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Cameron, made at the last meeting of the Society, in answer to certain charges preferred against the management of the Commutation Trust Fund, and they now publish the same as examined, revised and verified by the said committee, as follows : — The Clergy Trust Committee of the Church Society of the Diocese of Toronto, in accordance with the resolution adopted at the meeting of the Church Society on the 13th June last, publish the following statement, which, for more perfect elucidation, and for the sake of contrast, they place side by side, with the charges which relate to the management of the Fund made by a late member of the Church Society, Mr. William Henry Boulton. The Committee would further add that this statement is verified by them, and ijublished with the sanction and under the authority of the Lord Bishop of the Diocese, and that all the accounts of the Fund from its commencement in 1855 will be audited by competent persons as rapidly as an examination, ^extending over a period of ten years, will permit. Mr- Boulton's Chaxges- From the Globe, May 27, 1886. THE CHURCH SOCIETY AND ITS FUNDS. To the Clergy and Laity of the Church of England in the Diocese of Toronto. 1. Believing that the members of the Church of England are little aware of the magnificent en- dowment that was provided for the Church in Upper Canada by the nob'e and disinterested CO. duct uf its clergy, who, commuting the sti- pends they received for £246,614 lOs. 8d > pUiced that sum at the dispo))ition of the Church Society of the Diocese of Toronto as a perma- nent fund for Church purposes, and having Taialy altempted tor the last two yeara to obtain Statement of Committee. 1. How far this insinuation is true, and how much the original fund has been increased, instead of wasted, will appear in the statement below. CULRCH CHRONICLE EXTRA. Mr. Bottltor's Charges. from the Church Society, as the administrator of that fund, a piaiii statement of ^liat disposi- tion has been mnde of it, I feel it due to the members of the Church, and especially to the olergy who miide this provision, to lay betoiet'iem an account of 'his fund, so fur as I am nble, from printed reports of t! e Society and from other reliable information, in the hope that a deeper interest will be created in its management, and that ere it is too late steps may be taken to pre- Teiit its being wholly wasted, and preserve what jet remains for the purposes -contemplated by those who so generously created the fund. 2. In doing this, I feel that statements mus^ be made that may reflect on individuals, and a publicity given to the proceediigs of th<- Society that some may disapprove. Should such be the case, the responsibility must rest with those who have forced m<) to this course, after I have exhausted every method to procure ^hat any other corporation would, as a mnttt r of course, have unhositntingly submitted to iti^ members, viz., a plain stateuicnt of its receipts and expenditure, when called upon to do so ; and I shall console myself with feeling that 1 have merely discharged a duty — a duty which it would be criminal fur me to avoid. 3. The Church Society was incorporated in 1843, for promoting, amongst other objects. the encouragement and support of missionaries and clergymen of the Church of England within the Diocese of Toronto, and for creating a fund towards the augmentation of the stipends o< poor clergymen, and towards making provision for those who may be incapacitated by age or infirmity, and for the widows and orphans of the olei'gy of the said Church in the said Diocese. 4. By its by-laws, the Corporation is to consist of the Bishop of Toronto, of the members ap- pointed by the charter, and members of the cor- poration to be elected by ballot, who shall annually pay the sum of 25 shillings to the funds of the Society. 6. It is also at its meeting in the first Wednes- day in June, in each.year, to choose one or mor< treasurer or treasurers, two or more auditors. one secretary, and such other officer or officers as shall be thought convenient. 6. The accounts of the Society are to be closeo' on the 30th April, in each year, and the sami are to be audited within one month from thai date. 7. The Society possess large quantities oi lands giver, by members of the Church for variou> purposes, and for which it acts as trustee. I also possesses considerable funds, such as thi Students' Fund, Widows and Orphans' Fund. Widows and Orphans' Investment Fund, Mis- sion Fund, &c. Statement of Committee. 2. No reply required. 1 8. In add ceived fioin Bum, nearly having bei'ii Jihii llill^ai the Society- ing into a co to jny to I Ik recoivcd frnt their coininu 9 This mi Sterling Deb half six per ( 3-7. These clauses merely state facts connected with the constitution of the Church Society, wi(h which all are familiar. 10. Afurtl same time ve by the Societ, 1 11. A furth Society by .Mi his obtaining ( 1857 on loan t 12. And an Messrs. De BI to them of f If for that ammi them was only 13. The abo Reports laid b iny additional ror exchange death or othe above aggregal 14. Since th Diocese of Tor tew Dioceses i the Diocese of ^~-vi facts connected oh Society, with 10. A further sum of £7,500 was about the same time very liberally g'-nnted to the Society by the Society for Propagating the Gospel. 11. A further sum of £5,000 was gives to the Society by Mr. J. H. Cameron, as a bonus for hi-4 obtaining out of the funds of the Society in 1857 on loan the sum of £37,883. 12. And an additional sum of £3,650, given by Messrs. De Blaquiere, Farmer & Co. for a loan to them of £18.250, they having given security for that amount. The cash value received by thorn was only £14,600. 13. The above statements are all taken from reports laid before Parliament or Society. If {ny additional sum was received by the Society or exchange or non-payment of stipends by fleath or otherwise, it should be added to the >bove aggregate. ; 14. Since the receip'c of the above sums the Diocese ot Toronto has been subdivided and two »ew Dioceses formed, and £06,551 17s. paid by the Diocese of Toronto to the Diocese of Huron i-vi. CHURCH CHRONICIiE EXTRA. Mr- 3QUlton's Charges. 16. That the fund htis been grosply mismnnaged I know ; that a satisfactory business statement can be laid before the Society I more than doubt. 17. Up to the year 1860, foar years after the smount was received by Mr. Cameron of the Government, no report whatever that I can discover, even of the amount received, appears to have been laid before the Society, nor of what became of the fui.d during those years. Statement of Committee- ' 16. The result will shew thf> inconsistency of this. The committee are satisfied that there has been no mismanagement. 17. This is an extraordinary misstatement, as the least diligence could have obtained the infor- mation. In the printed reports of the Society, reference is made to the Commutation Trust Fund every year, from 1856 to 1860, as follows, by the Standing Committee : — 1856, page 13. — " Your committee have ascer- " tained that the Commutation Fund, though " invested in the most favourable ways consistent " with prudence, can hardly be expected to meet " the stipends of even the present clergy, without " touching on the capital." 1857, page 19. — "Your committee have much , "pleasure in reporting, that the report from the "Commutation Fund Committee, and also from "the Western Episcopal Endowment Fund Com- ^ " mittee, are most satisfactory, and too much " praise cannot be awarded to the gentlemen who " composed the Committees, for the disinterested "and indefatigable zeal with which they have \ " managed the business." In 1858, page 16. — " Most satisfactory reports » "have been received from the Clergy Commuta- • " tion Fund Committee, and from the Episcopal • " Endowment Fund Committees." In 1859, page 18.— "With regard to the Com- " mutation Fund, your committees have good • "cause for congratulating the Church, owing to " the able management of the Fund at the disposal " of the committee, an income, equal at least to " the amount of salaries commuted by the " clergy, has been secured in perpetuity to the "church ; and too much praise cannot be awarded " to the constant attendance which the gentlemen "composing the sub-committee have, at great "inconvenience to themselves, given to its man- < "agement. Persons will be found who will con-^ " tribute many pounds to the promotion of such i "an object, but foryearsto devote, gratuitously, { "valuable time, nearly every week, for the benefit s "of the body at large; your committee believe. " that few individuals could be found to do so for .: " such a length of time as have the members oi : " the sub-committee," and In 1860, pnge 17, there is a full report from the Clergy Trust Fund, as follows : — "The Clergy Trust Committee submit theii " usual Report to the Church Society. " The investments of the Trust Fund now stand "as follow: Debentures at 6 per cent £152560 7 ! Do. at 8 do 9.616 13 11, .MortKages at 6 do. £22.600, iieeuring.... 16.860 ( ^ Do. at 8 do. £66,&')0 18B.7d.,8eo. 3»,66U 18 : Do. at 10 do 3,100 ( .^ Teuipoiavy Lo»9B> »t 10 per cent 2,600 C^ £asu,ni 18 i" tee. sonsistency of that there has sstatement. as ined the iiifor- fthe Society, jn Trust Fund follows, by the lee have ascer- Fund, though yays consistent pected to meet ■ jlergy, without tee have much •eport from the . and also from j ent Fund Com- , and too much gentlemen who he disinterested lich they have ^ sfactory reports ♦ ergy Commuta- • i the Episcopal i ard to the Com- ' Lees have good i lurch, owing to I d at the disposal ' qual at least to muted by the srpetuity to the 5 inot be awarded i the gentlemen * [have, at greats .ven to its mnn-i id who will con-ii jomotion of such ;e, gratuitously, • , for the benefit imittee believe „nd to do so for ;hu members ol pU report from le submit theii }iety. i"unA now stand £152660 7 ; 9.516 13 II .. 16.850 ( ieo. 30,660 18 : 3,100 i- „ 2,600 ( . £223,177 19 8T CHURCH CHRONICLE EXTRA. 9 Mr. BoQlton^ OhargeB Statement of Oommittee I "The interest on the investments on mortgnge "is further secured by personal bonds with " sureties. •• These several investments yield nn aggregate "income of £14,598 Os. 6d., while tho churges " on the fund for the current year are esumuted "at £14,300, leaving a surplus of income over "expenditure of £2J8 Oa. 6d., whirh is nt the "disposal of his Lord.ship 'he Bishop of the " Diocese, under the by-luw of the society in that " behalf. " As the committee have carried out thedirec- "tions contained in the award between the "Church Societies of the Dioceses of Toronto and " Huron, since the Inst annual meeting of this "society, and have transferred to the latter dio- "ces*- their proportion of the Trust Fund, tbey "consider the present a fitting ocoaision to give " a brief resumfe of the result of their opcr.itiuns " since the trust was established. " The commutation was commenced in the year " 1855, and completed in the early part of 1857, " by which period, the sum paid to the clergy of "our church iu Upper Canada, and received by " them from the Church Society, amounted to "£184,860 sterling, or £224,900 lOs. 8d. cur- "rency, yielding an income of £13,954 per "annum; — nearly £6000 a year less than the " amount of the salaries which were charged upon " the fund, and which the society bad covenanted "to pay to the clergy during their lives or incuoi- " bencies, on receiving from them their commuta- " tion money — a deficiency which, at the time, it " would have been impossible to supply, except "by an encroachment upon the capital of the " fund, had it not been for a liberal grant of " £7,600 made by the Society for the Propagation " of the Gospel. " Since that period, both the capital and income " of the fund have steadily increased, so that now, " before the expiration of the fifth year from the " acceptance of the trust by the society, and " after having transferred to the Diocese of Huroa " their proportion of the fund, amounting to "£66,551, there remains for this diocese, as at " present constituted, the above sum of £223,177 " 19a. 8d., yielding an income of £14,698 Os. 6d.; " being a capital of only £1721 168. lOd. less " than the whole sum before the commutation " was closed, but affording a return of £644 per " annum more than the interest at that time, aa "increase of upwards of 28 per cent, on the " original capital, in addition to the regular pay- " ment of the salaries of the clergy, half-yearly, ' ■ until last year, when their comfort was increased "very much by these payments being made " quarterly : and this has all been effected at an " expense of less than £760, up to the oomm«aoe- " ment of this year. CHURCH CHRONICLE EXTRA. Mr. Boulton's Cha/ges. Statement of Oommittee. Id property hel its managemi Society's oth of such resol the fund is si in the same i 18, I Jim informod. however, thnt the lute Mr. Thomas G. lliiloiit was nssncinted with Mr. Cameron, as a sort of co-trustee fm- these funds, and I believe tiie proceeds of the Sterling Deben- tures were held by the limik of Upper Cunada, as treasurer of the Society, or in tlie joint names of Messrs. Ciimeron and Ridout, tliuuph I lannot say that no other name was associated witli theirs. Sonic time previous to Mr. llidout's death, he informed me. in a conversation respect- ing the fund, iliat in consequence of Mr. Cameron's dealing with the moneys of the fund in the Bank of Upper Canada, as liis own, transmitting large Bums, many thousands at a lime, to New Yoik and London, for purposes not connected with the Church Society, but apparently for Mr. Cameron's purposes, he withdrew from his trusteeship, as he aid not wish to remaiu res-ponsible for its management under such circumstances, and I assuniv that the fund thereafter stood in Mr. Cameron's sole name, or subject to his control, and, whilst so standing, he dealt with it as with his own. What interest lie allowed to the Society for such use d(pe8 not a{ pear by any report pub- lisiied by the Society, nor have 1 been able to get a btatiment thereof. 19. Amongst the resolutions passed at the meetings of the Society and published in the annual reports. I am unable to lind any rule, order, or by-law, placing the Commutation Trust Fuad upon a different fooiiug Iroiu any other "The committee append hereto the report of *' the sub-committee, whose duty it is to examine •' the secuiities of the trust deposited in the "Commercial Bank, and they liavo much satis- •' faction in stating that tiiere is not a siiilling of "interest in arrear on any of their securities, and •' only £50 of principal on a debenture of a Town- ^^ lucorport "ship Municipality. managing cc " Toronto, 13lh June. 18G0. management J w GAMniF mittee seem J. HiLLYAni, Camkron, ^"T' «* ?' ' of the Socie C. J. CAMPB.a.1,. Standing Co. ttie business •• We the Sub-Committee, appointed by th( Society. Th( " Clergy Trust Committee, do hereby certify thn' i assume to 1 "we havf carefully examined the securitie the Society al "held for the Clergy Trust by the Comniercisi I860 the Stai " Bank of Canaada, and that we find the same t affairsof the ^ "be correct. ormanagingU " Toronto, June 13, 18C0. time I believe Thomas C. Street ^'ttee was a Sai/ieh.n Givens.' being clergym The reports referred to in these several years t u rt " ^' ,, V. • 1 1 . .1 ni 1 c • . i .1 J- H.Cameron were all lurnished to the Church Society by tli v,Q„i_„_ j r committee, aud are rejiiularly entered in tL «i,„ u„ • "» ,!., ., ° ■' the Society au iniuutes of the committee. „ „„„„;, »!« , ' a committee i 18. Mr. Ilidout never was a trustee or co-trustc the Trust Fun( of this fund with Mr. Cameron Thnt be nevi meeting of the could L .ire made this statement must be eviden appointed, an from the fact that as Cashier of the Hnok i delegated to tl Upper Canada, lie was aware that from the tin I understand, the account of the Commutation Trii.^t Fui, whole control a was opened with the Bank of Upper Canada, unt it was closed, and fr(>m the comiueiice ent< t tl^ Trust to the present time, every sum of mon. * drawn, either from the Bunk of Upper Canada ^ the Commercial Bank, wae drawn by cIuhjii t signed by three members of the Clergy Tmi* Committee, the chairman, the vice-chairman, • another member of the committee, and t manager ; aud every security delivered up, v upon the same authority. 19. In the month of January, 1855, be/ore a part of the Commutation was affected, or event rangtd with the Government, the Church Socii passed a by-law for the management of the tru which by-law was printed aud distributed not oi^ CHURCH CHRONICLE EXTRA. btee- I the report of it is to examine posited in tiie vo luuoh stitis- lot II !-l>iHinR of r securities, iinil itureofaTown- MBLK, Chnirman. ini) Cameron, iKanoycr. 11'nr.i.L. ipoiuted iiy tlu reliy certify tlin' il the securitii' the Couiniercia fiud the same t OMAS C. Street LTEUN GiVENS." ise several yenv^ h Society i>y tli entered iu tL • istee or co-trust: Tlint he iicvi must he eviiicii of the I5iuik 1 t fnini tiie tin tioii Tru!-t Fui, er Cauiiilii, uni uence . ent it tl sum of mon. Upper Canada . iwn by clH'qii the Clergy Tni ice-cliairman, mittee, and t lelivcrcd up, w Mr. Boulton's Charges. property held by the Society, or proTidin^ .or its management in any mode different from the Society's other properties, and, in tlie absence of Hucb resolutions or by-laws, I nssiitnc that the fund is subject to tlie control of the Society in the same manner as its other funds. Tho Act of Incorporation contemplates a central or managing committee to be appointed for the management of its affairs; but no such com- mittee seems ever to have been appointed. Up to 1860, a Standing Committee and Lami Committee only were appointed. By section 17 of the Society's rules, the only duty of the Standing Committee appears to be to prepare the business for the quarterly meetings of the Society. The duties of the Land Committee I assume to be, looking after the real estate of tho Society alone. I believe, however, that up lo 1860, the Standing Committee had managed the affairs of the Society as though it were the central or managing Board thereof. In 1860, for the first time I beiieve, a Clergy Com oiutation Trust Com- mittee was appointed of iS members, one-hulf being clergymen receiving stipendsfrom the above fund the other half laymen, three of whom were J. H. Cameron, J. W. Gamble, and C. J. Campbell, Esquires. I find no resolution in the reports of the Society authorizing the appointment of such a committee for the exclusive managemc.it of the Trust Fund, but merely, that at the June meeting of the Society such' a committee was appointed, and what authority or power was delegated to this committee I cannot discover X understand, however, that they assume the nrhole control and management of this fund. fee 1855, before a cteiU or even . Church Socii ment of the tru slributednotoit Statement of Oommittee among the commuting cierjj;;), but amonr/ all the incorporated memhns of the iociely ; arnl on the faiili of tiiat by-law tho clergy took tlieir covenants for the payment of their stipiiuls from the Church Society, and placed their Cominutatinn with :lin Society, to be admini.itereil by tiie Clerpy Trust Committee, apart from all other moneys and funds of tho Society, the accounts to ' o kept in separate books, and managed by ollieirs to be appointed liy that committee. 'I'his committee was by this by-law diiecteii to be eoiiiposied of nine cler<:ymen who had commuteJ, ami nine lay- men, and was first elected iuiinedi.itfly after the passage of the by-law in January, 1855, and has always been elected at the annual meeting; of the society, every year since; and all receipts and payments were vouched for and audited by the sub-committee, appointed by this committee, whilo liiere was another sub committee to examine and vouch for the securities of the trust. The follow- ing is the BY-LAW: " Whereas according to the provision of the Statute of this Province, passe'l dudn;; the pre- sent .sessions of Parliament, entit*;!, &c. tho Clergy oftl' Uuited Church of Engl aid and Ireland, receiving annual stipendsfrom the Clergy Reserve Fund, are permitted under certain res- trictions to commute such annual stipends, and to receive in lieu thereof certain sums of money iu full satisfaction and discharge of such annual stipends for ever, and whereas it m.ay be assumed that the clergy so commuting will desire to place such commutation money in trust, as well for their own maintenance and support during their natural lives, as for the maintenance and support of the clergy of the said Church in all time to come, and whereas the said Church So- ciety was incorporated for promoting among other ohjeects the encouragemmt and support of .Missionaries and Clergymen of the said Church within this Diocese, and for creating a fund towards the augmentation of stipends of poor clergymen, and towards making provision for those who m.ay be inenpacitated by age or infir- mity, and for the Widows and Orphans of the Clergy of the said Church in the said Diocese : and the said Church Society may therefore pro- perly undertake tho management of the said ■ lommutatiou money as coming especially within ihcgcope and intention of its organizatmn, and It is necessary to provide for its due admiuistra- tion. "Re it therefore enacted, under the authority 'f the Act incotporatinff the said Society, and with the sanction of thcLiord Bishop of the Diocese, hat for the purpose of administering any sum, ir sums of money that may be paid to the said Church Society, either as commutatioa money CHURCH CHRONICLE EXTRA. Mr. Boulton's Ohargei. M Statement of Oommittee. received from the government of this province out of the Clergy Reserve Fund, or from nnj person or persons for the general support nnci mniutenance of the said clergy, there gliall be a Committee ot the said Soeieiy, to be culled th( Clergy Trust Committee, who bhall admiulstei ' the said moneys as a separate and distinct fund ■ from all other moneys, or funds of the said - Society, and shall keep separate and distinc' accounts of the same, under the nnmo of tht "Clergy Trust Fund;" that the i-iud Clergj Trust Committee shall be composed of the L< ni Bishop of the Diocese for the time being, ancf eighteen other members of the siiid Society • nine lay, and nine clerical, the clergy bein^ elected from the number of those directly iute rested in the commutation contemplated; au( that the first members of the said coiiimitte< shall be chosen immediately after the pat-sage o this By-Law, and shall continue to hold offic' as such committee until the annual meeting o the said Society in 1856, when and al^o in ever; subsequent year the members of said Clerjij Trust Committee shall be elected from the Incur porated Members of the said Society, at a speciu general meeting to be held ou the morning ot tii day appointed for the annual geucnil meeting o the Society: and five of such committee slml be a quorum to transact the business of the sui committee. It shall be the duty of the siii' committee to invest all moneys received by tli said Society for the purposes in the first claui- ~^' ^"^^ " mentioned, from time to time, in good and suffici"*!"-'**'' ^^^ ^i ent securities, of a description to be previout^lP*''"*^" "^ ^" sanctioned by the Church Society, nnd to kei;*?"'"'!"''®' ''^ distinct accounts of the same, and of tiic changi**B"'^ 'ts repoi maje from time to time therein. Btyies himself signed one r " That the said committee shall have full powei)eiieve also t and authority to appoint all sneh officers aiiguthoriaed th( servants as they mny consider lucessary lor th proper and efficient management of the sui Trust Fund; to fix the amount of salary the shall receive, and direct the payment thereoi and to take proper security from them for tb due performance of the duties with which the shall be charged. . 21. Ainongs ° I can find non "That the said committee shall pay half-yearlynjittee. They in the months of January and July, the sums thiigiort report b may be covenanted to be paid by the said SocietHi annual niec to the several clergymen wiio shall cuniniuimpacrie descrij their salaries from the Clergy Reserve Fundamount of the and pay the amount thereof to the ^aid Suciet)i|i mortgages according to the provisions of the covenanti|hount of inl entered imo between the Society and the saiigfoss charge o clergymen respectively for thai purpose, uiii^atever ; a s that such payments shall be made iipou warianlguron and Oi to be signed by the Lord Bishop of the Diocesmcurities banc for such clergymen respectively, and shall b i the arrang the first charge upon the fuadt of the said Trust rived at. CHURCH CHRONICLE EXTRA. nittee- Mr. Boulton's Charges of this provinc* nd, or from any Dral support nnd , there slmll be ,', to be culled tin bball ndtniuisti'i and distinct fund nuis of the said rate and distiiic tlie name of tli« the hnid Clerpj )osed of the L« ic time being, »tu lie said Society the clergy beinj ose directly inte anteniplatcd ; am e said committc . ter the passage o lue to hold offic' inuual meeting o and alhO in every 8 of Haid Clerji; ed from the Incur ociety, at a speciu the morning of tli ;eucral meeting o ii committee shal usiness of the sai' duty of the sal' the first claus' ^0. This Trust Committee subsequently, I !nKoodandsuflici^''«-''^'b"'^y what authority I know not, ap- to be rirevioublP*''"'^'^ "^ sub-committee, called the managing ietv nnd to kei'*®"'"''"^'®' consisting of Mr. J. W. Gamble, who d of tiie chani'c'^B'"' ''^ report as Chairman, Mr. Cameron, who Styles himself Manager, and Mr. Campbell, who signed one report as a Manager, and who is I all have full powefjeiieve also the Treasurer of this fund. Who -nch otficers an gmthorized these appointments I kuow not. Ktcessary lor th nent of the sal of salary the payment thereol om them for tb 21. Amongst the printed reports of the Society, I can find none Tnade to it by the Trust Com- Upay half-yearlynjittee. They have, however, annually laid a uly, the ^unis tharfliort report before the Synod of the Church at )y the ^uid SociiiJts annual meeting in June, which is of a very o sliiiU coin 111 utmeagre description stating scarcely more than the lleserve Fundaniount of the fund remaining each year invested the !«aid Suciet)in mortgages and debentures, the aggregate of the covenuiil^piiount of interest received therefor, and the iety Mid the Kiiiijfoss charge on the fund for the year ; no details at purpose, uii<|^ittever ; a statement of the amount paid to ide v.pon wuruuitg^uron and Ontario, but no description of the op of the Diocesmcurities handed over to them or of the details ely, and shall b . the arrangement whersby any amount was of tU« Buid TrusI Vived at. m It V Statement of Committee. "That if after the payment of the salaries in the next preceding clause mentioned, and the expenses of the management of the said Trust, there shall bo any surplus of the interest or proceeds of the said Trust Fund, it shall be lawful for the Bishops of the Diocese, by war- rant to the said committee, to order the payment to any clergyman of the said Church, doing duty within the said diocese, of such sum per annum as shall not exceed the sura of £10(\ and the saiJ committee shall pay the same at the same times aa in the next preceding clause mentioned. "That the said committee shall lay before the Society at its monthly meetings, in April, July, October and January, in each year, a statement of all moneys invested and on hand belonging to the said Trust Fund, and shall al^o lay before the Society at its annual meeting a full statement of all investments and changes iu investments, and all moneys received, and paid by or on ac- count of the said Trust during the current year. " That any vacancy occurring in the said Committee from death, resignntion, refusal, or inability to act during any current year, shaa be filled up by the appointment of a new member of the Committee by the Lord Bishop of the Diocese in writing, and such vacancy and appoint- ment shall be notifieo ' y the Lord Bishop to the monthly meeting nexi .iiercafter, and shall be en- teretl in the minutes thereof." 20. This Bub-committee was appointed 21st June, 18<35, and originally cunsisted of ihe Hon. G. W. Allan, Mr. J. \V. Gamble, and Mr. Cameron, and on Mr. Allan's departure for England, in 1856, Mr. C. J. Campbell was appointed in his place, and the sub-committee has ever since been composed of the three last named gentlemen. This sab-committee, by the regulations adopted by the Trust Committee under the above by-law, report every transaction connected with the investments of the Trust to the Trust Committee, and they are expressly authorized and required to vouch for and audit all payments and receipts of money on account of the Trust. 21. Reference has already been made to the reports of this Trust Committee to the Church Society, and the report of 1860 is printed above at length. 1 nese reports have been made as the by-law directs, and the mode of settlement with the Diocese of Huron, as already stated, was settled by an award, which was approved and confirmed by the society, and the description of the securities transferred to that diocese is stated on the margin of the award, signed by the Bishop of Huron, and, so signed, was laid before the Society. 10 CHURCH CIIRON'ICLE EXTRA. Mr. Eoulton's Charges- 22. Why these reports have been made to the Syuod instead of to the Society I cauuot si\y. 23. The constitution of the Society provides, that at .lie June nicuting in each year, one or more tr'asurcrs, one secretary imd two or more auditors shall bo appointed, and such appoint- menta liavc conformably thereto been anuually made up to 1802 or 18tJ3. Only one treasurer has been appointed by the Society for 18ti4. The treasurers are the Uev. Mr. Graselt, C. J. Camp- bell and E. 11. Rutherford, into whose hands one •would of course assume that all the moneys of the Society was deposited. Such, however, is not the cnse. I uiiderstcnd that whilst the above three have confided to their keeping the small amounts annually collected for the Society, and such sums :.s are invested for its general pur poses, (and they all go through the form of jointly signing checks payable out of these funds,) two ofthem. Kcv. Mr. Grasett and Mr. Rutherford, have never had anything to do with the great fund of the Society, the Commutation Trust Fund, which is kept as a separate account and disbursed by Mr. Campbell, as treasurer thereof. By whai authority he thus acts as treasurer of this fund I cannot learn. 24. By permitting a special Trust Committee to be formed, if such has been formally done, the Society has virtually surrendered the entire management of the trust to this committee, and they, liaving again appointed a sub-committee to manage it, have likewise divested themselves of its maungement ; audit is a fact, that when the Society requires information from the Trust Committee respecting the trust, the committee cannot supply it without applying to the manag- ing committee, who almost uniformly resist an application for details ; and several members of the Trust Committee have informed me that they wished for information and ap lied for it to the managers, who put them off and so baffled them in their inquiries, that to obtain what they wished seemed entirely hopeless. An imperiuin in imperio has thus been formed, which says to the body that formed it, you may ask for what you like, but we will not give you the informa- tion This arrangement to divest the Society of all control or responsibility, has not been made without a motive, and the consequences will fully appear as I proceed. 25. The first report purporting to come from the Clergy Trust Committee ever laid before the Synod, as far as 1 can discover, is dated June, 18G0, and signed by J W. Gamble, chairman : J. H. Cameron, manager, and C. J. Campbell. It states that the commutation was completed in the early part of 1857, and the amouut paid to Statement of Committee. 22. These reports have mt been laid before i\^ clergy Synod instead of the Society, but at the requcij^gigfy ^^ of the Synod in 18'>9, copies of them were fuiQQ jg^ j nishid to the Synod as well as to the Society, yy^ ((54 p 23. The accounts of the Commutation TruiT.TjOO Fund have iilwnys been kept in strict accordanJdciety foi with the by-law jmssed for its management itnte that 1855. Mr Campbell never has been the treasunhe fund h of the fund. If there has been any treasurer, ,f*er havii has been, first, the Upfier (Canada, then the Conjw the To mercial Bank, into which all monies were paid, ail«taila are from which tlicy can be drawn onlif on the cheqi>liice, or of three members of the Trust Committee; aaoiount. all receipts and payments are vouched for ameni of th audited by the tubconiinittce. A system qui^ . as strict as that pursued by any banking instil ^|! ^^^ tion in the country. ,, . ^ uortgages Do £55, Do remporarj) 24. This is utterly untrue. 25. That tht secured by ties to whi the above i of £14.59^ leaving a s £2',t8 Us C above state a conseqne X2'.i8, near misstateme COinmittee. not describi any statem purchased, A stalen Society, I t debentures mortgages tares were 108 ; Hami St. Thomas X700 ; Tho London, £.c £7,500 ; Si ton, £1,02C Huron and Barton, £,'. The details, as here stated, are not cr« , • ' i rectly takenfrom the reportof the Synod in 18fc£j 3!"^. "y and there is also an error in that report, as pfiiogp-,, ii < ted, — an error, which accounts for the P''''-'(}yt.>, £200 report to the Society for the same yeor, l><-''gauthwold conveniently ignored by Mr. W. 11. Boulton, ^^^^^ ^^^^^ tho error does not appear in that report, whiQ|||,j.gjj„ CHURCH CHRONICLE EXTRA. 3ominittee. ' Mr. Boulton's Charges. nt been Iniil before tl^,^ clergy and received by them from the Clmrcli 'y. but Ht the requci-^ciety amounted to X184,850 sterling, or £224,- )ieBof them were f moo ir,^ 8d currency, yiohling an income of :/ as to the Society. J18.<)54 per nnnum ; and thnt a liberal grant of Commutation Trul7,r)00 had been made to the Society by the |il in strict accordanJiciety for the Propagation of the Gosjiel. They or its niiinngement itftte that since 18o7 both capital and income of ■ has been tlie treasunllc fund have steadily increased, so that in 1860, been any treasurer, ,f»er having paid Huron jL'OO.riSI, tliere remains (.'imadii, then the Coniw the Toronto Diocese i''223,177 19s 8d. No 1 monies were paid, aii*taila are given shewing how this increase tooli iwn on/// on tliecheqi»liice, or in what way they paid Huron its I'rust Committee ; amnount. The only details given as to the invest- 3 are vouched for ameni of the fund remaining are as follows : — ittee. A system q"i5,i,entures at 6 per cent £102,509 Statement of Committee. is quoted above. The true details are Debentures at G per cent £152, .000 Do. at 8 do 9,510 Mortgages at G per cent. £22.500 Securing Do. at 8 per cent. £55,650 18?. 7d , Securing Do. at 10 per cent Temporary Loans at 10 per cent. 11 7 r. 13 10 15,850 39.050 18 3,001) 2,000 }y any banking instil Do at 8 per cent 9,516 mortgages at 9 per cent, £22,.'i00 Securing 15,850 Do at 8 per cent £55,050 18s. 7d,, Securing 39,0.50 Do at 10 per cent 3.000 Temporary loans at 10 per cent 2,000 13 3 10 18 ue. f ' Total £223,177 19 8 That the interest on the mortgages is further secured by personal bond.s, with sureties, the par- ties to which, however, are not named, and that the above investments yield an aggregate income of £14.598 Os 5d, and the charges £14,;i00. leaving a siirplus of income over expenditure of £298 Os 5(1. Dy calculntii'g the intere-st as above stiitcil, the income should be £15 075, and a con.seqnent surplus of £4"5 B.s Od, instead of £298, nearly £201) more thiin reported a trifling misstatement compared with others made by this committee. The debentures and niortgnges are not described at length in the report, nor is there any statement as to where or by whom they were puichased, or at what discount. A statement or report was laid before the Society, I think, in June, ]8()1, specifying the debentures held by the trust, describing also the mortgages and collateral securities. The deben- tures were as follows :— City of Toronto, £4,- 108 ; Hamilton, £25,480 ; Middlesex, £15,750; St. Thomas, £12,150 ; Wellaud, £7,500; Guelph, £700 ; Thorold, £1,950 ; Bowmanville, £3,100 ; I«bndon, £32,861 ; Logan, Elora, and Wnllace, £7,500; Simcoe, £000; Yorkville, £1,550; Pres- ton, £1,020; Cobourg, £1,000; Elgin, £3,4130; Huron and Bruce, £8,700 ; Ontario, £1,700 ; , Barton, £2,800 ; Toronto Hospital, £4,250 ; ,"„,'*",. ,Q-Walsingham, £225 ; Kent, £300 ; Kast Missouri, tofthebynodinl8bjg|c,3„. ^entworth, £400; Stratford, £1,500; 1 that report, as pnjjigpr.oii, £700 ; , £300 ; Wind.sor, £1,905 : ounts for the pnntcgPy, £200 ; Malahide, £1,200 ; Pcterboro' and VT ?/"'i' *>u"'wo'J' JE4,600; Hastings, £3,106 : and W. 11. lioulton,jj|^g otjjgj. nmouQting in all to £167,472 in that report, wliio^jgm,y^ £223,177 19 8 In both the Church Society and Synod Reports, the amount of Debentures at per cent, is £152.500 7 3 and not 102,509 7 3 A small error of only £10,009 made by Mr. Boulton, and he has copied the error of calculat- ing the first mortgages at ) per cent., as stated \a the printed Synod Uepo'-c, instead of truthfully at 6 per cent., as stated in the printed report to the Church Society of the same year, which he says ho did not see, although the same sum in mortgages is correctly quoted in the Synod Reports for the following years, to which he re- fers. The committee would further observe, that where charges are brought forward, and attacks made in matters of figures, the attacking party should be careful to be right himself ; whereas it is apparant, that in this ca."e, if the statement made was correct as to the £15,850 in mortgages, at 9 per cent , the surplus would have been £773 10s. 5d., not £475 S.s. 6d., and if the additional misstatement of £10,009, in 6 per cent, deben- tures, were taken into account, the surplus would have been £1374 Is. Id. instead of £475 8s. 6d. No statement of the mortgages and debentures, nor from whom, nor at what price they were purchased, was given in this report, as none such was required by the by-law of the Society. 12 CHURCH CHRONICLE EXTRA. Mr. Boulton's Charges. Mortgnges, &c., securing £37,883, due by Mr. Cameron. Sundry agreements to piiy J. H. Cameron, from 31 different parties, for lands, principally in tlie Huron tract, amounting to £4,- 807 lOs. Mortgnge on Hamilton and Port Dover Railroad, £12.500; do. on block of bouses on Yonge stree. £10,000 ; do, land in Warwick and Adelaide, £7,784 ; do, land in Carradoc, £168,- 126 ; do. do., £210 ; do. do, £262 10s ; do. do., £227,15s ; do. do., £210 ; do. five lots in Hamilton, £760 ; do. two do., £800; do. two Jo. £300 ; do. two do. £450 ; do. two do. £300 ; do. one do., £160. Wellington 8 P. 3,500 Brnntfiird debentures 600 Bond, J. H. Cameron, S. B. Harman, and W. Schrsibe;, for payment of 8 percent on 25,000 Bond of Hon. J. H. Boulton to pay 8 per cent interest on 10,000 Sundry mortgages from Messrs. Farmer, De Blaquiere and Deeds to secure a loin to them of 18,250 Toronto Press Brick Company mortgage 3,600 Bond of Directors 3,600 Prcviiicial Insurance Company Loan 8,000 Secured by eight bonds of company of £500 each 4,000 Mortgage on Con. A, Hamilton 1,6/5 Do on office 1,000 Do bloc^i of houses on Richmond street 1,500 Do house and 4 acres of land ia ^ ~ Peterboro' 850 Bond of 24 members, each £400 sterling 9,600 Mortgage on building on Toronto street 3,000 H. J. Boulton's mortgage on land in Moultrie 500 J. Brunskill owes 175 Hon. A. Wilkins 250 20. By the' managers' printed report in June, 1861, tlie debentures then held are stated to be £103,478 7s 7d, or about £6,000 more than enu- merated in the above lists by the special committee. As to these debentures my efforts to obtain in- formation, either as to the authority under which they were purchased, h-r whom, where, or at what price, have proved fruitless. That among them there shoulu be so very few of the munici- palities whose securities are undoubted, and so large an '.riount of Hamilton, St. Thomas, and London debentures that must have been selling at 25 per cent, below par, if not more, seems strange and unwise. The city of Toronto has issued about £600,000 of debentures ; it possesses large tracts of land in the city, and.its debentures have always been considered a safe investment, no default ever having been made in interest ; but of its debentures the Society holds £4,108. Statement of Oommittee. I Thecitv number ofl He or no ro 975,000 of d| ■from 20 to rer been loo| r years they ay are now 'i^ese debeni Mil to have I e-half of whi^ re«dy been {47,310 for ai e debt of Tor i 28. St. Thomr sis.suod .$100 which has ii ese the man;i an one-hnlf of e deteutures a \ 29. London ho it year it owed . 9\f present va ice of them frc lOOunt, and of iBCd no less th 26. There is no discrepancy of £6000 betwo tbe report of the Special Committee in 1861, n I that of the Managers of the same year. tJO. They also Special Committee report as Municipvl dcbentuil*» Peterboro' £157,472, but the Managers report debenturWBtures, all of two classes, according to the..- rate of intc e^o^ below par. without reference to them as municipal or otlii''^ themnnngi debentures, viz.: 'rUst, ond thei , rsik. Why thi 1 how much Debentures at 6 per cent., £153.361 14 Do. ai8 do. 10,110 13 arly shown. £163,478 7 7 'U Of the moi .Cimcron.aiid And the difference m the report of the Spcc7^ilfi3 oft|,e s CommitteeisshewnintheothersecuritifsreportiMy \vi,„ ], by them, making simply a difference in clas8ific,j ^„t appear i tion, not in amount. Every purchase of evc^|,| Society, at debenture, or other security, held by the Trujn Trust Co Committee, has been made by the Sub-Committt CHURCH CHRONICLE EXTRA. 13 Mr. Boulton's Charges- amittee. I Jf7. The city of Hamilton, with about one-third • number of nitepnyers of Toronto, and with Hie or no real estate of its own, has issued MS.OOO of debentures, wh.oh have been sold •from 20 to 25 per cent, discount ; they have nv been looked upon as a safe investment, ryenrs tliey huve ceased paying interest, and ay are now worth about 50 cents on the dollar. 'Iliese debentures the managers of the Trust MB to have purchased no less than $103,920, ••half of whicli, $50,900, besides interest, has rendy been lost. Last year Hamilton owed 147,310 for arrears '^f interest, thus exoeeding e^ebt of Toronto by over $200,000. 1 28. St. Thomas, containing 465 ratepayers only, 8 it^sued $100,000 of debentures, the interest irhich has not been paid for yeais, and of ese the managers purchased $48,600, more an one-half of which has already been lost, as e detentures are now less than 50 per cent. % 29. London has issued $929,994 of debentures; it jcar it owed $124,899 for over-due interest. «$■ present value I cannot learn. The average io« of them from 1H57 to 1804 was 20 per cent. iOOunt, and of these the managers have pur- ued no less than £32,861. of £0000 betwc mittec iu 1861, n. , , , „ , .„ same year. 'fw. They also purchased Cobourg, Bowman- Ju/iJciB( i dcbentiiMr Veterboro', St. Catharines, and Windsor 1 report debentut>«©tu''es, all of which huve for years been rate of into 'e^iJIbfilow par. The best debentures were those otliic^ '''*^ managers should have selected for such 'rust, and they seem to have bought the very rst. AVhy this was dontj requires explanation, [nunicipal or 1153.361 14 10.110 13 *^ 1 bow much was paid for them should be ^arly shewn. '103 478 7 7 ^U ^^ ''*° mortgage securities, those given by '' ' .pgmeron. and onmnerated above were to secure prt of the Specif JIR3 of the Society's moneys, obtained by him securitif sreporHjj^7 who loaned this money to Mr. Cameron renoe in classificjj 0„t appear in any of the published reports purchase of evcjj,^ Society, and remains a mystery. Members held by the Truji, Xruat Committee have Btated that the Le Sub-Committt Statement of Committee. and all ihe details connected with such purchase duly entered, reported to, and approved by the whole Trust Committee, from the inception of the trust to the present time. 27. The City of Hamilton debentures held by the committee, were purchased at a time when the debt of that city was about £400,000 less than it is now, and when there was no intention, as far as the committee were aware, of increasing that debt. They were purchased at an average of 20 per cent discount, for those that were pay- able in 20 years, and of 14 per cent, discount for those that were payable in lO years. The whole of the interest that has been in arrear up to April, 1864, has been capitalized and added to the principal, and from that debt the interest is payable over periods of 10, 20 and 30 years, at 4, 5 and G per cent, per annum, for those respective periods Not one dollar of the principal has been lost, and if the interest or principal is not now collected or paid, commissioners are appointed by Parliament who can take the immediate manage- ment of the aflfairs of the corporation into their own hands. 28. The St. Thomas debentures were purchased by the committee at an average of 28 per cent, discount. The airears of interest up to July, 1804, have been capitalized and added to tlio principal, and interest is payable thereon at the rate of 3, 4, 6 and 6 per cent, per annum, for respective periods cf 10 years, mak'ng in all 40 years. Not one dollar of the principal has been lost, au commissioners are also appointed by statute, as in the case of Hamilton, who can levy and recover the money in case of default. 29. The London debentures were purchased at 20 per cent, discount, for those in sterling, pay- able in England, and 25 per cent, for those in currency, payable in Canada. The overdue in- terest referred to, is that which is due to the Government on the Municipal Loan Fund debt. The interest on their Municipal debt, proper, has always been paid. 30. These municipalities have paid their debenture debt and interest, and the debentures which the committee hold, and the rates at which they have been purchased, are entered clearly in their books. 31. Mr. Cameron did not obtain £37,883 of the Society moneys. He exchanged mortgage securities to the amount of £30,102, as Messrs. Farmer & De Blaqaiere did, for Municipal Loan Fund debentures, which had been purchased at 15 per cent, discount, but which were sold and delivered to him by the Committee ia 1857, &t 14 CHURCH CHRONICLE EXTRA. Mr. Boulton's Charges. Society did not, and I have everj- reason to believe that Air. Canieron did not apply to the Society for siich a loan, and that the Society never authorized it. As manager of the fund, he seems to have ohfained it. As Solicitor to the Society ho prepared the securities, and afterwards, as one of a special committee, reported his security to be ample, whiKst 1 have no hesitation in saying that no capitali>t in the country would have loaned ouo-third of the amouut upon them. 32. A committee was appointed in 1802, com- posed of the Rev. Dr. Patton, Rev. Dr. McMurray, the Hon. G. W. Allan, W. B. Simpson, Esq., the Manager, the Chairman, and C.J. C.mpboll. Esq. to examine the securities held by tlie Clergy Trust, and to ascertain and report upon theii cash value. They reported the Trust to hold Statement of Committee. , Mr 104, on which the bonus of £5000. alluded tojtntures of paragraph 1 1, was obtained by the Trust, and miuting in mortgage for £10.000 was taken by the Comiibllshed Rep tee as a loan to him. in conscqiience of certntyear sIkm securities having been improperly withheld J«163 1 hi of the London agents, on a claim which they nit|| the specir to hold them for a private account of that gw They al tleninn, a claim which they persisted in ' I • J U4 1 1, „ i"**' Another s( amount of Mr. Cameron s indebtedness has 1,-t.*^ «p , , , « 1.1 r Ann iSMts of an acs reduced upwards of £15,000. irtgnge for £7, 32. There is no descrepnncy between theirwick and Adi ports of the Trui Committee and the SpcJurlty I found, Committee ; they have only classed the secunit they have si in a difterent manner, as explained in the rtre, it does not 1 ence to paragraph 26. rohasers have •••dy been sold ^ 8 tftxes to over CHURCH CHRONICLE EXTRA. 15 mmittee. ■ Mr- Boulton's Charges. £5000. alluded toSntures of tliiity-two different municipalities, iy the Trust, and ouiitiup in gros-s tc £153,819, whilst the iken by the ConuibUshed Ueport of tiie Trust Couiniittee for the sequence of certntyenr shows ihnt the Trust tlien held £1 til, - roperly withheld J«l 53 Ud of debentures, or nearly £8,000 more m which they nui the special committee discovered, ccount of that gjj They also reported that the manager was ;y persisted in ftjgbted to the Society in £;5J,0l)O, paying 8 per ding that it C(i,^j„,grc6t, for which the Society held the above- ties were eventunjjjj securities, wliich, after some necessary Cameron, who \ftciatwn and other raiisei, still leaves a margin ing given the Tig^Ung ample ucurihi for the debt. Amongst for the amoi^m ^jgy T^^iar to a block of shops on Yonge [en by the Tr^t_ securing £10,000, and say that they are 37, examined by ^„o^ y.^lued at more than that amount, and nto consideration^^ the present rental of the block, after paying vision with the Hu.q, ^^^j insurance, is £8'.t0. This statement is the division with ^nded to convey the impression that the shops med by disiinct rep, ^n ample security for £10,000, over and ty in the monthsj^ encumbrances, and producing a clear rental present year; ai'(^{i9Q pg^ annum, or nearly 9 percent of income, nmittee in Noveml (|jnniining this income I found that at the time e motion of the l-tkis report the premises were mortgaged to the d by Sir J. B. ^»\ioT of the land for about £4,000, and that the its payable for the shops and premises at and the Commutatio',0? to the date of the report was less than £G20. )f the Committee £270 less than the Committee reported, and Ixecutive Commiiiitiot exclusive of insurance. Manager, by ^'l|^. Another security reported on consists have been made ^gaignments, by the manager, of certain fund as will picJirlgiiges on sixteen town lots in Hamilton the expenditure . |;2,530, being at the rate of £150 per he clergy in wlii. a. competent party has informed me that tion, there was a knows the lots, that lie doubts if most of thousand pound^OI would bring JE50 each on time ; many ot ■press their Ao/?*" iim nre assessed at only £25 each, and, from \ces of the Execii^ (jjty Clerk, I learn that the taxes due on th» for the cona/nnjjlton lots amounted last November to ovei ,(|D0, and accumulating at the rate of 10 per f the resolution at per annum. I doubt very much if this n himself, in cniid^ity would realize £800. ressing his dei-irgj|. Another security consists of 29 agreements dbecome aborru ^\q by Jlr. Cameron of lands in Huron, |ron did not prq,oiinting in 1802 to £4.519, and about £1,000 rt upon them tl Ijmda in Carradoc. How much is yet due on ir value four .yt^qi^ lands I cannot say. It is a kind of security rs of the oommit|i should never have been taken f »r a Trust vo no more rc^ggtment, but it is perhaps the best of the ny time heretolmager's securities, if unencumbered. Ihat report, and og^ Another security given by the manager Idebtedneas has 1^,1^^^ ^^ ^^ assignment of Malcolm Cameron's •rtgnge for £7,784, on 3,090 acres of land in Icy between thcirwick and Adelaide. On inquiring info this lee and the SiicJurity I found, although the committee report llassed the securiit they have Sold portions of it at $11^ per alained in the rere, it does not seem to be occupied or that the rohasers have paid for it, as 110 ) acres have •eady been sold for taxes, and on the remaining s taxes to over $1,800 were due last November, Statement of Committee- 33, At the time these .sccur'.ties were taken from Mr. Cameron, they were ample in value. Tlie Yonge Street buildings ))roduced a clear re- turn of £1000 per annum. The mortgage to the vendor of the land was collaterally secured to the Trust Committee by the assignment of otlier mortgages to the amount of £5000, on which the interest has always been punctually paid, and nearly one-third of the property was absolutely released from the vendor's mortgage, and the report of the Special Committee was in strict accordance with the facts. 34. The Hamilton lots had almost all been sold at large advances, on their purchase from Mr. Cameron, and on all of them, with the exception of two of £150 each, the interest has always been punctually paid, and the committee have no rea- son to doubt that the whole amount will be real- ized from them. If there are any arrears of taxes, of which neitlier Mr. Cameron nor the committee have had any notice from the corpo- ration, the purchasers residing in Hamilton are perfectly able to pay tiiem. 35. A large part of the agreements in Huron, and the mortgages in Carradoc, have been paid off, which is the best answer to the charge of in- suflBciency of these secuiities, and all tlie residue are ample security and will be paid, 36. The Hon. Malcolm Cameron's mortgage was given by him in a purchase of the lands in Ade- laide and Warwick. On the purchase in 1855, he paid £1000 in cash, and the interest on the mortgage until July, 18(51, or nearly four years after the mortgage was taken in security. The land has been valued at 8 dollars per acre by the Special Committee, but a considerable portion of it has been sold at JJillJ per acre, and none of it I under $10 per acre, and even at the latter rate 16 CHURCH CHRONICLE EXTRA. Mr- Boulton's Charges. and which, if not paid, may involve the loss of the whole security. I called the Society's atten tion to this fact in February, but at the last meeting of the Society in May, I learnt that the taxes had not yet been paid. 37. The mortgage from the Hamilton and Port Dover Railwiiy for £12,500, although one that the Society should never have taken for such an amount has, fortunately, turned out better than any of the manager's securities, as it was realized I believe, last year for the sum of £10,000; and this sum, with others realized from the manager's securities, appears, by a late report, to have re- duced his debt to the society to £22,350, for which I consider the remaining securities totally inadequate. 38. The manngcr gave also, as collateral secu- rity, a joint bond, signed by himself, S. B. Ilaruiiiu, and W. Schreiber, to secure 8 per cent interest on £25,000 ; and one of the Hon. H. J. Houlton, to secure 8 per cent, on £10,000, and policies oflife a-^surance for £10,000 ; what the ciish value of these collaterals may be, I leave others to judge. 89. As previously stated, the managers reported in June 18(11, that the debentures then held amounted to £103,478 7s. 7d., or about £6,000 more than in the above list. The Committee ap- pointed to examine and report on the sucurities in 18(j2. report tl e debentures then held to amount to £153,81 9; whilst the Trust Committee, in their printed report for that year, state them to amount to £1(51,428 15s. l)d,, or about £7,500 more than the special committee discovered. There is no explanation of this discrepancy in the state- ments for 1801 and 18(J2, but one is evidently required. 40. I feel that I may justly assert that the special committee appointed to examine and report on the cash value of the various securities, did not properly discliarge their duty. 1 have shewn that they reported as fact what was iricorroct ; but they did more, they reported, as above stated, that the manager's securities left a margin affording ample security for his debt. This statement was made at the beginning of the report, but ut its conclusion they state, that by a subsequent arrangement with Mr. Cameron, to insure his life for £10,00C, he is only bound to pay 7 per cent for the future ; so that the security which was declared to leave an ample margin is found, during the meeting, to be so defective as to require £10,000 additional security, and that, not at the debtor's expense, but at the expense of the Society, which by this reduction of interes has to pay £320 per annum to make an ampl« eeourity Statement of Committee. it will pay nearly the whole of the original pMore ample chase money and interest. Less than 200 niOameron's i have been sold for taxes, and that sale is tone security contested ; none of the lands can be sold for ,M that if h< other arrears for more than two years, and HfsiQg £320 committee will take care that any arrears tBore to kee may then be due will be protected, if not paid wis reducti( the purchasers of the land. il withheld, 87. The Hamilton and Port Dover mortgage #s. po wer t secured not only on the station grounds at II ■^""6 ^* ^'* ilton, but by a registered judgment and execui 7*^ "■ propo over the whole road, upon which some £200, . 41. The had been expended. The interest was punctu iiudes with paid on it for all but two years of the timlpent: — "C was held by the society. The property C^ the trnn valued by the Special Committee at only £7. (Counting t but it was very soon after sold by Mr. Canitsnm of £IJ6 for £10,000. Committee f( Mtiirfied will 38. Mr. Cameron g.ave the bonds, to secure I" °^}^^^ woi interest, at the time the mortgages were gj»ppoiiited t( in 1857. The life policies for £10,000 sterl Mcurities, tli were given at a subsequent period, as an nili w*'''/" properl onal security to the trust, to meet any depreciat Society shou of the securities. security wha oils. But at report could „„ „, ,. . , , Trust Commi 39. There are no discrepancies, as expla ^^^^ paving above. The difference arose from the difle ^ manner in which the securities were classifie' ^^^ ^jjj q^^ the Special Committee and the Trust Commit Committee fo Messrs. Onm fiind amount il2,000 diffe] 4ccide. "^42. As tot •Icurities, I ■ Tnnge street £620 per an; Wi G into re s t 40. The Trust Committee have full poweruit'^j^jgj^ ^^^^^^ the by-law to agree for the rate of interest on ^jjj le^^g „ investment, and they proposed to Mr. Cam Jjjgtead of 7 the reduction of the rate ot iterest to 7 per c Mortgage or if he would insure his life for £10,000 stci ^tces nothir The premium of insurance costs Mr. Camerc per cent, or | per cent more than he paid, i* he was paying interest at the rate of 8 per ce fcr taxes, n creasing at Ibese are no 1*111 be made 4hce little or ISle taxes on The securlti rtid Huron T blfances, yiel !Wie coUatera lb all, then exceeding £( Ifent on £22, )Ur the life « .£* CHURCH CHRONICLE EXTRA. It t Dover mortgn ge ■ " ion grounds at II ' [Igmentand execiii' which some £200, iterest was punctu^ years of the tini ominittee. ' Mr. Boulton's Oharf^es- B of the original pmore ample. Nor is this all ; they reduced Mr. Less than 2U0 ncOomeron's interest to 7 per cent., but they took ind that sale is to no security that he would keep up his life policies, Is can be sold for ,M that if he makes default, the Society, besides n two years, and Mf^^og £320 ayear, will have to pay as much or hat any arrears tBore to keep up the insurance. Who authorized tected, if not paid wis reduction I cannot discover, as all information is withheld, but 1 cannot belie— > the committee IS power to do it, and I believe I am correct in ying it was not authorized by the Society, nor Ijbs a proposition to do so submitted to it. ' 41. The report to the Trust Committee con- ^udes with this ominous and significant state- ment : — " Considering the variety and magnitude The property 0^ the transactions in managing a fum. still aittee at only £7.ili*>ounting to £217,967 15s 9d , after paying the sold by Mr. CameWm of £06,501 to the ministers and parsons, the Committt-e feel that the Church has reason to be Mitiirfied with the present position of the Fund." c bonds to secure I" other words, they could not do what they were [lortKafes were gi^ppointed to do— put a cash value on the for jcFo 000 sti-rl ••'^"'^'^'^'^' *''"*■ *''* Society might know what pcriod.'as an aii. ****''" P>'or*-'''*y ^f^s worth; but they think the meet any deprecia- Society should be satisfied that they have any ■icurity whatever: it amounts to little more than litis. But as if it were impossible that any special wport could agree with the printed reports of the fSrust Committee, it appears by the above, that )ancies, as expla ^^^j. paying Huron, they still have £217,967 15s pse from the diHe ^ by Messrs. Gamble, Cam- . „'on, and Campbell ; whilst the report of the Trust the Trust Commit Committee for the same year, 1862, signed by Messrs. Gamble and Campbell, states that cbe ftond amounts to £219,565 12s. 9d,, or nearly £2,000 difference. Which is right I cannot decide. 42. As to the productiveness of the manager's iicurities, I would state that the rentals of the X"nge street block amounted in 1862 to about £620 per annum, or about £400 over and above the interest of the existing prior mortgage, lave full power ui!'^bich, after deducting insurance, agency, &c., _ ate of interest on ^jn 1^^^.^ ^^out £350 clear at 3J per cent, )sed to Mr. Cam |Ugtead of 7 per cent., on that security. The iterest to 7 per ( ijiortgagc on Warwick and Adelaide land pro- br £10,000 stei ^t,ces nothing, 200 acres of it having been sold osts Mr. Cainero f^^ ^^^^^^ „j,j |^800 of taxes arc yet due. than he paid, vt .ij^j.,.gasing at 10 per cent, per annum; and if erate of 8per ce ^1,^.5^ „j.j, ,,0^ p^5j a ;urther sale of the lands irill be made. The Hamilton lots, I believe, pro- djbce little or nothing, not even, it seems, to pay lihe taxes on them, already exceeding $1,000. The securities on land in Adelaide, Carradoc, •bd Huron Tract, may, if free from prior incum- brances, yield an interest of £300 per annum. l*he collateral securities, I fancy, realise nothing. lii all, therefore, the securities produce not exceeding £660 in money — or less than 3J per (fcnt on £22,350 yet due by the manager— and If the life assurance premiums are deducted, Statement of Committee- 41. The committee still continue of the same opinion as expressed by the committee in 1862, and the difference of the two siatemeiils alluded to is accounted for by the fact, that the Special Committee reported only upon the securities, and not upon the ca-'h balance, which is included in the report of the Trust Committee, 42. The Yongc Street, property and the colla- teral mortgages have always paid the interest on this mortgage. Only 150 acres of these lands have been sold, and the sale is contested as illegal ; the lands cannot now be sold for any taxes in arrear, Mr. Cameron having, three years ago, paid nearly $3000 of taxes upon them. The Hamilton lots have always paid their interest, with only two exceptions, and that only recently. The Adelaide, Caradoc and Huron securitits, have always paid their interest. The collateral mortgages have always paid their interest. The securities produce upwards of £1,100 per annum, and Mr. Cameron's rents are paid into the Com- mercial Bank quarterly, to make up any defi- ciency arising from the securities. I 18 Mr- Boulton's Charges* at least £300 per annum, it will leave onlj X350. or about IJ per cent intcrent on the mannger's debt, insteud of £1,004 10s. which, at 7 per cent, it amounts to. 43. Of the value of the securities given by Messrs DeBInquiere & Co. I am unable to form an opinion, bui upon a pnrtinl examination of tbem I found several prior encumbrances. 44. Withsiich irreconcilable sfatements isit surprising that informa'ion is required by mem- bers and resisted by the managers? Had the accounts of the Society been audited a? the con- Btitution rfquirep. thepe conflicting statements could not liave appeared. It is true that each year tho form of electing auditors is carried out ; It is ali^otiue that the auditors meet and audit tho accounts of the Mission Fund, Students' Fund, ■Widows nnd Orphans' Fund, and incidental ex- pensef. involving, pirhtips £5,000, and duly certify tlio same ; but ibe great fund of the Society, almost the -ole reliance of the Church for its future support, involving over a million of dollars, the auditors have never been permitted to ex- amine or report upon. 45. I have alluded to several reports made by dlH^^erent committees. I must now refer to an- other made by tiie Comm itaiio j Trust Committee to the (Society at its quarterly meeting in Febru- ary last, and on perusing it I think one must come to the conclusion that little or no reliance ca ) be p aoed on anything emanating from that ocmmittee In the Trust Committee's printed report of 186'' they state that the Commutation money received was £184,850 sterling, or £224,- "900 16s 8d currency. In the report' made last February by the same (somaiitteo, they state the Amount received to have been £ 1 84,500 sterling — or £850 less than reported in 1860, and that this smaller sum produced £240,054 19s 2d. £11,534 2s 6d more (ban the larger sum, and which, with the £4,500 from the Society for Propagating the Gospel, was invented in securities amounting t ' £291,263 198 5d— whilst in 1860 they state that the Commutation money, without the £4,- 600 received from the Societj* tor Propagating the Gospel, produced £289.728 lOs 8d. If £184,- 850 sterling alone produced £289.728 198 8d. ■with £4,500 added thereto, theinvestme .its should bave amounted at least to £294,228 19s 6d But the Bishop states that £7,500 was received, not £4,500; thus leaving £3,000 yet wholly unaccounted for, as far as I can learn from the reports of the Society. Nobody, that 1 am aware of, has ever questioned the accuracy of these reports, and it was only on finding two of them disagree that ; went further and searched them thoroughly. The result has not only astonished but bewildered me, for on applying to the Government to discover what sum was actually reoeived for Commutation mouey by the clergy, CHURCH CHRONICLE EXTRA. Statement of Committee- 1 II And that te 8d. as s thorough instead of a partial exnrainati'f^^.P"'"^® ' * ive shewn that all prior securities haf**^'.''''*. '^ 43. A would have been assigned to the trust tMed to be nA'c than in 44. There are no irreconcilable statemenijj^ Finance except such as Mr. Buulton himself has madj^^ jj^^^j ^j^^ as he hail in the very statements which \^^ ^^^^ ^ impugues, the means of satisfying himself of tht,^^^^^^„ ^^, correctness. No audit could have made any d^ ,^^^ ference in these statements, and the examinatii^jg^^mgj j^j. of these acc/)unts was provided for under I'^ount rece by-law which created the trust. aient.. Do* for Propngf tqnws paid 1857 Do b <^e Blaquirt >l 45. The only error that has crept into the it £36,864 3f port of the committee has been in the BtatemtgOO and £20, of the sterling bonds received on the commutatir||« Report of Thw amount was mis-prin;ed £184,850 sterliiv«| agree is c instead of £184,350 sterling, or £500 sterliliiiety. too much. The money received from the Socit r? for the Propagation of the Gospel has always be « stated at £7,500, of which £3000 was expendf i when received, in paying the stipends of i Clergy, and the remaining £4500 was invesi as not being immediately required, alihou . applicable to income, as it was given to make < any deficiency that might arise in the salaries the commuting clergy. The whole amount aws ded by the goverment for the commutation of t clergy of the Church of £ngland for the whole Canada in sterling 5 and 6 per cent bonds n £230,050 Sterling, of which the Goverment i tiiincd themselves, under the agreement of rett_ tion of 5 per cent until a final statement, t" sum of £11.300 in 6 per cent bonds, of whi £ 10,250 was retained on account of theUpperC* ada Clergy, and £1,050 on account of the Low Canada Clergy, leaving of these bonds applicat to the clergy of the whole Province £218.750, thissum £23,700 was delivered for Lower Canm and £13.500 for Trinity College, Toronto, leavi £181, 650 for the Upper Canada Clergy, whi with £2800, tho proportion of the reserve for I per Canada, afterwards returned by the Goverme: made up the whole sum in sterling bonds, £18 350, or £224,292 lOs. cy., at the par of Exchac as reported by the Committee, (with the error £500 mentionei above) in 1860. This sum f increased by premium on the sale of debentun exchange and interest to £240,954 19s 6d, t f } i N< immittee* CHURCH CHRONICLE EXTRA. m Mr- Boulton's Charges- Ind that instead of the sum bein;; £224,900 te 8d. fV8 stated in 1860, or £240,%4 198 21, partial exnm\ntLt\<*''^P"^^^^ '" '^*^^' the actual sum received was rior eecurities ha^*^.6l4 198 8d, or ^714 Ss inor3 ihan tMed to be received m 18b'.), aud £4,()00 Os bd a^e than in 1865. . . i have ulbo a statement from an officer of statcnjenijj^ Finance Department of the Government sta- » K- k •- ^ '''"' ^''® ''^'■ge'' 8"™ of £245, 614 19s 8d was :ntements which ,^, ^^^^ ^^ ^^^ Government in 1866 to Mr. Ijing himseil orthfj^j^g^^^^^ ^^ ^ ^j ^^^ ^^ ^^^ ^^,, ^ommu- have made any (1,^ The sums, therefore, that ought to be and the examinati.^^^^^j f^^ 3,^,,^ ,^„g._ iided for under t^^^^^j received from Govern- nent £246,614 19 8 Do do Society for Propagating the Gospel 7,600 tqows paid by iMr. Cameron in 1857 6,000 00 Do by Mes-srs. Farmer St l^e Blaquire, in 1867 3,650 Dcilable himself has mad-j^ which " list. £261,764 19 8 as crept into the rr tf 36,864 Ss. more than stated in Report of Ben in the statemtSCO and £20,810 Os 6d more than appears by on the commutatichti Report of 1865. Why these stuti-nK-nts do d £181,860 8terliiit«| agree is not stated in tho Reports of the g, or £600 sterli|f«iety. vedfrom the Socie u spel has always b«/« 3000 was expendf i . the stipends of t t;4600 was invest required, alihou . l as given to make .) ise lu the salaries >< nrhole amount awi commutation of t »nd for the whole per cent bonds w the Goverment i agreement of rett nal statement, t" nt bonds, of whi ntoftheUpperCs ccountof the Lo« se bonds applical ovince £218.760, i for Lower Canai e, Toronto, leavi ada Clergy, whi the reserve for I d bythe Goverme ling bonds, £18 he par of Exchuc , (with the error 60. This sum i sale of debenturt Statement of Committee- sum reported by the Committee to the Society i** November 18')7, as the basis of the Fund, and which, with the balance of £4500 from the Society for the Propagation ot the Gospel, was inve.sted in securities amounting to the sum of £291, 263 19 6d. The currency amount of the Commutation for Upper Cancda is duly entered in the books of ihe Committee as stated at £246,614 19s 3d, but from this has to be deducted the currency amount for Trinity College, £16,465 4s Od and the pro- portion of the Goverment Reserve. In carrying nut the Commutation fur the clergy, Mr. Cameron preseutcd seven lists of claimants, whose claims were allowed by the Goverment. These lists' as settled and returned to him by the Gove. . jeut, 'vere divided in four heads, 1st. The currency amount of the Commutntion. 2nd. The sterling amount according to the terms of the order in Council. 3rd. i'he amount of sterling bonds delivered on each list. 4th. Th« amount of sterling bonds retained by the Gover- ment. It would be too lengthy to net out these lists here in full detail, but the addition or totals of each are given in the tabular statement at the foot of the page, as they require more space thiin this column allowed, and the care t-xpended on their preparation will be easily conceived. The gross total makes the sum of X245,614 19s. 8d., before reported as the original Commutation, less the amount retained by the Government. The Committee also state that Mr. Boulton was distinctly informed both of the deduction of the amount for Trinity College, and of the ap- propriation of £3000 of the grant of the Society for the Propagation of the Gospol, at two several meetings of the Church Society, held before he published his statement. The Btat(ment of the Committee in 1860 was that the fund then stood at the sum of £289,728 193 8d, the difference between that sum and the sum of £291,263 198 6d being accounted for by the payment of so No. Currency. 1— £136,647 16 2.— 3 — 4.— 6.— 6.— 7.— 78,rte( to £291,263 ] thev state thai £66,651 17s 1 Id ; leaving for 163 9d ; total, balance in fav ares should bo discrepancy ol Trust Committ 'be left for Ton fincy of over £ 49. To shew ' 8 gradually dii ^nent of the va 1800, fund 1 1801, 1802, 1803, 1864. Of income, c ras a surplus; a 1863 no d here is a defici f income, £i I CHURCH CHRONICLE EXTRA. H )tee- t, that, having which also em- the Society for and all the 3 investments, chases of the lussrs Farmer )n to the disin- ladein thispar- t would appear soovery of the tu, and that he and yet in the opied, they are iminitteo. page 275, the tments amount then proceeiJH: sent an aggre- 418 17s. lid., '. income of tiie I meeting, aris- liich had borne 3unt invested ia ■sled at the last ising also from / loans which tic credit of the the time, have louut paid for ge3G, theCom- s at £-J20,()6C se of £14,316 oceed: "The ome, has been become neces- the repayment st ; and in the of interest on amount of lia- t year is £14,- nie of £59 5s. alance of over- last, of £2558 page 24, the nvestmenta at iocese of Onta- s. Id., leaving se of Toronto, li'om, if all col- charges upon ittee proceed : of the City of 3 large sum of ind no arrange- lat corporation )a of the inter- Mr. Boulton's Charges. 47. Again, in the Report of 1863, they place the amount to be paid Ontario at £74,148 15.s. Id., wuilst in their Report of last February, it ia stated to be £74,899 14a Id., a diflference of over £700. 48. Such a multiplication of errors, if nothing worse, I venture to say was never exhibited in the proceedinga of any incorporated body. But there is yet another. In their Report of laat February they state that when the debenturea were conv<>rted and invested, the fund amounted to £291,263 193 5d. In the very same report thev state that out of that fund Huron received £66.651 17s lid ; Ontario received jt74.899 14s Id; leaving for Toronto £587 751 18 or £146,937 15s 9d ; total, £288,489 73 9d, whereas the balance in favour of Toronto by the above fig. urea should be £149,912 7s 5d, shewing another liiacrepancy of £2,774 lis 8d; and in 1864 the Trust Committee reported only £141,403 17a to ^be left for Toronto, shewing a further diaorep- fancy of over £5,600. 49. To ahew in a conoiae form how the fund s gradually diminishing, I submit a short atate- vment of the various reports : — 1860, fund reported to be £223,177 19 8 1861, '« 221,791 5 8 1862, •• 220,005 12 9 1868, " 218,025 5 8 1864, " 215,647 1011 Of income, during the first two yeara, there raa a surplus; in 1802 a deficiency, £59 68 lid; 11 1868 no deficiency ia reported ; in 1864, 'here is a deficiency of £606 5a ; total deficiency f income, £664 IDs lid, whilst the capital Statement of Committee. est of this corporation, as well as the interest of part of the debt of the Corporation of St. Thomas, must necessarily be carried to the capital account, until the inteiest of these corporations is ad- justed, as the Trust Committee have necessarily been obliged to deduct from the ca|iital account, until this interest ia paid or satisfactorily ar- ranged." In the same way, in 1864, the difference in the amount of the capital account is accounted for by the non-payment of any of the interest on the Hamilton and St. Thomas debentures, which again required the payment of the stipends of the clergy out of the invested account, as astead of being a charge on the whole commutation fund of the three Dioceses, as they were originally, they are now borne by the fund of this Diocese alone, while the other Dioceses, with much less charge upon them, have in the division of the Commutation Fund received an amount nearly equal to the sum retained by this Diocese. It will thus be seen thatwhile^ there has been a reduction of salaries to thflf amount of upwards of £18U0 a year, that reduc-( tion has not admitted of the p'acing of any ne^ name on the commutation list of this Diocese, as, even with this reduction, the income is not sufficient, from the large charges upon the fundi to meet the salaries of the clergy who bavo com* muted within its limits. When th« more than the the conitnutat stipend that fore accepted nien;ed with To assist the generously gr and the first i became due ai the fociety w payment of 1 applicitble to tiiim in the every ex^rtio directly by p«- discount, ns w ing upon the debentures nt to the pres.nl debentures sol stood in the y which the Di division, £74, increase of th rather more ii of Toronto re' vommutatiou ( 726 9s. lid , 1 tion of nea»ly commencemen keeper, and ii in entering in so large an an ing in of lives occurred, the able to state and in the nil 2s. 5d., but I instead of ha to the credit o( and St. Thon The Comi with the state such gentleme from its comn The Committee have thus examined, aeriaiim, all the charges that have been made inrelatiorf to the Commutation Trust Fund, and they believe that the statement that they now put forth is • complete refutation of each and all of them, but in addition to this, they desire to call the atten^ tion not only of the members of the Church Society, but of the Church at large, to the bistor;'^ and progress of this fund, from its commencement to tbe present time. I* 1 CHURCH CHRONICLE EXTRA. as Ittee- Wh»n the commutation was effected, the charges upon the fund were upwards of £^500 a year morethnri the interest of the debentures.which had been given for the commutation; and in receiving the commutation, tlie Church Society covenanted with each clergymen for the p-iyment of the stipend that he had formerly received from the Clergy Reserves, and the Church Society there- 1 brought to in- fore accepted the management of the fund, with the knowledge that their management com- I of interest is men ;ed with an acknowledged deficiency of income to meet their expenditure of £tiriOO a year. •8 to 4 pir cent. To assist the Society in meeting this deficiency, the Society for the Propagation of the Gospel per cent, in tue generously granted £7600 Sterling, £3000 to be paid in 1866, £2500 in 1857, and £2000 in 1858, and the first sum of £.3000 was used in January 1856, in paying the salaries of the Clergy that became due at that period. Owing to the exertions of Mr. Cameron, wliile in England in 1857, the society was induced to pay the remaining £4500 that year, instead of putting off the payment of the last instalment to 1858, and that sum became a part of the Income Fund appliciible to the salaries of the clergy. With so large an annual deficiency as £6500 meeting them in the very inception of their Trust, it became incumbent upon tho Committee to mnke every exertion to procure such Investments as would produce the highest rate of interest, either directly by periodical paymeiits. or by purchssitig debentures and other securities at such a rate of discount, as would enable the Committee to meet the annual charges upon the Fund without trench- ing upon the actual cnpital they had received. That actual capital, as received by the Society in debentures at their par value, was £224.202 10s. currency, of which ihepropoition that belonged to the pres.nt Liocese of Toronto wns £110,725 Os. lid. That capital, with the premium on debentures sold, exchange, interest invested, and the £450 » sterling from the Propagation Society, year more than stood in the year 1860, when the first division of the Diocese was made, at £288,489 78. 9d., of f £146,987 15s. which the Diocese of Huron received £66,651 17s. lid., and Ontario, in 1863, on the second division, £74,899 14h. Id., each of those amounts containing the share of those dioceses of the increase of the capital of the commutation of the clergv within their respective limits, which was rather more in each case than one-fourth of the whole sum transferred to them, and the Diocese of Toronto retaining as its share £146,987 15b. 9d., or £30,262 5s. lOd. more than the actual vommutation of the clergy within its limits, that commutation having been, as before stated, £116,- 725 Qs. lid , and deducting arrears of interest included in the £30,262 58. lOd , makine an addi- tion of neatly 22 per cent, to the orig nal sum ; while the whole expenses of the fund from the than' the present commencement have not exceeded £1000, which have been expended in the salary of the book- Biice of there- keeper, and m travelling expenses of members of the committee living out of Toronto. The Society, ayable on the in entering into the covenants with the cominutiug clergy for the payment of their stipends,whea itures. It must so huge an amount had to be made good beyond the then interest, naturally looked upon the fall- salaries were ing in of lives, as a means of the reduction of the charges upon the fund, and had not many deaths ese of Toronto, occurred, the invested amount must have been greatly reduced, but the Committee are ed age3 of many able to state that not only have all the c'lnrges upon the fund been met to the day, their coramuta- and in the nine and a half years, to the 1st of January last, they have amounted to £156,612 )roportioo ; most 28. 5d , but the comfort of the clergy has betn increased by their stipends being paid quarterly, linue to be paid, instead of half-yearly, as they were before the commutation, and there is an invested sum still e on the whole to the credit of the Income Fund, which will make up the deficiency in interest on the Hamilton ioceses, as they and St. Thomas debentures for some years to come. )rne by the fund The Committee believe that the state of the C< mmutation Trust Fund can bear comparison other Dioceses, with the state of any monied institution in the country, and they only await the appointment of em, have in the such gentlemen as the Church S )ciety may name, for the fullest audit of the accounts of the fund Fund received from its commencement to the present time. '°rt;:ixl^. john Toronto, jrearrthat reduci Pretident of the Church Society . cing of any nev< this Diocese, as, income is no^ !B upon the fund, y who bav« com* ;y, whose lives L-en stated that of the present inted to the sum J tlic additions eased to £146,- tood on the last Jntario was set 1855 upon this •cf.ie of Toronto, men alone who nearly £10.500 nutation uf this )f these salaries, I., has fallen in, £8535 13s Od., L;12o for the sal- other expense^, 6d. per anniun. HENRY ROWSELL, PRINTER, KING STREET, TORONTO. made in relatiofli ow put forth is i to call the attend ge, to the bistori