in such proportion, if more than one, as the said Court of Assistants should think fit, or should from time to time be applied for and towards the payment of such fees for apprenticing out some one or more child or children of freemen or liverymen of the said Company as the said Court should think proper, but that the said defendants should be at liberty, if they should think fit so to do, out of such dividends and interests as aforesaid, and before applying the same, or any part thereof, for the purposes before mentioned, to make good any loss or deficiency which might arise or be occasioned by sale of the principal sum, or any part thereof, for the purposes of loans as aforesaid. And upon consideration of the matter, he was of opinion the said proposal contained a proper scheme for the due application of the charity funds in question according to the wills of the said several testators, or as near thereto, as circumstances would admit, and he had considered the costs of the relator of this suit to the decree, and the bill of such costs he had taxed at the sum of 59l. 15s. 4d.

And this cause coming on this present day to be heard and debated before the Right Honorable the Master of the Rolls for further directions on the said Master's said report, and as to the matter of subsequent costs reserved by the said decree in the presence of counsel learned on both sides, and the pleadings being again opened upon debate of the matter and hearing of the said decree dated the 13th day of December 1831, and the said report dated the 23rd day of July 1832, and the said order bearing date the 26th day of November 1832 read, and what was alleged by the counsel on both sides, his Honor doth order that the scheme in the said Master's report mentioned for the application of the Charity funds in question in this cause according to the will of the several testators in the pleading in this cause mentioned be confirmed, with the following variations. That the defendants from time to time do lend out the sum of 2,850l., in the said report mentioned, to young men free of the said Company of Mercers, in sums not less than 100l. each, and not exceed the sum of 500l. in all cases. And it is ordered that the costs of the securities to be taken in such loans be borne and paid by the pariies receiving such loans respectively. And it is ordered that the said defendants do from time to time, while any part of the said funds shall be in their hands, cause notice to be given in the "London Gazette," and such public newspapers as they shall think fit, thereof; and that when and so often as the said sum of 2,850l., or any part thereof, shall not be lent out as aforesaid, it is ordered that the same be from time to time laid out and invested by the said defendants in the purchase of 3l. per cent. consolidated Bank annuities. And it is ordered that the defendants do retain their own costs, and pay unto the relator his costs of this suit since the last taxation and payment thereof, and also the costs of His Majesty's AttorneyGeneral of this suit to be taxed by the Master as between solicitor and client, out of the charity funds in question in this cause in their hands. And any of the parties are to be at liberty to apply as they may be advised.

The Company publish by notice in the General Court Room that legacies bequeathed by Sir Michael Dormer and others is vested in them to be lent to young men, without interest, upon bond, with approved sureties, as therein mentioned; and they receive applications from freemen according to the scheme. There are generally two or three ready to make application when any sums are repaid, as indeed might be expected, inasmuch as the loan is equivalent in value to a money annuity to the amount of the interest to the period granted. The sums lent to each borrower are generally 500l., but in some cases smaller sums have been lent, if required. The costs of the bond the borrowers themselves pay. The entire sum is now lent out with the exception of 136l. 8s. 2d. The bond is for five years, at the end of which time the repayment is in all cases required. The present borrowers are:—

The costs of the order were 213l. 11s. 10d., which being paid out of the 2,850l., left 2,636l. 8s. 2d., and the present state of the account shows, therefore, the balance above stated. The fund being generally called for as loans under the scheme; the expense of an investment on productive security is not incurred, and no interest has therefore been received applicable to the ultimate purposes mentioned in the order.

All which I submit to the Board.

Thos. Hare, Inspector of Charities.

17th December 1861.