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17
COMPOSITION RATE.
The Special Committee, to whom it had been referred to consider
as to the best method of repealing the Composition Rate Act, and
to confer on the subject with the Members for the Borough,
reported as follows:—
The Committee directed their attention, in the first instance, to
the possibility of providing funds to redeem by investment, the
Composition Rate, and it was suggested that by levying a special
rate for a certain number of years a fund might be provided
which would extinguish the rate.
It was thought that if £750 annually were invested, which
would be met by a rate of about a halfpenny in the pound, that,
with the accruing interest, would be sufficient to provide a fund,
the income of which would meet the Rector's stipend, but it
appeared that it would take nearly twenty years to do this.
The Committee directed the Clerk to enquire whether any
assistance could bo rendered by the Ecclesiastical Commissioners
or Queen Anne's Bounty, or other bodies. The Clerk had interviews
with the Bishop of Bedford, and an interview with him and the
Bishop of London and the Archdeacon of London, with the
result that it appeared there was no prospect of the assistance
desired being obtained.
Tho Clerk was also directed to communicate with the Incumbent
of St. Saviour's, Southwark, and found that the arrangement made
in that Parish was brought about by the Bishop of Rochester
giving £7000, and tho parishioners subscribing £4000, and the
Incumbent consenting to reduce his income from £600 to £480 per
annum, an arrangement being made for two Curates being
provided at £120 per annum each.
Mr. J. V. Jones, a member of the Committee, who has taken
for many years an active interest on the subject of the Composition
Rate, was requested to see Mr. Howell, who undertook
confer with Mr. Pickersgill. The result was that it did not appear
that anything could be done except to attempt to repeal the
existing Act, which would involve great expense, and would
require some specific scheme to be submitted.