ELECTION OF TRUSTEES OF THE NELSON TRUST FUNDS.

Marlborough Express, Volume III, Issue 96, 11 January 1868, Page 5

ELECTION OF TRUSTEES OF THE NELSON TRUST FUNDS.

Thursday last being the day appointed for the election of eight trustees of the Nelson Trust Funds, the term for which the former body was elected having expired, the whole of the retiring members were re-elected without opposition, namely. Sir D. Monro, and Messrs. 0. Curtis, N. Edwards, J. Sharp, D. Sinclair, W. Adams, and W. Wells. After the election had taken place, Mr. H. Jadkson expressed a wish to learn the present state of the Trust, which elicited from Mr. Edwards the following statement: —The total amount at the credit of the Fund as at 31st December, 1867, was 9,616/., of which 1,650/. was lent out at interest; 4,700/. was lent without interest, of which 1,503/. was on account of steam fund, and 3,200 of Reserve Fund. There was, on Ist December, when the accounts were made up, cash in hand 3,263/.; but of this sum 1,500/, had been lent since the beginning of the year, at good interest and on good security. A portion of the steam fund, 25/. a month, was devoted as a subsidy to the Lady Barkly. 450/. had been lent to Mr. Stock some time ago, on account of the Steam Fund, and for the advance of steam interests in the place. The Trustees now held current acceptance' of Mr. Stock as seaurity. 2,000/ had been lent some years since to the College, without interest. Dr. Irvine inquired whether the trustees would be willing to aid, by means of the Trust Funds, the construction of a dry dock in Nelson? The reply to this question was not very explicit, as although Government had undertaken to guarantee interest on a certain sura expended on a dock, there would be a difficulty with regard to the security a company undertaking the woik would be able to give. Inquiry was also made regarding the sum of 2,000/. lent to the College, without interest, and an opinion was expressed by Mi’, H. Jackson unfavorable to the arrangement. An inquiry was also made as to the loss the Funds had sustained by the Nelson steamer and the amount was stated to have been 4,500/. Some other questions were put, the most important of which had reference to the present College management, and was answei’ed by Dr. Irvine, one of the Governors, who stated that the income of the College, during the past year, had exceeded its expenditure, and that the Governors had been able to pay about 200/. off the debt. A vote of thanks to the Returning Officer concluded the meeting.—Examiner.