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34
As intimated in the last Annnal Report, the Vestry
requested the Charity Commissioners to receive a deputation
of five members for the purpose of discussing with
them the question of investing the funds of this Charity,
which at that time consisted of £9,9G9 2s. 9d., 2¾ per cent.
Consolidated Annuities, in the purchase of freehold ground
rents or some other security bearing a higher rate of
interest than Consols, and the appointment of new trustees
of the fund, the Rector being the sole survivor.
As a result of this application to the Charity Commissioners
the Vestry Clerk had an interview with one of the
Official Trustees of Charitable Funds on the subject,
who informed him that the Commissioners would not give
any general authority for the purchase of ground rents
with charity funds, but that they would consider on its
merits any application for the purchase of any specific
ground rents. Having regard to the possibility of early
legislation rendering ground rents liable to local rates, the
Commissioners consider that ground rents should be purchased
at such a sum as would yield 4 per cent. interest on
the outlay. The ground rents must, moreover, be well secured
and favourably reported on by a Surveyor or Valuer
appointed by the Commissioners. The expense of obtaining
professional advice by the Vestry and by the Commissioners,
and the legal expense attending the purchase and Stamp Duty
would represent a rather large sum to be charged against
the capital sum which the sale of Consols would realize.
The Official Trustee suggested for consideration the investment
of the fund in India 3 per cents., or some other stock
in which trustees are authorised to invest by the Trust
Investment Act, 1889. The Vestry were advised that the
transfer of stock could be effected immediately and without
appreciable cost to the charity ; that an investment in