TO THE CHARITY COMMISSIONERS FOR
ENGLAND AND WALES.
In pursuance of a Minute of the Board of the 13th day
of November 1860, I have inquired into the condition
and circumstances of the Charities under the management
of the Company of Ironmongers of the City of London, and
I have stated in the Report under the head of each specific
endowment the result of my investigation.
The Company or Corporation of Ironmongers is intituled
"The Master and Keepers or Wardens and Commonalty
of the Mystery or Art of Ironmongers, London."
The governing body consists of the master, two wardens,
and the livery, which is from time to time filled up to the
number of 100.
The master and wardens pass to their offices by rotation,
holding such offices for one year each, the junior warden
becoming in his second year the senior warden. The livery
are chosen from the freemen. The freedom is acquired by
patrimony, actual (and not colourable) servitude of apprenticeship of seven years, and by redemption, at the discretion of the court, which is obtained by payment of 100
The number of freemen, exclusive of the livery, is about
Thomas Betton by his will of 15th February 1723 devised
and bequeathed the residue of his estates whatsoever and
wheresoever to the Company of Ironmongers upon trust
to pay one full half part of the interest and profits unto the
redemption of British slaves in Turkey or Barbary, one
full fourth part of the interest, &c. unto charity schools in
the City and suburbs of London where the education is
according to the Church of England, in which number that
of St. Leonard, Shoreditch, to be included, and not giving
anyone above 20l. per annum; and the other fourth part
in consideration of the Company's care and pains in the
execution of the will, to the uses following, viz:—
Ten pounds per annum to such minister of the Church
of England as they should from time to time entertain in
their hospital for performing divine service; the remains
unto the necessitated decayed freemen of the said Company,
their widows and children, not exceeding 10l. a year to any
The residuary estate of the testator as appears in the
Reports of the Commissioners of Inquiry (Vol. 2, page 49,
and Vol. 32, part 2, page 450) was laid out in the purchase
of real estates in the counties of Middlesex and Essex, and
a fee farm rent payable from an estate at Bainbrigge,
Yorkshire, excepting a portion of the fund which either
originally stood, or was subsequently placed in Bank Stock
and South Sea Annuities, and some small portion also in
The estate was the subject of an administration suit, the
result of which is briefly stated in the Reports of the
Commissioners of Inquiry (Vol. 2, page 49).
The Charity funds were applied in accordance with the
original direction, so far as the circumstances of the times
admitted, but a large accumulation arose of the funds
applicable to the objects to which the first moiety of the
estate was devoted by the will. In November 1829 an
information was filed by the Attorney-General, at the relation of D. H. Howlett, against the Ironmongers' Company,
stating amongst other things that by certain treaties entered
into between this country and Turkey and the States of
Barbary all dealings in slaves were prohibited, and, therefore, according to the laws of this country, the said moiety
could not be applied according to the directions of the
testator; and the information prayed that it might be
declared that one moiety of the Charity Estates ought to
be applied to the purposes of the Charity, and as near to
the intention of the donor as the circumstances of the case
would admit; that it might be referred to the Master to
take an account of the rents and profits and other revenues
of the said Charity; that the Company should account for
such part as should appear to have been improperly applied;
and that the Master should settle a plan for the future
The Company by their answer, the substance of which is
set out in the same Report, stated that the accumulations
of the surplus income in June 1827 amounted to 81,500l.,
3l. per cent. Reduced Annuities, and 3,569l. 18s. 7d. 3l. per
cent. Consols, besides a freehold estate at Sible Hedingham,
in Essex, which, in 1806, the Company had purchased for
6,191l. 10s. cash, a portion of the then accumulations,
and which estate produced a rental of 230l. a year, and the
defendants stated the resolutions which had been come to
by a special committee of the Company for the application of the annual income of the accumulation towards the
other objects to which the second moiety of the testator's
estate had been devoted.
An interim order of the Court of the 25th March 1830
continued the application thus adopted by the Company
pending the litigation on the subject.
An order of the Court of the 19th July 1830 referred it
to the Master to approve of a scheme for the administration
of the moiety of the estate from which the accumulations
had arisen, and to inquire whether such scheme could be
carried into effect without the aid of Parliament, and also
to settle a scheme for the proper application of the other
moiety. The order also directed the defendants to transfer
to the Accountant-General one moiety of the stock purchased with part of the testator's residuary estate, to be
placed to an account called "The Principal Account," and
the stock which had arisen from the moiety of the estates
applicable to the redemption of slaves to "The Accumulated
The report of the Master of the 20th July 1833 advised
that 7,000l. stock should be set apart in order that the
dividends and amount of accumulations thereof might form
a fund to provide for the redemption of British subjects who
might thereafter be detained in Turkey or Barbary, and he
approved of a scheme for the application of the surplus
income in two moieties; one for charity schools in the
City and suburbs of London, and the other for objects
connected with the Company, similar to those directed by
the will, and as to the second moiety of the estate the
Master approved of the application which the Company had
The Master of the Rolls (Sir John Leach) by his decree
12th November 1833, declared that the Court had no jurisdiction to apply the surplus income of the moiety of the
Charity property in question to any purpose inconsistent
with the testator's intention, and referred it back to the
Master to approve of a scheme to be submitted to Parliament, and his honour confirmed that part of the Report
which related to the setting apart of the 7,000l., Bank 3l. per
cent. Annuities to "The Redemption Slave Account," and
directed the same accordingly.
On appeal from this decree to the Lord Chancellor (Lord
Brougham) his Lordship on the 21st November 1834 reversed the declaration as to the want of jurisdiction in the
Court, and as to the application to Parliament. The cause
was in pursuance of this decree re-heard before the Master
of the Rolls (Sir W. W. Pepys) on the 28th of April 1835,
who referred it back to the Master to review his report and
settle a scheme, having regard as near as might be to the
intention of the testator and having regard to the bequest
touching British captives, and having regard to the other
charitable bequests in the will.
On the 3rd August 1839 the Master made a separate
report and certified that there were no direct objects to
which the surplus moiety and the accumulations thereof
and the dividends and income thereof could be applied, and
the Master thereby further certified that if the true construction of the order of the 1st May 1835 should be that
he was bound in the first instance to consider the application of the surplus moiety and the accumulations thereof,
and of the dividends and income thereof, in reference only
to the intention of the testator as to the bequest contained
in his will touching British captives, and if the case of
"the Attorney-General v. Gibson" cited before him, were
a case which should appear to the Court as applicable
to the present case, that the application proposed by
the scheme therein referred to as having been brought
in by the trustees of the Mico Charity was an application as near as might be to the intention of the
testator, as to the bequest contained in his will touching
British captives, provision being made for the increase of
the comforts of such of the pensioners in Greenwich Hospital as were present at the battle of Algiers, and for the
education at the school attached to such hospital, and at
the Royal Naval School, and at the school attached to the
Royal Benevolent Society, all therein mentioned, of the children of such officers and men as were present at
the battle of Algiers. But the Master thereby submitted also to the Court whether a portion of
the surplus moiety and the accumulations thereof
and of the dividends and income thereof might not
in such case be properly applied for the benefit of the
Seamen's Hospital Society and the Royal Naval Benevolent
Society therein mentioned, at least in respect of the last
mentioned Charities, so far as respected the officers and
men, and their families engaged at the battle of Algiers,
but if the case of "the Attorney-General v. Gibson" should
not appear to the Court as applicable to the present case, or
one that ought to govern it, or if the true construction of
the order of the 1st of May 1835, should be that he was
bound to consider of the application of such surplus moiety
and the accumulations thereof, and of the dividends and
income thereof, having regard as near as might be to the
intention of the testator as to the bequest contained in his
will touching British captives, and having regard also to
the other charitable bequests in the will, whether the case
of "Attorney-General v. Gibson" should or not appear to
the Court applicable to the present case, or one that ought to
govern it, then he found subject to the provision being
made for the increase of the comforts of such of the pensioners in Greenwich Hospital as were present at the battle
of Algiers, and the education of their children at such
schools as therein-before mentioned, and also subject to the
submission therein-before mentioned, as to the Seamen's
Hospital Society and the Royal Naval Benevolent Society,
that the proper application of the surplus moiety, and the
accumulations thereof, and of the dividends and income
thereof, would be for the better support of the Charity
Schools in the city and suburbs of London, where the
education is according to the Church of England, including
the school of the parish where the testator dwelt, and the
Royal Naval School, and the school attached to Greenwich
Hospital, and he further certified that save as aforesaid,
there were no objects to which the surplus moiety and the
accumulations thereof, and the dividends and income
thereof could be applied, having regard to the directions
contained in the decree of the 1st May 1835.
The consideration of the report and exceptions taken by
the Company thereto, came on for hearing before the
Master of the Rolls (Lord Langdale) on the 13th December 1839, when it was declared that there were no direct
objects to which the income of the moiety of the Charity
estates and funds mentioned in the pleadings and the
accumulations thereof could be applied, regard being had
to the bequest in the will of the testator touching British
captives. And it was declared that the scheme proposed
by the appellants and mentioned in the report, so far as it
proposed the appropriation of the income of the moiety and
the accumulations thereof to the Charity Schools in the
City and suburbs of London where the education is according to the Church of England, and to the necessitated
decayed freemer of the ronmongers' Company, their widows
and children, was a proper scheme for the application of
the income of such moiety and the accumulations thereof,
and of the income and dividends thereof, as near as might
be to the intention of the testator, having regard to the
bequest contained in his will touching British captives, and
having regard also to the other charitable bequests in his
will; and it was referred back to the Master to review his
report and to approve of a scheme for the application of the
moiety and the accumulations thereof, and the dividends
and income thereof to the Charity Schools in the city and
suburbs of London where the education is according to the
Church of England, and to the necessitated decayed freemen
of the Ironmongers' Company, their widows and children.
On the appeal of the informant and relators against this
decision the Lord Chancellor, on the 23rd January 1841,
reversed the decree of the Master of the Rolls, except so
much thereof as declared that there were no direct objects
to which the income of the moiety of the Charity estates
and funds mentioned in the pleadings, and the accumulations thereof, could be applied, regard being had to the
bequest in the will of the testator touching British captives, and in lieu of the part so reversed it was declared
that the half part of the rents, interest, and profits of the
testator's property which by his will is directed to be
applied to the redemption of British slaves in Turkey or
Barbary, and the interest and profits of the accumulations
thereof ought to be applied in supporting and assisting
Charity Schools in England and Wales where the education
is according to the Church of England, but not to an
amount of more than 20l. a year to any one school, and it
was referred back to the Master to settle and approve of a
scheme for that purpose, and the consideration of all
further directions and subsequent costs was reserved.
From this decision which negatived the application of a
moiety of the moiety in question, to purposes connected
with the Company and its freemen, similar to those which
the testator had pointed out as to a portion of the other
moiety, the Ironmongers' Company appealed to the House
of Lords, assigning by their counsel, Sir W. W. Follett,
Mr. Sutton-Sharpe, and Mr. Adams, as their principal
reasons of appeal:
First. Because in default of the direct objects to which
the income of the moiety of the Charity Estates and funds
and the accumulations thereof could be applied, regard
being had to the bequest in the will of the said T. Betton,
touching British captives, the application of the income of
the said moiety and the accumulations thereof to the
Charity Schools in the City and suburbs of London, where
the education was according to the Church of England,
and the necessitated decayed freemen of the Ironmongers'
Company, their widows and children, was a proper scheme
for the application of such income and the accumulations
thereof, and the accruing dividends thereof, as near as
might be to the intention of the testator, having regard to
the bequest in his will touching British captives, and
having regard also to the other charitable bequests in his
Second. Because, according to the true construction of
the will of the said T. Betton, in default of the direct
objects to which, by the said will, the income of the said
moiety of the said Charity Estates was given, the income of
such moiety ought to be applied to the other charitable
objects mentioned in the said will.
The respondents, the Attorney-General, and the relator,
by their counsel, Mr. Pemberton, Mr. C. P. Cooper, and
Mr. Spurrier, assigned as their principal reasons for supporting the decree:
Firstly. It is a well-established principle in courts of
equity that where a testator has bequeathed property to
different definite charitable purposes, some of which have
failed, it is to be applied to other charitable purposes as
nearly as may be in conformity with the intention of the
testator as such intention is to be collected from his will.
Secondly. In the present case by the order of the 1st
May 1835, which has not been appealed from, the Master
was, in accordance with that principle, directed, in settling
a scheme, "to have regard as near as might be to the intention of the testator as to the bequest contained in his
will touching British captives, and to have regard also
to the other charitable bequests in the will."
Thirdly. The testator in bequeathing a fourth part of
his residuary property as he has done. "In consideration
of the Ironmongers' Company's care and pains in the
execution of his will," has manifested that he had in
view rather the remuneration of those on whom he reposed
the burden of carrying his will into execution, than the
establishment of any particular charity.
Fourthly. The only charitable purposes therefore directly
contemplated as such by the will are two, namely, the redemption of British slaves in Turkey or Barbary, a purpose
which has wholly failed, and the support of schools in
London and its suburbs for education, on the principles of
the Church of England; and the bequest to such lastmentioned charitable purposes afford therefore the only
guide to be found to the intention of the testator.
Lastly. The application directed by the decree appealed
from of the property destined to the purpose which has
failed is in conformity with the intention of the testator in
so far as it can be collected from such last mentioned
charitable bequests, with regard to the latter of such bequests, inasmuch as it provides for the support of schools
for education on the principles of the Church of England,
and with regard to the former of such bequests, inasmuch
as it is extended to the whole of the British community,
and as no other application has been suggested more in
conformity with such intention, and in particular none suggested more nearly resembling the charitable purposes
which has failed.
The cause came on before the House of Lords on the
7th June 1844, and was heard before the Lord Chancellor
(Lyndhurst), Lord Brougham, Lord Cottenham, and Lord
Campbell, when their lordships dismissed the appeal and
confirmed the decree.
The Master then proceeded to make his report, and by
such report dated the 23rd December 1845, certified that
the income of the funds in court and of the estates, constituting the moiety and accumulations in question in the
cause amounted to the yearly sum of 5,000l. or thereabouts,
but such amount of income in part arising from Bank
stock, rents, and profits of estates might increase or diminish, and he certified that there was then standing to the
separate account in the cause, namely, "redemption slave
account" 7,916l. 8s. 3d., Bank three per cent. Annuities,
including the 7,000l. like Bank Annuities originally transferred and set apart to that account as a fund to provide
for any British subjects that might hereafter be detained
in slavery in Turkey or Barbary. And the Master certified
that it had been submitted to him that in apportioning the
said income, estimated at 5,000l. a year, among the 26
dioceses of England and Wales as therein-after mentioned,
regard had been had to the population, to the number of
parishes or ecclesiastical districts, and to the number of
schools most proper to be supported and assisted in each
diocese, so that conformably to the decision of the Court
the benefit of the Charity might be fairly and equally distributed over the whole kingdom, and he certified that the
following apportionment was a fair and just distribution of
the income in manner aforesaid.
|To the Diocese of London||360|
|To the Diocese of Canterbury||180|
|To the Diocese of York||200|
|To the Diocese of Durham||180|
|To the Diocese of Winchester||200|
|To the Diocese of St. Asaph||160|
|To the Diocese of Bangor||160|
|To the Diocese of Bath and Wells||180|
|To the Diocese of Carlisle||170|
|To the Diocese of Chester||320|
|To the Diocese of Chichester||150|
|To the Diocese of St. David's||200|
|To the Diocese of Ely||180|
|To the Diocese of Exeter||200|
|To the Diocese of Gloucester and Bristol||180|
|To the Diocese of Hereford||150|
|To the Diocese of Lichfield||230|
|To the Diocese of Lincoln||200|
|To the Diocese of Llandaff||180|
|To the Diocese of Norwich||180|
|To the Diocese of Oxford||150|
|To the Diocese of Peterborough||180|
|To the Diocese of Ripon||200|
|To the Diocese of Rochester||80|
|To the Diocese of Salisbury||180|
|To the Diocese of Worcester||220|
And the Master thereby approved of the following scheme
in lieu of the scheme mentioned in his report of the 21st
April 1842, for the purpose of applying the half part of
the rents and profits of the testator's property; but the
scheme so approved contained directions for the passing of
the accounts before the Master, which were not confirmed
by the Court, but were expunged from the scheme by the
subsequent order, and are not, therefore, stated amongst
the following clauses. The clauses approved and adopted
1st.—That the annual sums above mentioned and apportioned, and the sums to be apportioned as herein-after
provided, shall be distributed and divided to and among
the schools in each diocese that shall be most proper to be
supported and assisted, not giving to any one school more
than 20l. a year and not less than 5l. a year, under and
according to such rules and regulations as are herein-after
mentioned and contained.
2nd.—That the Ironmongers' Company shall receive the
whole income of the charity funds and estates, and shall
keep accounts of all monies received in respect thereof,
and of their application of such monies, such accounts to
be made up yearly, and shall also keep full minutes of all
their proceedings in respect of the Charity
3rd.—That the Ironmongers' Company shall, from time
to time, as circumstances may require, alter and vary the
sums apportioned or to be apportioned to any diocese
according to the population, the number of parishes or
ecclesiastical districts, the number of schools proper to be
supported and assisted therein, so far as they shall be able
to ascertain the same, and shall, within six weeks from the
time of making the same, report any such alteration or
variation to the bishop of such diocese.
4th.—That notice of all grants proposed to be made to
schools shall be given to the bishops of the dioceses in
which such schools shall be situate one month before
making the same, and in case any bishop shall within such
month make any communication to the Ironmongers'
Company on the subject of such proposed grant, or any of
them, or otherwise relating to the Charity, the Ironmongers' Company, in coming to a determination on the
subject of such grants or other communications of the
bishops relating to the Charity, shall give due consideration
to such communication, and inform the bishops of their
5th.—That in selecting the most proper schools to be
supported and assisted, a preference shall be given to the
claims of schools that have been recently established where
the difficulties incident to a new undertaking are still to
be overcome; and that among new schools those be preferred which are connected with new district churches,
where the clergyman chiefly depends for his support upon
the pew rents, and where the local resources are required
for church buildings and other similar purposes.
6th.—That the schools especially preferred shall be those
in which instruction is given both on Sunday and on
every day throughout the week, and that Sunday schools
merely, and schools for infants under seven years of age,
shall be excluded from the benefit of the fund.
7th.—That in cases where a boys' school and girls'
school are under one and the same management, and are
intended for the benefit of the same population, they shall
be regarded as one establishment, and one grant only shall
be deemed sufficient for both.
8th.—That once in every year the Ironmongers' Company shall require a certificate from the managers or
trustees of the schools to which grants shall be made, or if
there shall not be any managers or trustees thereof, then
from the ministers of the parishes in which such schools
shall be situate, a certificate as to the state of the school
buildings, the manner in which the schools are conducted,
the amount as well as the yearly income, whether derived
from subscriptions or otherwise, as also of the yearly
expenditure for the preceding year, and the debts or
incumbrances (if any) affecting the schools, and the Ironmongers' Company shall give due consideration to such
certificate in determining on the propriety of continuing
By the order of Lord Langdale, the Master of the Rolls,
of the 29th July 1846, his Lordship confirmed the scheme
mentioned in the Master's report of the 23rd December
1845, with the exception aforesaid, and directed that the
same should be established, and the half part of the rents,
profits, and interests, applied accordingly.
The costs of these proceedings (except the costs of the
appeal to the House of Lords, which were ordered to be
paid by the Company), were paid out of the moiety of the
Charity estates. The aggregate amount of the costs has
not been computed, but I am informed that they were not
much less than 10,000l.
The account was continued under the order, and a
balance found due from the Company. This fund was
invested and added to the fund in court on the accumulated income account. The amount of the stock belonging
to this branch of Betton's Charity and standing in the
name of the Accountant-General of the Court of Chancery
to the credit of the cause, Attorney-General v. Ironmongers'
Company, is set out in a later part of this report.
The real estate of the Charity consists of the following
particulars, in which I have followed the Report of the
Commissioners of Inquiry (Vol. 2, Appendix P. 228):—
Middlesex.—Isle of Dogs.
|Under an order of the Charity Commissioners
of England and Wales of the 17th July
1855, and an order of the 5th June 1857,
the Company demised to John Henry
Weetzel, his executors, administrators, and
assigns three pieces or plots of land, containing in the whole about 3 acres, at rents
amounting together to||162||0||0|
|(These were building leases for 63 years, and
upwards of 70 fourth-class houses, called
respectively Betton's Terrace, Totnes Terrace,
Ingelburn Terrace and Place, Laura Cottages, and Elizabeth Cottages, have been
built in pursuance of the covenants and
under the inspection of the Company's
|Under an order of the Charity Commissioners
for England and Wales of the 17th July
1855, another plot of land, was demised
to W. J. and R. Tindal for a like term of
63 years upon a building lease, and a factory
and warehouse has been built thereon, the
reserved rent being||50||0||0|
|The remainder of the land called Barnfield,
stated to be about 31 acres of marsh land, is
now let to Mr. Bradshaw, a tenant from
year to year at||77||10||0|
|Upon the Isle of Dogs property, under the
order of the Charity Commissioners for
England and Wales of 31st day of October
1856, the Company were authorised to raise
1,000l. by way of mortgage, bearing interest
at 4¼ per cent., and to pay the same to the
Metropolitan Board of Works as and for the
construction of a sewer by the said board as
|A redemption or sinking fund has been
created, which on the 30th June 1860
amounted to 161l. 10s., 3l. per cent. Consols,
in the names of members of the Company,
50l. in cash, and the accumulating dividends,
are annually appropriated to this fund.|
|The Metropolitan Board of Works have given
the Company notice of their intention to
take a portion of the land of the Charity
running through the property in East and
West Ham to the outfall on the river in
quantity about 80 acres for the Metropolitan
sewer. The claim of the Ironmongers' Company in respect of this Charity is about
41,700l., and 500l. an acre for the Reed
Shore, according to the quantity which shall
be taken. Into this matter it is not necessary
and it would be premature to enter, but the
conclusion of the purchase will of course
materially affect the future particulars and
rental of the estate.|
|West Ham, Essex.|
|Under the order of the Charity Commissioners
for England and Wales, dated the 3rd day
of February 1857, the Company demised a
plot of land, containing about ¼ of an acre,
to Messrs. Dodge, Bacon and Co., carrying
on business under the style of the Patent
Leather Cloth Company (Limited), for a
term not exceeding 60 years at an annual
rent of 20l.||120||0||0|
|Under a subsequent arrangement with the
Patent Leather Company, communicated to
the Board, and receiving their preliminary
and conditional sanction, intimated to the
Ironmongers' Company by the Board's letter
of the 22nd November 1858, the term was
extended to 99 years, and a further quantity
of land, making altogether about 1¾ acres,
was included in the demise, with provisions
for building, and the whole rent was fixed at
120l. Buildings (including the manufactory
and warehouses of the Company) of a substantial character have been erected. The
Ironmongers' Company have applied to the
board for its confirmation.|
|Millmead, 44 a. 2 r. 34 p. of marsh land, let to
Mure and Co., tenants from year to year||102||10||0|
|Workhouse, churchwardens of West Ham,
under a lease of 1724 prior to the purchase
of the property by the Company||0||1||0|
|Barrowfield, the leases of 1793 having expired
the five houses are let at rack rents as
|To William Norton for 21 years, from
Michaelmas 1854, a house and about 4 acres
of land (but the statement of the measurement is omitted in the counterpart, a plan of
the property is however given in the margin)||80||0||0|
|A plot of ground, 3 a. 2 r. 38 p., and seven
houses erected thereon upon a building lease
for 61 years, from Michaelmas 1843, granted
to Thomas Bullock||30||0||0|
|A house and garden, demised to J. Goilleux
for 14 years, from Lady-day 1855||20||0||0|
|A house and garden, demised to William Taylor
for 14 years, from Christmas 1854||25||0||0|
|A house and garden, demised to the Patent
Leather Cloth Company (Limited) for 10
years, from Christmas 1858||30||0||0|
|(Formerly let to Mr. Bigg). This is only
separated by a proposed road from the
premises demised to the same Company as
|A house and garden, let to Delavanté,
tenant from year to year||35||0||0|
|East Ham Estate.|
|Three pieces of land, called Gooselees, Little
Gooselees, and Barbers, containing 21 a.
0 r. 6 p., let to Thomas and J. Gurney
Matthews, by lease dated 26th April 1853,
for 21 years, from Michaelmas 1852, at||100||0||0|
|(The lessees are empowered to break up a portion of the land, covenanting to lay it down
again in pasture if required. This is apparently the property described in the former
report (Appendix, p. 228) as East Ham
|Easement, a fence allowed to be placed on
Messrs. Philpotts' land||0||0||6|
|Demised by lease of the 30th April 1858, for
7 years, from Christmas 1857, to John
|Reed shore, containing 16 acres, let to West
and Kirk as yearly tenants||40||0||0|
|Hither Wheatfield, or Wheatfield Crags, of
5 a. 3 r. 0 p., and Trinity Tun Marsh of
4 a. 1 r. 25 p., let to Mary Abbott as yearly
|A fee farm rent, issuing out of an estate called
Bainbrigge Park of 68l. 7s. 11d, which, after
deducting 13l. 13s. for land tax, leaves||54||14||11|
The above forms the original and undivided part of the
The disbursements out of this estate before the division
of the net fund between the different branches of the
|Sewer's investment or sinking fund (above
|Interest on the loan (above referred to)||42||17||10|
|The insurance, which is debited on one side of
the account, is in the course of years, though
not always in the identical year, credited on
the other side as received from the tenants.|
|Chief rents (Millmead)||0||14||1|
|Ironmongers' Company, three committees of
the trust estates annually, including the
view committee, and for stationery||34||0||0|
|(The Master in Chancery when the accounts
were passed in that court, allowed 10l. for
the view, 6l. for each of the audit committee,
and 12l. for stationery).|
|Re Metropolitan Board of Works 21l. 0s. 4d.,
which will be repaid by the purchaser of the
land under the compulsory powers of the
Sewers' Acts. The annual average charges
|Coaches for the view committee||3||0||0|
|Rates and taxes||3||0||0|
|Surveyor's charges (average)||40||0||0|
The gross income of the undivided portion of the Charity
|Deducting from this amount as the
average of three years' expenses
The net income of the three years averages therefore
about 1,330l. yearly, which, divided into moieties, makes
665l. annually. It should however be observed that the
prospective revenue will be greater as the income of the
estate is increasing.
It is now necessary to pursue the account in its separate
branches, and first as to the former moiety, that unaffected
by the scheme of 1845.
|The moiety of the net income of the undivided
|The sum of 1,069l. 13s. 9d. Bank stock in the
corporate name of the Company||96||5||4|
|The sum of 142l. 16s. 4d., 3l. per cent. Annuities, less than corresponding portion of the
Old South Sea Annuities in the Court of
Chancery from the investment having been
made on a different day||4||4||6|
|The sum of 67l. 7s. 10d., 3l. per cents.,
formerly Navy Stock||2||0||8|
|The sum of 506l. 7s. 10d. Reduced Annuities||14||17||6|
|The fourth part||£391||4||0|
It will be observed that the report of the Master of the
20th July 1833, approved of the application of this moiety
of the original estates, and that no directions were given by
the Court thereupon. The application has therefore continued to be made substantially in the same manner as
before the institution of the suit.
As to the fourth part for the benefit of charity schools in
the City and suburbs of London, in the construction of the
term suburbs the Company have adopted the signification
of parishes actually abutting on parishes in the City of
London. A list was settled many years ago in a classification of first, second, and third-class schools, according to
the number of scholars and necessity of assistance, rather
than what the terms would otherwise imply. The list was
revised about 10 years ago, and now stands as shown in the
following statement, the balance of the quarter of the
income is allotted to St. Leonard, Shoreditch, the school
specially referred to by the testator, and the school
mentioned in each parish, where not otherwise described,
is the parochial or national school of the mother parish or
church. The sums appropriated to the schools in the
following statement were the sums allowed in the year
Statement of Schools.
|No.||Names of Schools.||Amount.|
|St. Leonard, Shoreditch||17||7||0|
First Class.—15 Schools at 10l. 10s. each.
1. St. Ann's Society Schools.
2. St. Andrew, Holborn.
3. St. James, Clerkenwell.
4. St. Mary, Whitechapel.
5. St. Luke, Middlesex.
6. St. Giles and St. George, Bloomsbury.
7. Farringdon Ward, Within.
8. St. Botolph, Bishopsgate.
9. Cripplegate Ward, Without.
10. Tower Ward, St. Dunstan's East.
11. St. Saviour's, Southwark, Boys.
13. St. Dunstan in the West, Farringdon Ward.
14. St. Botolph, Aldersgate.
15. St. Saviour's, Southwark, Girls.
16. St. Sepulchre, Middlesex, Boys.
Second Class.—3 Schools at 8l. 10s. each.
17. St. Sepulchre, Ladies' Charity School.
18. St. Bride, Fleet Street.
19. St. Sepulchre Within, Girls.
Third Class.—26 Schools at 6l.
20. St. John, Wapping.
21. St. George-in-the-East.
22. St. Olave, Southwark, Ladies.
23. St. Sepulchre Without School (Girls)
24. Bridge, Candlewick, and Dowgate.
25. St. Catherine Cree, Aldgate Ward.
26. St. Botolph, Aldgate.
27. Broad Street Ward.
28. Cornhill and Lime Street.
29. Peter Joy's School.
30. St. Botolph, Aldersgate Street, National.
31. Finsbury School.
32. Coleman Street Ward.
33. Cripplegate Ward, Within.
34. St. Ethelburga School, Bishopsgate Within.
35. Vintry Ward.
36. Castle Baynard Ward.
37. St. Bartholomew the Great.
38. Langbourn Ward.
39. Queenhithe Ward.
40. Norton Folgate.
41. St. Alphage Society.
42. Billingsgate Ward.
43. St. Sepulchre, London, Boys' School.
44. Christ Church, Spitalfields.
45. Cordwainer and Bread Street Ward.
|First class, 15 schools at 10l. 10s. each||157||10||0|
|Second class, 3 schools at 8l. 10s. each||25||10||0|
|Third class, 26 schools at 6l. each||156||0||0|
I have stated the average of the fourth part of the income
for the last three years applicable to the schools in the
City and suburbs of London at 391l. 4s., but the amount of
rental and income received in the year 1859–60 only afforded
the above sum of 356l. 7s. It is apparent that several of
the schools in the above list do not stand in need of assistance, and none of the poorest establishments are within it.
The object of the members of the Ironmongers' Company is
to select the most needy institutions within the scope of
their powers, and it were greatly to be desired that some
method were found of indicating the schools which are
situated in the most populous neighbourhoods, and per
forming most satisfactorily the business of instruction and at
the same time the most in want of aid.
The increase of the income will afford an extension of
the distribution which may be by addition of the amount
given to each school, or by adding to the number of schools
allowed to participate.
As to the other fourth for the chaplain, and the necessitated deceased freemen of the Company, their widows and
The tomb of Thomas Betton is in the burial ground of
the almshouse in Kingland Road, and is by the desire in
the will repaired by the Company from this portion of the
|The chaplain of the Ironmongers' Company,
who resides and officiates at Sir Robert
Geffrey's Almshouses, receives from the
Ironmongers' Company 104l., from Geffery's
Charity 75l., from Chase's 10l., from Betton's
10l., and Hanson's 1l., making up a stipend
of 200l. a year.||10||0||0|
The poor members of the Company are divided into two
classes, outdoor and indoor.
Of the outdoor pensioners there are 38, and indoor (in
Sir Robert Geffrey's Almshouses) 20. To the outdoor
pensioners 10l. a year each are paid, and to the indoor 6l.
As Betton's Charity will not make up these amounts,
the Ironmongers' Company provide the difference from
their own funds, which has required from 180l. to 220l. a
year. In 1858–9 the Company paid from their own funds
222l. 8s. 0d.
The income of the Charity property, falling within the
scheme of 1845, is thus:—
|Estimated average of the moiety of the undivided estate (as above)||665||0||0|
|The Slave Redemption Account had up to the
year 1858 accumulated to the sum of 12,409l.
16s. 9d., 3l. per cent. Consols. By an order
of the Court of Chancery of the 24th Nov.
1858, it was ordered that the interest from
time to time to accrue due on the 12,409l.
16s. 9d. Consols be paid to the petitioners,
the Ironmongers' Company, until the further
order of the Court to be applied by them in
the manner directed by the order of the
29th July 1846, concerning the interest and
dividends to accrue due on the Bank
Annuities, Bank stock, and South Sea
Annuities, standing in the name of the
Accountant-General to the credit of the
cause, "The Accumulated Income Account,"
thereby directed to be paid to the Company.|
|Moiety of the Original Fund.|
|3l. per cent. Annuities||144||0||10||4||2||7|
|New 3l. per cent. Annuities,
formerly 3l. 5s.||67||7||10||2||0||8|
|3l. per cent. Reduced Bank Annuities, moiety of land tax
money mentioned in the Appendix to the 2nd report of
the Commissioners of Education (p. 230)||506||7||10||14||12||5|
|Accumulated Income Account.|
|84,500l. 3l. per cent. Reduced Bank Annuities||2,482||3||10|
|69,936l. 9s. 2d. 3l. per cent. Consols||2,010||13||6|
|The income of the Slave Redemption Account,
12,409l. 16s. 9d. 3l. per cent. Consols, under
the order of the 24th November 1858, above
|The Sible Hedingham Estate, Essex, let to
David Rest for 14 years, from March 1859,
farm house buildings and 238 a. 0 r. 0 p.||260||0||0|
In the year ending June 30th 1860 the income, applicable
to the purposes of the scheme in Chancery, was—
|Original undivided estate||559||12||11|
|The arrears due on the rents at
the commencement of the year
|was received in the year 1859–60.|
|On the 30th June 1860 the arrears
|The division in June 1860 is not
however made on the account
of that year, but upon the
account of 1858–9. It is therefore necessary to ascertain the
actual receipts in the latter
|In 1857–8 the arrears, Midsummer
|Of which in that year, 1858–9,
|The rental actually received in
that year was||872||2||6|
|At the end of the year 1858–9 the
|Of this, the arrears of a former
year, were received||63||13||8|
|The disbursements in 1859, 1860 were increased
(or rather the accidental charges of the year
were increased) by the circumstance that
57l. 4s. 6d. was allowed to tenants in property tax, and no return obtained in that
year, and that the surveyor's account was
89l. 13s. 0d., exceeding its usual or ordinary
magnitude (as I have above estimated it) by
about 50l. This accounts for the comparatively small sum arising from the moiety
of the general estate in that year.|
|The Sible Hedingham Estate||260||0||0|
|Returned income and property tax||330||14||4|
The amount of this moiety of the Charity in the last year,
as actually received and applied, thus tests the accuracy of
the general account which I have above presented.
After the final establishment and confirmation of the
scheme above stated the following advertisement was issued
by the Ironmongers' Company and inserted in every journal
in England and Wales. This was done at an expense of
To Clergymen and others connected with the Established Church.
The Worshipful Company of Ironmongers, London, as
Trustees of Mr. Betton's Charity, hereby give notice that,
by a decree of the Court of Chancery, the income arising
from the accumulated funds of this Charity is directed to
be distributed annually amongst schools in England and
Wales, where the education is in accordance with the
principles of the Church of England. Parties desirous of
obtaining grants must forward their applications, containing particulars of their schools, &c. to the Clerk of the
Company at Ironmongers' Hall, London.
Sunday and infant schools are not within the scope of
the Charity, nor can any grant be made for building schoolhouses or establishing schools.
March 13th, 1847.
The applications in reply to the advertisement were about 2,300 in number. To every applicant the following
paper of questions was transmitted:—
Questions to be answered by Parties making Application for a portion of the Funds arising from Mr. Betton's
The funds are intended for national, parochial, and other schools of a similar nature, where the education is in accordance with the principles of the Church of England, except Sunday and infant schools, which are not within the scope of
No grants can be made for building school houses, or establishing schools, but only for assisting schools in
1. What is the population of your parish or district,
and is it agricultural or manufacturing?
2. Are there any, and if so, how many, schools in your
parish or district for the education of the poor according to the principles of the Church of England,
exclusive of Sunday and infant schools, and of the
school for which application is made?
3. Are there any buildings permanently appropriated to
the school, for which application is made?
4. Is there any debt or charge on the buildings?
5. How many children are educated in the school, distinguishing boys and girls?
6. Are any of the children attending the school, clothed
or partly clothed out of the funds, and if so, how
7. How long has the school, in respect of which your
application is made, been established?
8. How many children will the school buildings accommodate?
9. What is the number of children on the books, and
what has been the average attendance during the
last twelve months?
10. What is the annual income of the school, and from
what sources derived?
Permanent income or endowment
Subscriptions, distinguishing local from other
Payments from children
Other resources, including capitation and other
grants from Government and charitable bequests
11. Is there a teacher's house?
12. What is the annual cost of maintaining the school?
Salary to master, including children's payments
Ditto to mistress
Books, stationery, &c.
Fuel, candles, &c.
Rent of school house
Other expenses, if any
13. Is the school under Government or diocesan inspection?
14. Are there any resident landed proprietors, gentry,
or others in your parish or district, capable of
affording pecuniary assistance?
15. What is the extent of the parish or district and
the estimated annual value according to the poor
16. In what diocese, county, and parish is your school
situate, and is it attached to a new district?
Signature of applicant
By the regulations of the Court of Chancery respecting this Charity, the Ironmongers' Company are bound to require
a certificate annually from the trustees or managers of each school, or if no managers or trustees, from the clergyman of
the parish, as to the state of the school buildings, the manner in which the school is conducted, the amount of income
and expenditure for the preceding year, and the debts or incumbrances, if any, affecting the schools.
The information received in reply to the foregoing interrogatories was tabulated by the clerk in the following
|Name of Parish or District.||Name of Cleryman.||Population.||No. of Children.||Income.||Annual Expences.||New or Old District.||Valuation of Parish or District.||Observations.|
The tabular statement was prepared before November
1847. The observations made on each case after perusing
the applications, answers, and correspondence in each case,
were brought before the trustees (a committee of the Company, consisting of 40 in number, of whom about 25
attend) who meet annually in November. At the first
occasion, for acting upon the information gathered as
above, the business occupied several days. The Committee apportioned to the schools of each diocese the sum
specified in the scheme for that particular diocese. This
allotment to each diocese was not strictly persevered in but
for a short time; few applications had proceeded from
Worcester and Carlisle, and some portions of the sums
specified for those dioceses were given to others. The
diocese of Manchester was also subsequently carried out
of that of Chester. After seven years, in 1854, the committee sent a circular to the schools, stating that a revision
was contemplated, and in the result of their new inquiries
they altered the original distribution as to about 60 schools,
without other regard to the diocese than that of considering that the same diocese had the first claim, cœteris
paribus, to any sum which had been originally given. The
chief diminution was in the diocese of Carlisle. At the
first grant to every school, a letter in the following form
The trustees of Mr. Betton's Charity have granted
the sum of l. to the school at,
and, should the funds permit, the grant will be continued
during the pleasure of the trustees and upon the following
That the Government or diocesan inspector of schools,
or any inspector to be appointed by the trustees be admitted from time to time to examine into the efficiency of
That a certificate, stating the school is properly conducted, be transmitted from the clergyman of the parish or
district at the time of each payment.
You will have the kindness to inform me at your earliest
convenience whether you are willing to accept the grant on
the conditions above stated, and if so a certificate and receipt will be forwarded to you at an early period for signature, and to enable you to receive the money from the
bankers of the trustees. It will, however, be necessary
that I should previously be furnished with the names of
the treasurer and manager.
I am, sir,
Your most obedient servant,
S. Adams Beck.
On the acceptance of the grant on the specified conditions, the clerk transmits to the clergyman of the parish
the following letter and form of receipt:—
Ironmongers' Hall, London,
Herewith I beg to forward you the cheque and
certificate to enable you to receive the grant from Betton's
Charity for the year ensuing. I beg at the same time to
call your attention to the questions on the back of the
certificate, and to request that the fullest and clearest
answers may be given. The account of income is to include all sums received on account of the school, and the
statement of the expenditure is to show the full amount
disbursed on account of the school, whether for master's
salary or otherwise. Where the expenditure exceeds the
income it would be desirable that you should state how the
excess is made up, as the trustees are of opinion, from the
returns made to them, that the clergyman and treasurers
are frequently called upon to pay considerable sums from
their own resources which only appear as a portion of the
general expenses and not as arising from their private
I must also, in consequence of many parties returning
the cheques to me for payment again call your attention to
the mode in which payment is to be obtained. The money
will be paid on the receipt and certificate being signed and
presented for payment at the banking house of Sir Charles
Price, Bart., and Company, King William Street, either
through your bankers, or by yourself, or some friend personally.
In case any change should have taken place since last
year in the clergyman, treasurer, or manager, it will be
necessary that I should be furnished with the christian and
surnames of the new officer in order that the list, from
which the bankers pay the receipts, may be rectified.
I am, sir,
Your most obedient servant,
S. Adams Beck.
Received the day of 18
of the Worshipful Company of Ironmongers (trustees of
Mr. Betton's Charity) the sum of pounds,
being the amount granted by them to the school at
in the county of
Signature of treasurer
I hereby certify that the school at
in the county of in respect of which the
above sum is granted, has been in operation from the
day of and is
now conducted to my satisfaction.
Signature of clergyman
Payable at Sir Charles Price, Bart., Marryat and Company, King William Street, London.
A list of the grants proposed to be made in each diocese
is previously sent to the bishop. In some instances alterations have been made at the bishop's suggestion.
There has been no general revision of the grants since
1854, but in the year 1861, being the second period of
seven years, it is intended by the Company to reconsider
the list, and after obtaining such assistance as they can
from the inspectors of schools, both general and diocesan,
to revise the distribution.
When the subject of this moiety of the Charity was in
litigation in the Court of Chancery the costs were taxed.
The taxation took place under an order of the Master of
the Rolls (I presume an order of course) of the 10th December 1849 and included costs up to that time. The
principle adopted by the taxing master was to allow—
|For every single letter sent||0||3||6|
|But if more than one is written the same
day, the charge was to be 5s. for the first,
and 2s. for every other. For perusing and
considering 1,782 papers of questions and
answers to applicants for grants, and upwards of 5,000 letters. Accompanying
and relating to the same. Drawing
epitome and full particulars of the applications for the trustees||221||0||0|
|It will be observed it is as nearly as possible
2s. 6d. per application, which was the calculation on which the allowance was made.|
|There were in the same bill allowances for
various attendances on the trustees, on the
business of which the following is an
|Attending the trustees, going through statements of accounts, apportioning funds between different dioceses, viz., St. Asaph,
Bangor, Bath, Canterbury, Carlisle, and
|Similar allowances were made for attendance
on the apportionment to several other
clusters of dioceses.|
|Preparing, addressing, and sending out 748
circulars to clergymen to whose schools
grants had been made, with form and certificate||6||6||0|
|Filling in 736 certificates and receipts and
counterfoils, with amount of grant, name
of school and all necessary particulars||18||8||0|
|Attending several clergymen, bankers, trustees, and other parties on the subject of
this charity, in the years 1846, 1847, 1848,
|Adopting the principle to be collected
from the scale of charges thus sanctioned
by the Court; the clerk of the Company
has since charged:|
|For examining and preparing the epitome of
each application annually||0||2||6|
|For filling up certificates each||0||0||6|
|For filling up circulars annually||6||6||0|
|Attendance on clergy annually||10||10||0|
|Attendance on committees per day||3||3||0|
The total amount charged for the expense of
management, was in—
The other charges on the fund are only small sums for
stationery and 10l. for the committee, in ordinary years.
On the septennial revision there may be several committees,
and the charge is on that occasion multiplied accordingly.
On the last occasion there were three committees.
The distribution to the several charities throughout
England and Wales and the short particulars of the application upon which the grant was made, and the educational
claims and necessities of each school, as they at present
appear, is set forth in an account recently prepared with a
view to the revision of 1861, which concludes this report.
The aggregate amount distributed in the last years was
|1857–58 (actually paid)||5,258||0||0|
|1858–59 (actually paid)||5,323||0||0|
|(added to schools in the succeeding
|1859–60 (actually paid)||5,688||0||0|
New grant or additional grants to other schools have
been made since June 1860 to the amount of 200l. (fn. 1)
Peter Blundell, by his will 9th June 1599, gave to the
Ironmongers' Company 150l. to purchase lands, out of
which 40s. a year should be paid by the master and wardens
to poor prisoners in Ludgate, and the residue for the Company.
No lands were purchased. The Company pay the 2l. a
year to Mr. J. J. Temple, the officer of the City for the
Ludgate and other city prisons.
Sir James Cambell, by his will of the 1st January 1641,
gave to the Company 1,000l. to be lent out to 10 young
men of the Company at 4l. per cent., and the interest disposed of towards releasing honest and poor freemen out of
the prisons of London, which should be there for their fees
and charges and other small sums, not exceeding 5l.
apiece; and the testator gave 300l. to the master and
wardens to be lent out to six of the poorest sort of young men
of the Company at 3l. 6s. 8d. per annum, which interest he
gave to the Company. And the testator gave to the said
Company 50l. to the end that they should give to their
clerk for ever such sufficient recompense for making the
bonds for the 1,300l. to be lent as aforesaid, and for giving
the notice at every meeting of the yeomanry of such sums
as should be then in cash, or soon after due, that the said
clerk might hold himself therewith contented and take
nothing of the young men either for making the bonds or
in any way whatever. And he gave the 10l. arising from
the said 300l. to the Company on the conditions that they
accepted the trust.
The Commissioners of Inquiry report that the payment
in respect of the interest of the 1,000l. was discontinued
by an order of the Court of Chancery in 1741, on the allegation that the fund had been authoritatively appropriated
by Parliament, during the civil wars. (Vol. 10, p. 238.)
By subsequent inquiries it appeared that, although there
was no doubt that the Company and its members had been
compelled to make large contributions to the Parliament
about 1642, 1644, and 1645, yet there was no reason to
suppose that this particular sum had been specifically taken.
On the 15th October 1833 an information was filed by
the Attorney-General at the relation of William Everett,
against the Company, praying that it might be declared
that the Company were chargeable with and bound to
provide out of their general funds the said two several
sums of 1,000l. and 300l. to be applied on the trusts of the
will as the Court should think necessary, and that the
same might be set apart and invested as to the said 1,000l.
so as to yield an income of 40l. to be applied for the release
of poor prisoners. And that the defendants should account
for the arrears of the said yearly sum of 40l. from the year
1770 down to the time of the resumption of the yearly
payments. And that it might be referred to the Master to
take such account accordingly, and that the defendants
might pay the amount when so ascertained, and that such
arrears should be invested to form a fund yielding interest
to be applied to the trusts to which the same ought to
have been applied either with reference to making loans or
otherwise as the Court might direct, and that it might be
referred to the Master to settle a scheme.
By the decree of the 30th of November 1836 the Master
of the Rolls ordered that the Ironmongers' Company should
be charged therewith accordingly, and that it should be
referred to the Master to settle a scheme for the lending
out of the said two sums of 1,000l. and 300l., and for the
application of the interest thereof, having regard to the
will and intentions of the testator, with directions to tax
the costs of all parties, and reserving the consideration of
all further directions.
The Master made his report dated the 20th March 1837,
and found that it had been alleged on the part of the
relator that since the gifts were made the value of money
had greatly decreased and the prices of the necessary
articles of life had greatly increased, so that 100l. was at
that time of more value than 300l. at the present time, and
that it was believed that if the loans be restricted to 100l.
there would not be any applications from freemen of the
Company for the same, nor would such a sum be deemed
sufficient benefit as to produce freemen to procure two or
three sureties, to give a bond, or to grant a mortgage for the
same, but if the loans should be increased, or a discretion
given to the Company to increase them to 300l., the same
would be applied for and would be considered a benefit by
poor freemen of the Company, the relator had therefore
proposed as a proper scheme for the lending out of the said
1,000l. and 300l. or so much thereof as would remain after
payment thereout of the said extra and subsequent costs,
and for the application of the interest thereof, regard being
had to the said will in certain articles.
The Master then set forth the scheme which he settled
and approved of, and which is in the terms of the printed
To Freemen of the Worshipful Company of Ironmongers.
Scheme for Regulating Sir J. Cambell's Charity
settled by the Court of Chancery in 1837.
That so much of the said sums of 1,000l. and 300l.
mentioned in the said decree as should remain after payment of the relators' extra costs, and the subsequent costs
of this suit, be set apart as a fund, to be called the "Loan
Fund," bearing interest; and that the management of the
said fund, and all matters incidental thereto, be vested in
the Company for the time being.
That the residue of the said sums of 1,000l. and 300l.
after payment of the said costs be lent or advanced as or
by way of loans to young freemen of the said Company, in
sums of 100l. and upwards, but not exceeding the sum of
300l to each freeman, for five years, bearing interest at
4 per cent. per annum, upon bond with two or three good
sureties for the repayment, to be approved of by the said
Company for the time being.
That each applicant for such loans shall at the respective
times of the same being made give a bond with two or
three sureties, as may be required, whereby they shall become jointly and severally bound to the master and
wardens of the said Company for the time being in a
penalty of double the amount of the sum borrowed and
conditioned for the repayment of the said principal sum
within three calendar months from the lending thereof;
but that the calling in of the said loan is not to be made,
nor the said bond put in force, until the expiration of five
years from the date thereof, unless it shall be manifest to
the said Company upon good grounds that any of the
obligators or sureties are not responsible and are unable
to satisfy the same, in which case it shall be lawful for the
said Company to call in the money, and in case of nonpayment to put the said bond in force, unless the borrower,
being and continuing solvent, can procure another surety
or other sureties of substance as the case may require and
the Company shall judge necessary; and in the event of
the borrower becoming insolvent or in distressed circumstances, or, in the opinion of the Company, unable to discharge the said loan, that then it shall be lawful for the
said Company immediately thenceforth to put the said
bond in force against the said borrower and his sureties,
or such of them as the said Company shall think fit.
That on the death of any borrower before the said five
years shall expire, the said Company shall call in the
money, and in case of non-payment put the bond in force
against his representatives and sureties and all persons
liable thereon, if they shall think fit.
That in case the whole or any part of the said sums
applicable to loans shall not be required, nor be advanced
by way of loan, on bond as aforesaid, then the Company
may lend out the same in sums not exceeding 300l. to any
one freeman on mortgage of freehold, leasehold, or other
property of ample value, without sureties, at 4 per cent.
per annum for five years.
That the respective borrowers shall bear and pay the
charge for the stamps only on the bonds, and all proper
and necessary charges and expenses of and attending the
making and executing of the mortgages, and all other
matters relative thereto, and the Company shall bear and
pay the residue of the charge for the said bond out of their
That in a book to be provided and kept by the clerk of
the Company shall be entered the names and residences of
the respective borrowers and their sureties, their profession
or business, the sums lent, the times of making the loans,
and when payable, and any other particulars which may be
thought material or necessary.
That once at least in every year, and also from and
immediately after any of the moneys called in shall be received, notice shall be posted up in the common hall of
the said Company, and advertised in two or more of the
London daily newspapers of the greatest circulation, that
such moneys are ready to be advanced on loan to such
freemen of the said Company, and in manner as hereinbefore mentioned.
That notice of the said funds, or such parts thereof as
are now in hand, shall be immediately in like manner
posted up and advertised as ready to be advanced on loan
to freemen of the said Company, at the rate of interest
That when the whole or any part of the residue of the
said sum of 1,000l. shall be in hand, and not immediately
required for loans, the same shall be invested in Exchequer
bills, or some other convenient or tangible security, and the
interest made therefrom, as also the interest to arise from
the said loans, shall, when, and as the same shall be received be paid and applied to, and for the charitable
objects and purposes herein-after mentioned as far as the
same will extend.
That the interest of the loans and investments of the
said sum of 1,000l., when, and as the same shall be received, be paid yearly and every year for ever, for or
towards the releasing of such honest poor freemen of
London out of some or all the prisons as shall have most
need, and who shall be confined therein for their fees and
charges, or other small debts or sums not exceeding 15l.
That the interest of the said sum of 300l. given to the
said Company be retained by them for their own use and
benefit or applied at their own discretion for charitable
That all reasonable and necessary expenses incidental
to carrying this scheme into effect, except such as are
herein-before provided to be paid by the borrowers and the
said Company, shall be borne and paid out of the said
trust funds, or out of any interest to be made therefrom.
That the articles of this scheme shall be printed and put
up in the hall of the said Company.
That the said book shall be open to the inspection of all
or any of the members of the said Company at all reasonable times without expence.
By an order of the Court on further directions of the
27th May 1837 it was ordered that the scheme for carrying
the Charity into effect be carried into execution, and that
the Master was to tax all parties their costs of the suit as
between solicitor and client, and that such costs be paid
out of the Charity fund.
The sum of 852l. 6s. 6d. which appears to have been
the amount of the balance of 1,000l. after paying the costs
which amounted to 147l. 13s. 6d., was in 1837 invested in
the purchase of 907l. 18s. 9d. 3l. per cent. Consols.
In February 1838 the Company sold out 218l. 11s. 7d.
3l. per cent. Consols, part of this fund producing 200l. cash,
to lend to a freemen named Playfair. In 1842 324l. 15s. 3d.
further stock was sold out to lend 300l. to a freeman
named Smithson, which left 364l. 11s. 11d. like stock of
the original fund. In 1845 the Company bought 100l. 5s.
stock with 100l. repaid by Playfair; in the same year
457l. 7s. 3d. stock was sold out for loans of 300l. to Radford, and 150l. to Woodin, both freemen.
This reduced the stock to 7l. 9s. 8d.
In April 1846 the Company bought 103l. 7s. 2d. stock
with 100l. received from Playfair. Both these sums were
received from Playfair's sureties. In December 1846 the
Company purchased 52l. 4s. 5d. stock with 50l. received
from Smithson's sureties. In July 1847 they purchased
56l. 7s. 8d. stock, with 50l. received from Smithson's
sureties. In August 1848 a further purchase of 57l.
17s. 1d. stock was made with 50l. received from Smithson's sureties. In October 1849 the Company purchased
53l. 13s. 2d. stock with 50l. received from Smithson's
surities. In August 1850 they purchased 103l. 1s. 10d.
stock with 100l. received from Woodin's sureties. In
February 1851 they purchased 51l. 15s. 6d. with 50l.
received from Woodin's sureties. The loans to Playfair
and Woodin were thus recovered and part of Smithson's.
In August 1851 there remained as the result of the
transaction 485l. 16s. 6d. stock, with the outstanding
loans. In January 1855 the Company sold out 111l. 7s. 6d.
stock for a loan of 100l. to Gorton, and in September 1856
a sum of 317l. 6s. 9d. stock for a loan of 300l. to Raven.
In January 1860 the Company bought 226l. 12s. 6d. stock
with 150l. received in full from Radford (the principal)
and 67l. 1s. 8d. from his sureties.
The stock now (13th February 1861) consists of
283l. 13s. 9d. 3l. per cent. Consols and the outstanding
100l. to Gorton.
300l. to Raven.
There is also a balance of 100l., due from Smithson,
which is considered to be a bad debt. The notice of the
loan fund is posted in the hall of the Company.
It has not been the habit of the Company to insert
advertisements of the loan fund in the newspapers for two
or three years past.
The interest account of the Cambell Loan Fund exhibits
two payments in 1854 and one in 1860 each of 15l. for the
discharge of prisoners.
In 1859 4l. 10s. 4d. was paid for a like purpose.
Printed applications are left with the Governor of White
Cross Street, and in filling them up it is expected that he
will state that the prisoner is confined for debt and can be
released for the sum of 15l.
The Governor, Colonel Hicks, brings the receipt from
the plaintiff's attorney and certifies the discharge. The
acceptance of the 15l. is usually a compromise of a larger
debt, which the detaining creditor consents to receive in
satisfaction of his demand. I need not remark on the
fraud to which this is open if the administration be not
carefully guarded and great care exercised by the Governor
of the prison in the cases he selects.
There are law charges in the recovery of the sums due
from the borrowers. I find that in some cases there have
been law charges for the preparation of the bonds, which
according to the sixth clause of the scheme are to be borne
by the Company. The clerk of the Company will examine
the past accounts and extract such charges and bring them
to the credit of the income account of the Charity. In
some cases expenses have been incurred in the discovery of
an attempted fraud or concealment on the part of the
borrowers, and allowances have been made to persons who
have assisted in getting in funds by such means. In the
year 1859–60, the sum of 7l. 10s. was paid as commission
for the recovery of Radford's debt which had theretofore
been considered lost.
The balance in hand on the income account (i.e. the
dividends on the stock, and interest on the loans) in June
1860 was 83l. 5s. 7d. To this will be added the charges
for the preparation of the bonds which up to this time have
been erroneously made.
William Chase by his will dated the 1st February 1719,
gave to the Company 200l. to pay yearly 10l. to a minister
to read prayers daily, and preach a sermon on Sundays at
The 10l. is annually paid to the chaplain of the almshouses. The chaplain receives 200l. a year, in which this
is included, but forms a distinct payment.
William Chapman by his will of the 8th August 1579
gave to the Company 200l. for maintaining in Oriel College,
Oxford, two poor scholars 5l. a piece, until they should be
of the age of 30 years: a further sum of 100l. to pay to 24
poor householders of Cookham, Berks, 5l. 4s.; every Sunday in bread and money, 2s. to be paid to 12 of such
householders on one Sunday, and to the other 12 on the
The books of the Company state that the students are
elected by the college under a decree of the Court of
Chancery of the 18th of James I., but of which the clerk of
the Company has never seen any copy. The Company
receive nominations of the dean and provost and senior
tutor of the college, and pay the 5l. to such nominees, who
are always fellows of the college.
The Company pay 5l. 4s. a year to the churchwardens of
Margaret Dane, by her will of the 16th May 1579 gave
to the Company 2,000l. to lend the same to 20 young
men of the Company for three years at 5 per cent. interest
and the Company to pay 100l. yearly for the same as
|Christ's, Bartholomew's, and St. Thomas'
Hospitals (10l. each)||30||0||0|
|Twenty poor maids||10||0||0|
|Two poor scholars at Oxford and Cambridge,
|Bread and beef to poor prisoners||10||0||0|
|To a school at Bishop Stortford||5||0||0|
|Faggots for the poorest people of the 24
wards (12,000 faggots)||25||0||0|
|Dinner at the hall||10||0||0|
The sum of 2,000l. is stated to have been lent out
according to the will for many years, but by an entry in
the books of the Company it appears that the money was
taken by the Parliament sometime in or after 1640 and
never repaid. The payment in respect of the interest continued to be made by the Company, until a suit was
instituted in the Court of Chancery in 1833.
On the 3rd December 1833 an information was filed by
the Attorney-General at the relation of William Everett
against the Ironmongers' Company, praying that the
defendants might be declared to be accountable and liable
to pay or otherwise chargeable with the said 2,000l. of the
gift of the said several yearly sums in the will mentioned
to the several charitable uses in that behalf, as the interest
thereof, and that the said defendants ought, under the
circumstances, and that they be decreed to provide or apply
some specific fund in respect of the said 2,000l., yielding a
clear yearly income to the amount of the said several
yearly sums or otherwise as might under the circumstances
appear proper either by way of investment or otherwise.
By the decree of the 30th November 1836, the defendants
submitting to be charged with the said principal sum of
2,000l., the Court declared them charged therewith accordingly and referred it to the Master to settle a scheme for
the lending out of the said 2,000l., and for the application
of the interest thereof to the several charitable trusts and
purposes in the said will expressed as soon as might be
having regard to the will, save as to the 10l. for a dinner
which was to be in the discretion of the said Company.
The Master by his report of the 20th March 1837 approved of a scheme for the administration of the fund,
which was directed to be invested, after the payment of
costs directed to be taxed and paid. The sum invested
was 1,855l. 5s. 3d. which purchased 1,997l. 11s. 9d., 3l. per
cent. Reduced Annuities. The scheme is appended to this
The sum of 1,997l. 11s. 9d. stock was first reduced by
the sale of 323l. 6s. stock for the purpose of a loan of
300l. to James Imeson, according to the scheme. It was
lent upon bond with two sureties. Imeson became insolvent, one of the sureties also became insolvent, a sum of
50l. 3s. 9d. was recovered and invested in 53l. 8s. stock,
making then altogether 1,727l. 14s. 3d. The other surety
paid 10s. in the pound on the debt, which was invested in
the sum of 152l. 5s. 3d. like stock, making it a fund of
1,879l. 19s. 6d.
A subsequent loan of 100l. having been made to Gorton,
the dividends on the stock, after deducting expenses of
notices, &c. are apportioned according to the directions of
the scheme; thus in 1859–60—
|Paid for marriage portions to 20 poor persons||5||10||5|
|For fuel to 24 wards, on receipts to the ward
|Christ's, Saint Thomas, and Bartholomew's
Hospitals (5l. 10s. 5d. each)||16||11||3|
|Poor scholars of St. Peter's and Merton, two
nominated by masters of the college||5||10||5|
|Bishop's Stortford parish and churchwardens||2||15||6|
|Expense of notices, law charges, &c.||12||11||4|
|Meat sent to Whitecross Street and Queen's
Bench Prison (in kind)||5||10||5|
|Porterage of ditto||0||5||0|
To Freemen of the Worshipful Company of Ironmongers.
Scheme for regulating Mrs. Dane's Charity, settled by
the Court of Chancery in 1837.
That so much of the said sum of 2,000l. mentioned in
the said decree, as shall remain after the payment of the
relator's extra costs and the subsequent costs of this suit,
be set apart as a fund, to be called the "Loan Fund,"
bearing interest; and that the management of the said
fund and all other matters incidental thereto, be vested in
the said Company for the time being.
That the residue of the said sum of 2,000l. after payment
of the said costs be lent or advanced as or by way of loans
to young freemen of the said Company; but that poor
young freemen of the said Company, occupiers and inhabitants of the City of London or the suburbs thereof,
and such who may be retailers of linen cloth, are to be
preferred in sums of 100l. and upwards, (but not exceeding
the sum of 300l. to each freeman), for five years, bearing
interest at five per cent. per annum upon bond with two or
three good sureties for the repayment, to be approved of
by the said Company for the time being.
That each applicant for such loan shall, at the respective
times of the same being made, give a bond with two or
three sureties, as may be required, whereby they shall become
jointly and severally bound to the master and wardens, and
six others of the said Company by name, for the time
being, in a penalty of double the amount of the sum
borrowed, conditioned for the repayment of the said
principal sum within three calendar months from the lending thereof; but the calling in of the said loan is not to
be made nor the said bond put in force until the expiration of five years from the date thereof, unless it shall be
manifest to the said Company, upon good grounds, that
any of the obligors or sureties are not responsible or are
unable to satisfy the same, in which case it shall be lawful
for the said Company to call in the money, and in case of
non-payment to put the said bond in force, unless the
borrower, being or continuing solvent, can procure another
surety or other sureties of substance as the case may require and the Company shall judge necessary; and in the
event of the borrower becoming insolvent or in distressed
circumstances, or in the opinion of the said Company, unable to discharge the said loan, that then it shall be lawful
for the said Company immediately thenceforth to put the
said bond in force against the said borrower and his sureties
or such of them as the said Company shall think fit.
That on the death of any borrower before the said five
years shall expire, the said Company shall, if they shall see
fit, call in the money, and in case of non-payment, put the
bond in force against his representatives and sureties, and
all persons liable thereon.
That in case the whole or any part of the said sum
applicable to loans shall not be required nor be advanced
by way of loan on bond as aforesaid, then the Company
may lend out the same, in sums not exceeding 300l. to any
one freeman, on mortgage of good freehold, leasehold, or
other property of ample value, without sureties at five per
cent. per annum for five years.
That the respective borrowers shall bear and pay all
proper and necessary charges and expences of and attending the making and executing the bonds and mortgages
and all other matters relative thereto.
That in a book, to be provided and kept by the clerk of
the said Company, shall be entered the names and
residences of the respective borrowers and their sureties,
their profession or business, the sums lent, the times of
making the loans, and when payable, and any other particulars which may be thought material or necessary.
That once at least in every year, and also from and immediately after any of the moneys called in shall be received,
notice shall be posted up in the Common Hall of the said
Company, and advertised in two or more of the London
daily newspapers of the greatest circulation, that such
moneys are ready to be advanced on loans to such freemen
of the said Company, and in manner herein-before mentioned.
That notice of the said funds or such part thereof as is
now in hand shall be immediately in like manner posted
up and advertised as ready to be advanced on loan to freemen of the said Company, and at such rate of interest as
That when the whole or any part of the said trust fund
shall be in hand and not immediately required for loans,
the same shall be invested in Exchequer bills or some other
convenient and tangible security, and the interest made
therefrom, as also the interest to arise from the said loans
when and as the same shall be received, be paid and applied
to or for the charitable objects and purposes hereinafter
mentioned so far as the same will extend rateably and in
That a fair proportion rateably of the yearly sums of
10l. bequeathed to each of the said hospitals, viz.:—
Christ's Hospital, St. Bartholomew's, and St. Thomas'
Hospital, be paid to them respectively.
That a like fair proportion rateably of the yearly sum of
10l. be paid and distributed at the discretion of the said
Company for ever to 20 poor maids, within every year, at
or on the respective days of their marriage.
That a like proportion rateably of the yearly sum of 10l.
be paid to and equally between the two Universities of
Oxford and Cambridge for ever, in or towards the relief
and bringing up in learning of two poor scholars, the one
to be in Oxford and the other in Cambridge, but so as that
he that hath the benefit the one year should not have it
the next year, but to come through the whole or as many
number of poor scholars as may be, and when all the poor
scholars shall have partaken thereof, then to revert again,
in due order and regularity.
That a like proportion rateably of the yearly sum of 10l.
be paid for ever to the governors, keepers, or wardens of
the several prisons of Newgate, Ludgate, Giltspur-street,
Whitecross-street, Tothill-fields, Marshalsea, the Borough
Click in Tooley-street, and the King's Bench, in such proportions as the said Company shall think fit, to be laid out
in the purchase of bread and meat, to be distributed
emongst the poor prisoners in the said prisons, once in
That a like proportion rateably of the yearly sum of 5l.
be paid for ever to one of the churchwardens of Bishop
Stortford, in the county of Herts, to be applied towards
the maintenance of the school there; or such school failing, then to the relief of the poor people of the same parish
not receiving parochial relief.
That a like proportion rateably of the yearly sum of 25l.
be paid for ever in equal shares to the respective officers of
24 of the wards of the City of London, to be laid out in
the purchase of fuel to be distributed among the poorest
people of the said wards once in every year at Christmas.
That a like proportion rateably of the yearly sum of 10l.
given to the said Company in or towards a dinner to be
made at their hall on the day of the said testatrix's death,
in every year, be retained by them or applied at their discretion for charitable purposes.
That all reasonable and necessary expenses incidental to
the carrying this scheme into effect (except such as shall
be properly charged to the said borrowers) shall be borne
and paid out of the said trust funds, or out of any interest
to be made therefrom while in hand and until the same
shall be so lent out as aforesaid.
That the articles of this scheme shall be printed and put
up in the hall of the said Company.
That the said book shall be open to the inspection of all
or any of the members of the said Company at all reasonable times, without expense.
Anthony Gamage by his will, 15th December 1771
bequeathed to the Ironmongers' Company 400l. to be lent
to young men, freemen of the Company, in different sums
as directed by the will, rendering to the wardens of the
Company 30s. for every 100l., the sum to be:—
|For the wardens' use||0||6||8|
|Company's use, amongst the poorest brethren
yearly, to be divided||0||10||0|
|Wardens of the Grocers' Company for seeing
to the bestowing of the 400l., between the
Company, their clerk, and beadle as thereby
The capital sum of 400l. is not distinguished from the
other funds of the Company. A general notice of moneys
to be lent to the poor freemen of the Company is occasionally advertised; but no loans have been made or
applied for on this account since the last inquiry. The
want of applications is supposed to be on account of the
small sums directed by the will to be lent to each freeman,
namely as to 300l. in sums of 50l. each and as to 100l. in
sums of 25l. each.
In respect of the interest account, the sum of 2l. a year is
paid to the Grocers' Company, and 2l. is paid to four
pensioners in Lewin's Almshouses. The payments to the
officers of the Ironmongers' Company are not made.
Sir R. Geffery's Charity.
Sir Robert Geffery by his will of the 10th February
1703 bequeathed to the Wardens and Commonalty of the
Mystery or Art of Ironmongers of London a legacy of 400l.
to be laid out in lands for certain charitable uses in the parish
of St. Dionis Backchurch, London. And a further sum
of 520l. to be laid out in lands for charitable uses in the
parishes of Landrake and St. Erney in Cornwall; and the
residue of his real and personal estate to be paid to the said
Company for the erection of almshouses for poor people
near London and the maintenance thereof.
The accounts of the testator's estate appear to have been
taken in the Court of Chancery in a cause the Ironmongers' Company v. Roberts, which by its decree of the
9th July 1708 reciting that the residue of the estate
amounted to 1,534l. 13s. 9d. in the hands of the executors,
directed the application of the two legacies of 400l. and
520l. to the several uses prescribed by the will, and
as to the residue that the plaintiffs should be at
liberty to propose to the master a convenient piece of
ground in or near London, not exceeding 10 miles, in fee
simple for the building the almshouses on, and that the
purchase should be effected out of part of the residue of
testator's estate, and the other trusts of the will be carried
into effect with the approbation of the Master, who should
take an account of the rents of the premises purchased,
and of the interest of the money not so employed, and that
such rents and interest should be applied in the first place
in building the almshouses.
The Charity consists of three branches:—
1. The St. Dionis Backchurch Prayer Charity.
2. The Landrake and St. Erney School and Bread
3. The Almshouses.
1. The St. Dionis Backchurch Prayer Charity.
The testator after directing that his body should be
buried within the parish of St. Dionis Backchurch in
London where he had lived many years, as near the communion table as may be, and giving numerous personal
and charitable legacies bequeathed the 400l. to the Company to be laid out as above stated, and the same lands,
houses, and ground rents being so purchased should settle
the same in such manner as the council should advise for
an allowance to some person to read and celebrate divine
service in the parish church of St. Dionis Backchurch
twice every day in the week yearly for ever except Sundays
and such holydays when the said service and preaching
should be appointed and had in the said church at the
hours and times theretofore used in the said church
according the rubrick and liturgy of the Church of England; and his will was that the rents of the said lands,
&c., so to be purchased, as aforesaid, should be by the
said Company as the same should be by them received,
paid to the minister or curate of the said parish of St.
Dionis Backchurch who should take upon himself or should
be appointed for the reading and celebrating of divine
service in manner as aforesaid, allowing thereout 50s. per
annum to the clerk of the said parish for officiating there:
Provided that in case there should be any neglect in
reading prayers at any time for more than three days
together then the rents and profits of the said premises to
be purchased as aforesaid should go and be paid to the
hospitals of Bethlem and Bridewell for ever.
By a deed of the 5th February of the 10th Queen Anne
(1711) John Hilton and Mary his wife, in consideration
of 2,730l. conveyed to the Company the property therein
mentioned in the Strand and St. Martin's Court. To hold
the same in trust to the uses of the will of the said Sir
Robert Geffery, viz., as to and for the before mentioned
parcel of ground and messuage erected thereon being the
part or passage called St. Martin's Court, in the possession
of Thomas Jones, being the third house from the north
corner of the said court, and fronting west at the yearly
rent of 6l., and also that other parcel of ground and
messuages fronting west to St. Martin's Court and Church
Lane on the north-east in the occupation of James Baber
at the rent of 9l., and also the other parcel of ground and
messuage in the occupation of Charles Mathews, being the
fourth house from the north corner of the said court, and
fronting west thereto, at the yearly rent of 5l., that the yearly
rents of the said three several parcels of ground and messuages
amounting to 20l. a year be paid to some person to read and
celebrate divine service in the parish church of St. Dionis
Backchurch according to the will, such person allowing
thereout 50s. a year to the clerk with a declaration of trust
in case of failure as in the will mentioned: And the deed
proceeds to declare the trusts of the other portions of the
property conveyed by the deed for the two other branches
as therein mentioned. The deed as appears by a note in
the margin was approved by the Master of the Court (R.
Eyre) by the executors of the testator are parties to it.
The houses and premises in the Strand and in Church
Court were in or about 1826 or 1827 taken by the Commissioners of Woods and Forests under the powers of an
Act of the 7th George 4th intituled, "An Act to extend
to Charing Cross, the Strand, and parts adjacent, the
powers of an Act for making a more convenient communication from Marylebone Parish, &c." The purchase
money was settled at 11,000l. This sum was paid into
Court and invested in 12,716l. 15s. 3d. consols. The sum
was appropriated between the three Charities in the following proportions:—
|1. The St. Dionis' Prayer Charity in respect
of Nos. 8, 9, and 11, Church Court,
valued at 1,592l. 4s. cash||1,811||10||3|
|2. The Cornish (Landrake) Charities in
respect of No. 3, Strand and No. 4,
Church Court, valued at 2,095l. cash||2,404||10||0|
|3. The Almshouses in respect of the valuation of the residue of the property, at
7,353l. 17s (The entire valuation was
11,041l. 1s., but the sum of 11,000l. was
accepted as above stated)||8,500||15||0|
In 1838 the Company purchased an estate in the parish
of East Ham, in Essex, from Lord Henniker for the sum of
9,250l. cash. This sum was produced by the sale of the
1,811l. 10s. 3d. Consols, the St. Dionis part of the fund,
and the 2,404l. 10s. Od. like stock, the Landrake part of
the fund, and 5,703l. 11s. 3d. like stock, part of the
8,500l. 15s. Od. Consols belonging to the almshouses. The
estate was conveyed to the Company by a deed of the
28th March 1838, which recites the apportionment of the
stock towards the purchase money, and is approved by the
Master. The deed declares that the master and keepers or
wardens and commonalty of the mystery of Ironmongers
and successors shall hold the said lands on the trusts of
the will of Sir Robert Geffery (that is to say) as to the
part or parts of the said lands and hereditaments and the
rents and profits thereof which should bear the same
proportion to the whole thereof as the said sum of
1,811l. 10s. 3d. Consols should bear to the whole of so
much as should be sold to produce the said sum of 9,250l.
of the said sum of 12,716l. 15s. 5d. like stock upon and
for the charitable uses and trusts in and by the said will
of the said Sir R. Geffery, and the said indenture of the
5th February 1711 expressed or declared of or concerning
the said messuages and hereditaments purchased with the
said 400l. And as to the part or parts of the said lands
and hereditaments and the rents and profits thereof which
should bear the same proportion to the whole thereof as
the said sum of 2,404l. 10s. 0d. like stock should bear to
the whole of so much as should be sold to produce the
said sum of 9,250l. of the said sum of 12,716l. 15s. 5d. like
stock, upon and for the charitable uses, trusts, and purposes in and by the said will and indenture of 1711
declared concerning the messuage and premises purchased
with the said 520l. And as to the residue of the said lands
and hereditaments and the rents thereof, together with the
residue which should remain of the said 12,716l. 15s. 5d.
like stock and the dividends thereof, upon the trusts in
the said will and the said indenture of 1711 declared of
and concerning the said hereditaments purchased with the
said sum of 1,810l.
The dividends on the 1,811l. 10s. 3d. stock belonging to
this branch of the Charity before its sale were 54l. 6s. 10d.
a year, and the same sum has, notwithstanding the declaration of trust in the deed, ever since continued to be paid
over to the rector of St. Dionis Backchurch for the time
It will be seen, by a reference to my report on this
Charity made on the occasion of my inquiry into the
endowments for the benefit of the parish of St. Dionis
Backchurch, that the practice is merely to ring the church
bells without performing any service, in consequence, as it
was stated, of the non-attendance of any congregation.
The circumstance of the practical desuetude of the Charity
probably led the Company to consider this branch of the
endowment of less importance, and therefore to appropriate a larger share of the income to the almshouse branch
of the Charity than it was entitled to.
A portion of the estate at East Ham is required for the
main drainage of the metropolitan sewer. This consists of
about four acres, for which 2,575l. has been claimed by the
Company for value and severance. The rental of the four
acres is about 18l., and if the compensation money which
may be received shall produce only 70l. a year there will
be an income of about 50l. It is suggested that as the
third branch of the endowment, the almshouses, has since
the purchase of the estate been in receipt of more than its
share of the income, the increase about to be obtained
shall be divided according to their proportions between
the two first branches, the St. Dionis and the Landrake;
that is to say, three-sevenths to the former and foursevenths to the latter, until the rights of the respective
Charities shall have been adjusted.
It will be seen that in default of the prayers being read
this gift passes over, according to the will, to the Christ's
and Bethlehem Hospitals. No demand has, however, been
made on the part of those institutions for the execution of
this direction of the will, although I am informed that it is
not unknown to the officers of those institutions. (fn. 2)
2. The Landrake and St. Erney Bread and School Charity.
The testator directs that the 520l. for this branch of his
charity should be paid to the Company and laid out as
above stated, and that the investment being so made that
they should settle the same in such manner as council
should advise to the intent that out of the rent and profits
thereof, in the first place, 2s. a week weekly for ever might
be paid and laid out in bread for the poor inhabitants of
Landrake and St. Erney in Cornwall aforesaid, and distributed to them by the churchwardens of the said parish
of Landrake for the time being on every Sunday in the
forenoon, after divine service, and the rest and residue of
the rents of the said lands &c. to be purchased with the
said 520l. should be paid from time to time as the same
should be received, unto the schoolmaster of Landrake
aforesaid, or to some other person that should teach the
children of the poor inhabitants within the parishes of
Landrake and St. Erney aforesaid to write and read English, and to learn and be instructed in the catechism then
used and appointed in the Church of England.
In the deed of 1711, before mentioned, the trusts are
declared of the land purchased of Hilton and wife. As to
the plot or parcel of ground and messuage thereon on the
north side and fronting the Strand, in the occupation of
Rebecca Church, being the corner house on the east side
of the passage entering into the court from the Strand, at
the yearly rent of 26l., to pay and apply the rents and
profits as follows, viz., for bread, and for teaching the
children in the parishes of Landrake and St. Erney
according to the trusts of the will.
It will be seen by the former part of this report that on
the sale of the estate at Charing Cross, of which the above
formed a part, 2,404l. 10s. Consols, part of the purchase
money was appropriated to this Charity, and that on the
reinvestment of the fund in 1838 trusts were declared of
a portion of the purchased estate equivalent to the several
proportions of the purchase money. The dividends on the
2,404l. 10s. Consols, before its sale, were 72l. 5s. 8d., and
the same sum has still continued to be paid quarterly to
the schoolmaster at Landrake (now Mr. Robert Forman.)
The schoolmaster produces quarterly a receipt from the
churchwardens for the 2s. per week for bread, and a certificate from the minister of the parish that the school is
properly conducted. I append the Rules adopted by the
Company in concurrence with the clergyman about 12 or
15 years ago. These rules were made in consequence of
complaints of the irregularity of attendance and apparent
disregard by the inhabitants of the benefits of the school.
It appears that the fund now applicable to the school is
considerably larger than has hitherto been applied. The
rental of the estate at East Ham is 450l. a year, of which
the parish of Landrake would, according to the purchase
deed and the trusts thereby declared, be entitled to about
two-ninth parts. I have pointed out the propriety of an
accurate apportionment of the income so that this educational institution may receive its due share, and in a former
part of this report I have stated the suggestion which has
been made of the manner in which the relative claims of
the several charities may be adjusted out of a prospective
increase of revenue. The school is not visited by the
Company, which has no funds applicable to such visitation. (fn. 3)
The testator directed that the residue of his real and
personal estate should be paid to the said Company to
purchase a piece of ground near London for an almshouse
for so many poor people as the money arising by the
residuary estate at 6l. per annum each person, and 15s. a
piece yearly for gowns, might extend to, and should employ the overplus and remainder of his residuary estate in
the purchase of lands, houses and ground rents in London
in fee for building and repairing the almshouses and maintenance of the poor therein.
The hospital or almshouse in the Kingsland Road,
which consists of 14 houses and a chapel under one roof,
each house containing four rooms, was built about the
year 1715, at an expense of nearly 4,500l. upon two pieces
of ground conveyed to the Company by indentures of
lease and release, the releases dated respectively the 2nd
March 1712 and 29th March 1716. The cost of the building being defrayed out of the surplus in the hands of the
trustees, and such rents and interests as had accumulated
according to the decree in Chancery of 1708.
There is a resident chaplain who occupies four rooms, a
matron who has five rooms, and a laundress with two rooms,
and the rest of the rooms are occupied separately by the
It appears by the Report of the Commissioners of Inquiry that a scheme was settled in 1808 for the government of this Charity. This scheme which was in force and
acted upon at the time of the Commissioners' Report,
continued in operation until 1834. In that year the
Ironmongers' Company presented a petition to the Lord
Chancellor, stating the alteration which had taken place
in the estate and circumstances of the Charity, and praying
that a further scheme might be settled for its administration.
By an order of the Court of the 24th December 1834, it
was referred to the Master to make the inquiries and approve of the scheme as therein mentioned. The Master by
his report of the 2nd December 1835, set forth the scheme
which he had considered and approved, and which was as
1st. To apply yearly so much of the said surplus income
as with the sum of 175l. 10s. allowed by the Master for
pensions and gowns will be sufficient to pay to each of the
inhabitants of the said almshouses, who shall from time to
time be elected to receive the benefit of the said Charity,
not less than 6l. and not more than 12l. for a pension and
15s. for a gown.
2nd. To apply any sum of money not exceeding 100l.
in the purchase of coals for the supply of the said almshouses.
3rd. To apply so much money as with the 16l. allowed
by the Master will be sufficient from time to time to pay
the general taxes payable in respect of the said premises.
4th. To apply yearly out of the said surplus income in
payment to the said clerk of the said trustees the sum of
30l., to the matron 34l., to the apothecary 5l. 5s., to the
chapel clerk 7l., to the ground keeper 8l., in addition to
the salaries allowed to them respectively by the Master.
5th. To apply yearly in payment to the said gate keeper
a salary of 10l. per annum.
6th. To apply in the common and ordinary repairs of
the almhouses and chapel so much as with the 50l. per
annum allowed by the Master will be necessary for the
purpose, but such repairs not in the whole to exceed 130l.
per annum on an average.
7th. To the chaplain 75l. per annum.
8th. To apply 14l. 14s. per annum in payment of the
expences of the Committee, and 12l. 12s. for gas, for lighting the almshouses.
The Report was confirmed by an Order dated the 23rd
The property of this portion of the Charity is as follows:—
|A house at Amen Corner
Paternoster Row, London.
(The Company insures
and is repaid by the
tenant).||Lease to John Morgan for 21 years
|Eight houses, Nos. 1 to 8,
White Friars Street,
(Same observation as to
the insurance).||Lease to Wm. Edw.
Hickson for 84
years from Lady
|Fee farm rent payable
from Elham, near
Canterbury, Kent.||Sir Henry Oxenden, owner of the
|An undivided share of an
estate of 103 acres of
land at East Ham,
(There are no buildings on the land).||Lease for 14 years
to Wm. Adams,
1854 at 450l.|
|The share of this branch
of the Charity of the
estate is in the proportion which 5,563 bears
to 3,687, that is to say
about 57/92 parts, say||270||0||0|
|The following stocks which formerly consisted of South Sea Annuities have been converted into—|
|1,247l. 19s. 7d. Consols||standing in the
name of the Accountant-General of Court of
Chancery to the
credit of the original cause of the
|1,616l. 15s. 4d. Reduced
|Under the scheme of 1808 it was directed
that investments should be made and accumulated for the purpose of establishing a permanent fund for repairing and rebuilding the
almshouses. In pursuance of this order there
has been an accumulation of stock now
amounting to 7,297l. 11s. Consols standing with
other like stocks in the corporate name of the
Company in the Bank books||214||7||10|
|The deed of 1711 before referred to after
specifying the portions of the property
therein conveyed which are specifically appropriated to the two first charities respectively, proceeds to declare the trusts of the
remaining property as follows: And also all
and every the rents, issues, and profits of the
premises conveyed by the said deed, that the
same should be paid and applied by the said
Company towards the erecting and building
of an almshouse and maintenance of the
people to be harboured therein, and to the
reparation of the almshouse as occasion should
require according to the will.|
|The property at Charing Cross to which
this portion of the Charity became entitled
under this deed, was the whole of which the
trusts were not declared for the two preceding charities. In respect of this property
8,500l. 15s. Consols were (as has been before
stated) appropriated to the almshouses, and
of this 5,703. 11s. 3d. Consols, were sold out
and formed part of the purchase money of the
East Ham Estate, leaving in Court belonging to the almshouses' charity, a sum of
2,797l. 3s. 11d. Consols, the dividends on
|It was proposed by the Company (as found by the
Master's Report of the 2nd December 1835) that 100l. per
annum out of the interest of the 7,297l. 11s. accumulated
building fund should, with its accumulations be invested
in Consols for forming an additional fund for rebuilding
and substantially repairing the almshouses and chapel, and
the Master found that the 7,297l. 11s. stock would not be
sufficient as a reserve fund, and he was of opinion that no
part of the said principal sum should be applied to the
charitable purposes directed by the said will otherwise than
that the same should be set apart or continued as a building fund, and that out of the annual dividends arising
therefrom, amounting to 218l. 18s. 6d. the sum of 100l.
should be annually taken and added to the said principal
sum for the purpose of accumulating of and for rebuilding
and substantially repairing the said almshouses. And he
was also of opinion that the residue of the dividends of the
said principal sum, amounting to the sum of 118l. 18s. 6d.,
and the surplus income then arising from the original
estate should be applied to the charitable purposes directed
by the said will and for the payment of a salary to the
chaplain and the several other persons employed by the
trustees in and about the business of the trusts.|
|By the accumulation thus sanctioned, and
which has been observed, a further sum of
3,424l. 18s. 1d. (not 3,492l. 5s. 11d. as
stated in the accounts rendered for 1859)
has been invested on this account, producing yearly||103||0||0|
|From the gross income to June for the year
1859-60 there was invested in respect
of the 100l. a year and two dividends on
the lesser accumulated fund||198||16||3|
|Surveyor, 1859–60 (varying)||3||0||0|
|Rates and taxes on the almshouses||43||7||8|
|Insurance of almshouses||40||9||3|
|The disbursements on account of the
|42 pensioners at 8l. a year each (occasional
|One gown for each, annually commuted to a
payment of 15s. each||31||10||0|
|(Exclusive of the 8l. a year as allowance
for her pension, and also exclusive of 16l.
a year given by the Company).|
|(Including attendance and medicine).|
|(Excluding his allowance as almsman and
2l. a year given by the Company).|
|(Servant to attend chapel fires, &c., 6l. given
by the Company).|
|Coals, candles, and gas||118||11||0|
|(The Company give towards the coals
about 40l. or 50l a year more).|
|Sunday disbursements, stationery, brushes,
linen, clocks, sweeping chimneys, ironmongery, law charges, 5l. 12s. 8d. in
On the 30th June 1860, there appeared a balance due to
the Charity of 342l. 3s. 5d.
No person is elected as an almsman or almswoman under
the age of 60, except free persons, with regard to whom
there is no restriction as to age. No person has been
elected under 40, and then only under peculiar circumstances. There are more almspeople who are not free than
free, but those having the freedom of the Company are
preferred. They are not permitted to have children or
families, but an aged person is refused liberty to have the
company of a daughter. At present all receive the same
allowances excepting the additions made in respect of the
offices they hold in one or two cases. (fn. 4)
Thomas Hallwood, by his will, 20th April 1622, gave to
the Company 400l. to pay such rents and profits as should
grow half-yearly for the maintenance for three years of four
poor scholars, two of Maudlin College, Oxford, and two of
Christ's College, Cambridge, being divinity students, the
donor's kindred to be preferred.
The fund is not distinguished, but the Company pay
four students 4l. a year each. They are nominated by the
Company, on application, with certificate of residence and
good conduct. New nominations are made every three
The payments of 40s. a year to the wardens of the Company are not made. The 4l. a year is generally added to
Lewin's gift to students; the study of divinity is not made
a special condition.
Mary Hanbery's Gift.
Mary Hanbey by her will, 16th February 1796, gave to
the Company 300l. Reduced Annuities upon trust every
four years to paint and repair the monument of her husband at St. Luke's, and distribute the remainder to the
poor freemen of the Company.
The Company hold the stock in their corporate names,
and apply so much as is necessary in repair of the tomb,
and distribute the residue to poor freemen every four
years. On the last occasion, the 6th July 1858, 19 pensioners received amongst them 34l. 13s., the indoor
pensioners receiving 1l. 10s., and the outdoor pensioners
1l. 19s. 6d. each.
Thomas Hanbey's Charity.
Thomas Hanbey by his will, 12th January 1782, gave
2,000l., 3l. per cent. Consolidated Bank Annuities, to Christ's
Hospital, on condition that they should maintain and
educate two boys, the sons of freemen of the Ironmongers'
Company. The Hospital accepted the bequest, and the
Company nominate sons of freemen, of whom two are
always on the books.
Ralph Handson by his will, 9th January 1653, devised
to the Ironmongers' Company his messuages and tenements
in Crutched Friars, to pay out of the rents the following
and the residue of the rents for reparations and other
necessary occasions and the relief of the poor of the Com
pany, in their good discretion, as the Court of Assistants
should think requisite.
|To the master of St. Saviour, Southwark, Free
|And to the usher||0||10||0|
|To the churchwardens of that parish for the
poorest widows and orphans||5||0||0|
|Sermon at Allhallows Staining||1||0||0|
|Churchwardens of that parish for bread||1||0||0|
|Clerk and sexton for cleaning church||0||5||0|
|Churchwardens and vestry for a dinner||2||10||0|
|To 20 poor widows of the Company 5s. apiece||5||0||0|
|To the wardens of the livery||2||0||0|
|To the two rent gatherers||1||0||0|
|To the clerk of the Company||2||0||0|
|To the upper beadle||0||10||0|
|To the wardens of the yeomanry for suppers||2||0||0|
|To four poor almsfolks of the Company (20s.
|To Christ's, Bartholomew's, Bridewell's, and
St. Thomas' Hospitals, 40s. apiece||8||0||0|
The Commissioners of Inquiry, after stating the then
income of the property, add, "The residue of the rents of
the property has never been specifically applied, but has
been carried to the general account of the Company,
and out of their general funds the Company have been
in the habit of giving and continue to give large sums
of money in charity every year, partly in purchasing
coals, partly in money to pensioners, being poor freemen
of the Company, and partly in other charitable donations. The value of coals yearly given is about 150l.,
and the sum of 240l. a year is regularly given in pensions. Upon an average a sum exceeding 500l. a year is
given out of the general funds in charities beyond what
is specifically directed by wills, or other instruments of
In the year 1833 an information was filed by the
Attorney-General at the relation of Daniel Humphreys
Howlett against the Company, praying that it might be
declared that the warehouses and tenements erected on
the site of the messuages, &c., devised by the will of
R. Handson were vested in the Ironmongers' Company
upon trust as to the residue of the yearly rents after
making the specific payments for the relief of the poor of
the said Company or other charitable uses, so that the
Company should not apply the sums to their own uses,
and that the execution of the trust might be enforced by
the decree of the Court according to a scheme to be settled
by the Master, and that it might be declared that for the
future separate accounts ought to be kept of the yearly
rents of the said Charity estate and the surplus thereof;
and that, in case it should appear necessary, an account
might be taken before one of the masters of such surplus
and of the fines received by the said Company on the
renewals of leases, and in particular of the said three fines
of 500l. each and of the application of the same by the
Company for such period before the filing of the information as might appear necessary, and that such declarations might be made by the Court touching the manner
of taking such accounts as the case might require; and
that the particular tenements and premises of the said
Charity might be ascertained, and that it be referred to
the Master to inquire respecting the validity of the lease
to the East India Company and the propriety of such
lease, and in case it should be invalid whether any proceedings should be taken for the purpose of impeaching
On the 9th May 1834 the parties having the conduct of
the suit obtained an order of course to amend the information by adding relators or otherwise as they might be
advised, and shortly afterwards amended the same by adding
the name of William John Hall as a relator, and striking
out the description of Howlett as a freeman of the Ironmongers' Company, but the fiat or sanction of the AttorneyGeneral for the amendment was not obtained until the
23rd June 1834. On this ground the Company moved the
Vice-Chancellor (Sir Lancelot Shadwell) that the amended
information should be taken off the file for irregularity with
costs, which was ordered on the 23rd November 1834.
The suit was in this manner disposed of and the proceedings were not again revived.
The property in Crutched Friars remains as stated by
the Commissioners of Inquiry. It consists of extensive
warehouses, the interest of the East India Company in
which has been purchased by the East and West India
Dock Company, who pay the Ironmongers' Company
annually the rent of 300l., deducting only property tax.
The Company have raised the gift of 5l. to the 20 poor
widows of the Company to the sum of 40l., 2l. each being
given. They are generally the same persons as are outdoor or indoor pensioners of Betton's Charity.
The 1l. a year is paid to the chaplain of the Company
for preaching the sermon in the church of All Hallows.
The 4l. a year is paid to four poor almspeople in Lewin's
The other payments to the churchwardens of the several
parishes and to the master and usher of St. Saviour's
School, and to the four hospitals are made to them
The gifts to the wardens of the livery and the wardens
of the yeomanry, the rent gatherers and the upper beadle
are not specifically paid, but fall into the general funds of
The 2l. a year to the clerk forms part of a sum of
6l. 16s. 8d. paid to him in respect of particular estates, including this and that of Sir James Cambell (probably in
respect of the 50l. specifically assigned as remuneration for
his duty in respect of the preparation of the bonds for
The residue the Company regard as being, by the terms
of the devise, under their own absolute disposition. They
have, however, for very many years appropriated considerable sums out of it annually (except in some years in which
they take them from other funds to guard against any
assumed right that the practice might create) in aid of the
funds arising from Betton's Charity for pensioners, when
that fund is not sufficient to provide the sums voted by the
Company to that class of recipients.
The assigned pension to Betton's pensioners is outdoor
10l., and indoor 6l., but that fund being always insufficient
(except in the last year under special circumstances) to pay
pensions to such an amount, the deficiency has been, in
the manner above stated, provided out of Handson's estate.
The coals given to Sir R. Geffrey's almshouses exceed the
100l. allowed, and the Company make up the excess out of
their own funds. (fn. 5)
John Haydon, by his will, 11th March 1579, gave to the
Ironmongers' Company 100l. to be lent to two young men
of this Company trading over the seas, paying yearly to
the master and wardens 3l. 6s. 8d. to be paid over to the
master and wardens of the Mercers' Company.
The interest amounting to 3l. 6s. 8d. is paid to the
Mercers' Company, but the capital is not set apart, nor is
the sum lent. The reasons are probably the same as those
which operate in Gamage's Gift.
Thomas Lewin, by his will, 20th April 1555, devised to
the Ironmongers' Company several messuages and appurtenances in the parish of St. Nicholas Olave, for certain
superstitious uses, and to find a priest for saying masses at
St. Nicholas Olave, at a yearly salary of 10l., and to permit four honest and sad, impotent, poor, aged, and decayed
men of the Company to inhabit four tenements which
testator intended to erect in the churchyard of St. Nicholas,
and to pay to every one of the said four persons quarterly
20d., and also to pay to two poor scholars of Oxford and
Cambridge (50s. each) 5l.
The Company are possessed of five houses in Bread
Street Hill, in the parish of St. Nicholas Olave, on which
a very large sum of money has lately been expended, and
from which a rent of 455l. a year is derived.
The four almshouses erected by the Company in 1785,
in Brick Lane, St. Luke's, Middlesex, are the present
habitations of the four almspeople, who are free of the
Company, and are nominated by the Court of Assistants.
They are comfortable houses.
The almspeople receive 10l. a year each. They may be
married couples, but in that case one only is nominated as
pensioner. They are regarded also as Betton's indoor
pensioners, in which character they receive 6l. a year
They also have other donations mentioned under the head
of the respective givers, and coals which are paid for by the
Company. The entire value to the occupier or occupiers
of each tenement is about 18l. a year.
The scholarships are applied for by students, and the
payments are generally added to Hallwood's gift of 4l.,
making together 6l. 10s. It is made on a certificate of
residence and good conduct from the tutors.
Nathanial Loane, by his will, 22nd July 1625, devised to
the Company a rentcharge of 52s. out of houses in the
Little Old Bailey, to pay to seven of the poorest people, men
or widows of the Company, 7s. apiece, and to the two
beadles and porter 1s. apiece. And by an indenture of the
10th August 1768, the houses were conveyed to trustees
for the parish of St. Sepulchre upon trust to divide the
rents in the following proportions:—
The premises are situated in the Old Bailey, and are
under the management of trustees appointed by the parishes
of St. Sepulchre and Islington. The 1/12th of the Company
now amounts to 15l. a year, and deducting property tax,
leaves 13l. 10s. 11d. It is divided amongst seven poor
freemen of the Company, with Riggs' gift. Thirty-six outdoor pensioners receive 25s. a year each, and 27 indoor
pensioners 23s. each. The Company, however, insist that
this, so far as the gift in respect of Loane's Charity exceeds
the 52s. annually, is of their own bounty.
Randall or Randolph's Charity.
It appears from an entry in an old account book of the
Ironmongers' Company that in 1585, 480l. was received by
the wardens from the executors of Mr. Justice Randolph,
to which the Company added 20l., and the money was
invested in the purchase of two rentcharges, together
amounting to 25l. a year. The rentcharges arise out of
property of this Company in Bread Street Hill. The
Company deduct 4s. in the pound for land tax, which
thus reduces the annual payment to 20l. a year.
The sum of 10l. a year for Castle Barnard Ward is paid
to the churchwardens of the parish of St. Bennet Paul's
Wharf, and the 10l. for Queenhithe Ward is paid to
the churchwardens of St. Michael, Queenhithe. These
churchwardens distribute the several sums amongst the
other parishes in each ward.
William Riggs, by his will, 21st November 1814,
bequeathed to the Ironmongers' Company 2,000l. Reduced
Annuities, to pay (subject to certain annuities) the dividends for the benefit of the poor members of the Company.
The annuitants are all deceased, and the dividends on
the fund which stands in the corporate name of the Company are divided amongst the poor freemen of the Company at the same time with Loane's gift. In December
1860 36 out-pensioners received 1l. 5s. each, and 27 inpensioners received 1l. 3s. each, including both Charities.
John Sampson by his will, 22nd October 1691, devised
to the Ironmongers' Company a rentcharge of 6l. payable
out of a messuage and premises in Marlborough, Wilts,
for four poor widows, pensioners in Old Fish Street,
The rentcharge is received (deducting land tax of 4s. in
the pound, and leaving, therefore, 4l. 16s.) from the Marquis of Aylesbury, and the Company divide the amount
amongst the four pensioners in Lewin's Almshouses.
William Wild, by his will of the 9th July 1846, bequeathed
to the Ironmongers' Company 3,500l. Consols. Upon trust,
nevertheless, and for the purposes therein-after mentioned,
that is to say, upon trust out of the dividends thereof to
pay unto Eliza Yeatherd an annuity of 60l. during her life,
and thereout to pay to his servant, Alice Weston, an annuity
of 30l. during her life, and thereout also to pay to the clerk
of the said Company for ever an annuity of 5l., and upon
trust to pay and distribute all the residue and remainder of
such dividends during the lives of the said Eliza Yeatherd
and Alice Weston, and after their respective deceases then
the whole of such dividends after deducting the 5l. a year
to the clerk as aforesaid unto and among the non free poor
inhabitants of Sir Robert Geffery's Almshouses, Kingsland
Road, Middlesex, share and share alike for ever, such distribution to be made half yearly when and as such dividends
should from time to time become due and payable, or
quarterly at such times as the said Ironmongers' Company
should think fit.
The sum of 3,150l. Consols (after deducting legacy
duty) stands in the Company's name belonging to this
Mrs. Eliza Yeatherd, one of the annuitants, is still alive,
and receives 60l. a year in respect of her annuity.
In June 1860 the Company divided the residue (after
deducting the clerk's 5l. and 2l. 7s. expenses) amongst 18
non-free persons in Sir Robert Geffrey's Almshouses, each
receiving 1l. 11s. 6d.
All which I submit to the Board.
Inspector of Charities.
2nd July 1861.