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Rev, and Di

At the

last, the foUov

guarantee the
be it resolved
rights, for the;

Beneficiaries £
what remains
them that on ;
Temporalities
$1000. each h
1882, up to s
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for the non-pri
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the latter secti

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Valuin:

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The cai
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Queeen's Colh

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through the de

TEMPORALITIES' BOA.RD.

Montreal, July 8th, 1891.
Rev. and Dear Sir,

At the semi-annual meeting of the Temporalities' Board, held here on the 1 2th day of May
last, the following resolution was unanimously adopted :

(i.) That inasmuch as $60,046.4015 the amount indicated by the actuary as required to
guarantee tne annuities of the commuting and privileged ministers (calculating the interest at s7)
be It resolved that the said sum of $60,046.40 be administered separately, so as to secure in their
rights, for their lives, those whose claims the Board has always treated as paramount.

(2.) That the Executive Committee of the Board be instructed to prepare and issue to the
Beneficiaries and Trustees of Queen's College a statement showing the condition and capabilities of
what remains of the fund after the above sum of $60,046.40 has been deducted, with intimation to
them that on and after 31st December, 1891, the Board will pay in full the amounts allowed by the
Temporalities' Act of 1882, namely, at the rate of $ioo. each half-year to non-privileged ministers and
$1000. each halt-year to Queen's College, together with all arrears to these parties accrued from July,
1882, up to said date, but at the same time informing them that in all likelihood the portion of the
fund available for providing for their claims will be exhausted before the probable termination of the
live.j of all the non-privileged ministers.

It being understood that if at any time the Board shall be advised by competent authority
that the amount reserved to meet the claims of commuting and privileged Beneficiaries is insufficient
for that purpose, they shall take from the portion of the,fund held for the non-privileged Beneficiaries
\,hat is deemed necessary to guarantee the acknowledged superior rights of those that are privileged.

It being further understood that any amount ot int-.-rest over 5% accruing on the investments
reserved for the commuting and privileged Ministers shall be paid into the section of the fund set apart
for the non-pnvileged Ministers and Queen's College ; but, on the other hand, if the interest on the
former section of the fund at any tmie lall under five per cent, the deficit shall be made good from
the latter section.

As instructed above, the Executive Committee of the Board now beg to lay before the Benefi-
ciaries a full statement of both the liabilities of the fund and of its capabilities according to the
Actuary's last estimate, made in November, 1890.

Valuing the lives of the Beneficiaries, according to the Carlisle tables, and calculating at 5 %
he advises the Board as follows : —

Required for the Commuting and Privileged Beneficiaries . . . . $ 60,046.40
the Non-privileged , 146,901.80

Total, .. .. $206,948.20

The cash value of the assets at the same date was .. 224,149.30.

This leaves a balance of $17,201.10 to provide for the payment of arrears, the annual allowance to
Queeen's College and the expenses of management.

The amount to be set apart to meet the claims of the commuting and privileged Ministers,
as provided for above, is not only ample but is better security than they had when the fund was first
instituted. Men of corresponding age, in 1855, "^^ere credited with only $50,059, because their life
claims were commuted at 6 %, whereas the present estimate is at 5 %

Then, the resolution of the Board places the privileged B neficiaries, as to th-'-^ matter, on a
par with the originators of the /und, and this is a position for which they will be thankful.

So far as the non-privileged Beneficiaries and Queen's College are concerned, the Board
believes that the above resolution will meet with their entire approval. They alone have suffered
through the deficiency of the fund, and they have accepted the situation with commendable patience,

! .

showing great
period in the
what they we
be exhausted,
on ihe part o
rapidly, I so th;
and Queen's '
further sum v
claims, — and
the fund thus
the Actuary's
has ; and the
— that of resi

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of the other '.
there may be
the fund for r
Ministers and

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ence has sho^
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4. Th
to provide foi
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the life claim j
Queen's ColU
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for the remol
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objects.

showing great trust in the Board's administration. The policy pursued by the Board, at a critical
period in the history of the fund, led to the withholding from non-privileged Beneficiaries half of
what they were entitled to in terms of the Act of Parliament, so as to secure that the fund should not
be exhausted, as at that time h threatened to be, while there yet remained very large claims upon it
on ihe part of the commuting and {jrivileged Ministers. Under that policy, the fund recuperated
rapidly^jso that five years ago it was resolved to pay one-half more to the non-privileged Beneficiaries
and Queen's College, than iiad been given them from liie date of the crisis ; and three years ago, a
further sum was i)aid out of the fund for arrears accrued from 1883 onward, making 75 % on all
claims,— and this rate of payment has since been kept up. Notwithstanding the heavy drain upon
the fund thus occasioned, it has gone on improving. The value of the claims upon it, according to
the Actuary's estimate, made at intervals of two years, has decreased more rapidly than the fund
has ; and the time has now come, in the opinion of the Board, when a further step ought to be taken
— that of resuming payment in full to all Beneficiaries.

A comparatively small sum is now needed to secure the i)aramount rights of the commuting
and privileged Beneficiaries, and that set aside, the IJoard believes that it interprets aright the wishes
of the other Beneficiaries concerned, when it resolves to ])ay them hencefortii in full, even though
there may be a risk of an exhaustion of the fund before the termination of the last lifi;. Hoarding
the fund for any ulterior objects, should not be at the expense of the prior claims of the non-privileged
Ministers and Queen's College.

But it is felt that any action of this kind, to be equitable, must be retroactive ; if the fund is
to pay the non-privilcgcd ministers who are alive in full, it should also pay to the representatives of
those dei)arted the sums withheld from them by the policy of the Board above referred to. To do
this, liquidating all arrears, both to the living and the dead, up to date, and I'aying Queen's College
in proportion, will require a sum of $36,075. This is a considerable amount to take out of the fund
at once, but it is hoped that by careful management there may remain enough to provide for all the
non-i)rivileged Miiustcrs and Queen's College ; although the assets at present do not quite provide
for all the liabilities. The following are the grounds of this hope :--

1. The Actuary's estimate is at 5 %, whereas most of the Board's investments are at a higher
rate than this, and the tendency is not at present downwards.

2. The insurance comi;nnies in giving figures always put them high enough to cover not only
risks, but also profits and expenses of management, which latter are much greater than those of the
^.oard.

3. The Carlisle Tables are taken as the standard for the lives of the Beneficiaries, but experi-
ence has shown that their lives have been rated too high, and this has been to the advantage of the
fund.

4. There is every reason to believe that a muc:h smaller sum than $60,046 will be adequate
to provide for the claims of the commuting and privileged Ministers, and the surplus will be available
for the non-j^rivileged Ministers and Queen's College.

For these reasons, the Board cherishes the expectation that the fund will at least provide for
the life claims of all Beneficiaries and will leave a balance for commuting the annual payment to
Queen's College, in terms of the Act of Parliament. At all events, it is believed that both Ministers
and College would prefer to obtain what they need and are entitfed to now, and take their chances
for the remote future, rather than continue to receive only 75 p. c. of tlieir claims and have these
guaranteed for their whole lives, with the chance of a portion of the fund going ultimately to other
objects.

A. MACPHERSON, Chairman.

ROBERT CAMPBELL.

JAMES PATTERSON.