THE COSTLEY BEQUESTS.

Observer, Volume 6, Issue 141, 26 May 1883, Page 147

THE COSTLEY BEQUESTS.

The Black Bull Hotel, one of the Cosfcley Charitable Trusts, has Deen 3old with the ground^ for £2000, to Mr Mowbray, and, it is rumoured, since the sale a premium of £1000 has been offered on the purchase money. If the trustees persist in their present determination of realising the trusts, two results will, in all probability follow : — lst. The proceeds will be squandered, and meantime charitably disposed people will curtail their subscriptions, on the plea that the institutions which participate in the bequests are already sufficiently provided for ; and 2nd, philanthropists who in the future have any idea of leaving a part of their sayings to Auckland charities will hesitate to do so, in the fear tha^the money or property will be frittered away vjji stead of being kept as a.permauent endowing.."-,'/ and giving the institutions- .the benefit oi tfc\~ n ~ creased value. The action of, fiu ■■■ trastees might do very well in an offr/./ctfy whore there is no prospect of. increased w^* 3ll^, it is injudicious, not' tp.sav foolish, ina^p™ , n , c M growing city like Auckland. , Jus^^^.w^t ' a generation may ;^o'.iii anragßiMlF, "^vjue „pf. tlisflo properties. . JLoo i .&^E^B? eMS \ 'W**

that bid fair to make ■ hSr Very; iob'riy;iffih;a,i3*|^^^ already, the leading' city in the . colony ;'^'^^J^^ As a contrast to this hasty and Ui-advised act}oni>;Mg of the trustess, the great landowners are": ; inbiio^,|| polising land in every direction, and' it&kingitl^^^ fullest advantage of the " measured increment "^fvjf tho increased value given to unimproved or < p'rilyjfp;; partially improved land by public and private'exr;^ penditure on adjacent property and public worksV^ Surely if any property has a right to reap the fullvp benefit of the '• unearned increment "it isacha'rir.i.^l table endowment. It is rumoured that ■.tn'^A? trustees of these Costly endowments are yield ifij^s| to the hungry clamours of persons connected withal the management and control of the chariti&sSu?.? Now, we give way to nc one in our admiratipa.f'v of the services rendered to Auckland by the >v trustees, but if they are so weak or shortsighted - :J l as to yield to the mistaken advice of friends, or '■'■ i ":j the clamours of interested cliqxies, we trust the" „;■ public will make its voice heard, with the view of \l/ i bringing them back to the paths of prudence. '.'!-•;•: