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35
India 3 per cents would yield a higher rate of interest than
any other stock referred to in the Act mentioned; and that
such stock would probably have an upward tendency in the
market when the interest on Consols is reduced to 2½ per
cent. nine years hence.
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The Vestry accordingly took steps to transfer the Consols
into India 3 per cents., and at the same time to transfer
the stock into the name of the Official Trustees of Charitable
Funds.
These alterations were carried out and the sum of
£9,807 2s. 9d., the proceeds of the sale of the stock belonging
to the Bounty, was invested in the purchase of
£9,918 13s. 5d. India 3 per cent. stock in which it now
stands. It should be stated that the Official Trustees of
Charitable Funds are bare trustees without any power over
the disposal of the income.
In January the Vestry appointed a Special Committee to
enquire into the administration of this Charity and to
consider as to investing the funds to greater advantage.
The Committee had not concluded their deliberations at
the close of the year to which this report relates.
A statement of accounts for the past year is given on
page 176.
ST. MARTIN'S ALMSHOUSE AND PENSIONS
CHARITY.
This Charity is administered under a scheme established
by the Charity Commissioners in 1886, the governing body
comprisingex-officio,co-optative,and representative Trustees
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