James Darroch Fund.

Rodney and Otamatea Times, Waitemata and Kaipara Gazette, Volume 1, Issue 26, 20 September 1901, Page 2

James Darroch Fund.

A public meeting in uonnection witlv. tlie fund raised in aid of Mi1- Jamea. l)ai'i-och, was hel I last AVednesday in tho Has nic Hall Warkworth. Mr. 1^ Morrison, occupied the chair ThoTrea-. surer re[>orted" tljat sub criptions ill. ca3h to £,'528. lls. had boon recr-ived, and that th • aeoounts for medical at-, tendance, vi diciine, etc, —auth->risedby-the first j)ii. lio njeotiijg- to be paid—:. ainountiifg to H)s had been paid. Mr. Natliau;ol Wilson, read the follow-, ing' lvpnr , which we li^vo abbr. yintcd. to!- want <»f s[>aoo

W«'l kworth, August. To THE COM.MtTTKE OF THli J.VJIi:*

Dabrodh pu>*d,

(f'litlc.noii, Y\~.> ha-yo tho honour- to report hat in aivqi\lqn«.> \ Y i\4 vom- re-, quest', -,v.> Iwyo vht-.sl Mr, " ai-roy!*. Hi< <h«sive is», to iiye at l);},e.p?s ('luinij wlimv the most of hi* own and his, wife's fnVnds aw, To qfif^t tluq object lj.o is in lieg-otiution for a pif'Cv) of land theve to build a hou-so on; so that U<» mid lu*s family may live rent fi-'-e, To obtain, this end Mr. Durrouii proposes to sell tho 168 aoms ho uo\y owixgs an<l with the money build a house, "Wo approve of tin's oourso as in every w y desirable, If Mr. JJar-. rooh is able to carry out the above propoa il, (viz sell tho 1(58 acms a .d buil lat Daoiv's' O.ft r«i) he is quite Willing that tlto place he in now living on with the 15 acres at ached, shouldbe sold, and tho proceeds placed in tho. hands of the coimnit?oe| and trust* ees appointed at the public meeting to manage any sum that may be mis, ed by public subscription for his benc, fit, Both sums to be' invested by tho trustees as the oaimnitt^o n ay direct Wo found Ur. Dai'V <.'h voiy willing to co=op rate wi«h tho fwajmittoo and. deajrous of doing, anything that ho is able to do, but at the pros-nt moment it vi ould bo pi-ematm-D t>. say. » hat lio may be abe to do to holp'hiiWif With regard to th-'. investnv'iit of any sum that may be raisod. We have considered Ue ways i v which it may bo done, vi K ., freehold secunt ■ «-ov. ernment "ousols, and an aunu:ty, Tho ' fiu-st, if the security be first-class will give a goodroturn, but the fluctuations may be great over a period of voars. and looking at the fact that the "ton 1! ency of merest is to fall wo do not think more than five per cent or even so much as that, oould be c lculated upon; aud it would necessitate the continuance iv office of both the - o>nmittee and the trustees for an indefinite period, a position that is not de-sira-l-\ The annuity would give the greatest return immediately, but the capitd wo Id cease wi h "his death, and, should such happ c!: , there would be nothing left for the wife and little ones. We cannot, therefore, see our way to recommend the committee to adopt this course, with mt very careful con ideration. If consols can be got at 4 per cent for a pariod of lo or 20 years. This would be the m-.st satisfactory as it would give an assured inoo.e till his family is grown up, and the pnncjpal would still be available to them to deal with as .hey thought fit at the end of that period/ We would furth r recommend that tho hrst instalment of the £100 voted by the Direct rs of the Coastal Steamsup Company, vi z . £ 12 ■ lOs ho paid into the public subscriptions now being raised, and that the other seven mstalme,t.sof£l2 10s. each l, e paid to Mr James Uarroch direct, and in ease, of his death, to his widow. Nathaniel Wilson -pr Trustees 1 4j. Morrison. It was decided to refer the report back to the Trustres for further information re Consols mikl Pro- hold securities and that they r- pO rt to tlio General Committee -,t an early date. Ihe meeting requested the General Umimittte to meet at an early d ,te to define the powers and duties of the Trustees.

Ihe attendance at the meeting wad ■small owing to delay of the s.s Karanui in Auckland, but a deep interest m the fund and a desire t.> further iis usefulness to Mr. Darroch, was maiii': tested by all present.