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Provincial Secretary's Office,
Nelson, December 24, 1855.

IN conformance with the provisions of the "Nelson Trust Funds Act, 1854," the following Report, and Rules and Regulations, adopted by the Trustees of the Nelson Trust Funds, are published for general information.

By his Honor's command,
S. L. MULLER,
Provincial Secretary.

ANNUAL REPORT OF THE BOARD OF TRUSTEES OF THE "NELSON TRUST FUNDS," FOR THE YEAR ENDING 10TH DECEMBER, 1855.

In accordance with the directions of the Act of the General Assembly, passed 14th September, 1854, entitled the "Nelson Trust Funds Act," the Board of Trustees present their First Annual Report and Statement of Accounts. They regret to say that the question of accounts pending between the Board and the Lords of the Treasury is still unadjusted, in spite of the strenuous efforts of their agent in England, Mr. Tytler. His communications with the Board afford ample proofs of his exertions on behalf of the claims of the settlement, and of the vexatious delays which have hitherto prevented their success. His last letters, however, show that some progress has been made; and it is to be hoped that ere long the satisfactory adjustment of this question will enable the Board to carry out the great objects of the Trust with efficiency and decision. To promote this object, fresh and ample powers-of-attorney have been prepared, and will be forwarded to Mr. Tytler by the first opportunity. These have been for some time in readiness, but have been delayed by the vacancies in the Board caused by the death of A. C. Picard, Esq., and the retirement of W. O. Cautley, Esq., which have been supplied by the election of Messrs. Barnicont and Greenwood. It will be perceived that an additional sum of £1,568 2s. 5d., being the balance of the amount of £20,000 Consols, invested in Exchequer bills, has been received, and distributed to the several Funds in the following proportions, viz.:—£1,200 to the Educational Fund, and £368 2s. 5d. to the Reserved Fund for general purposes.

STEAM COMMUNICATION.

The loan of £4,000, made to the Nelson Steam Navigation Company under circumstances promising great public advantages, has been returned, as the increased cost of a suitable vessel, and the continually-advancing rates of labour and material, rendered it in their opinion unadvisable for the Company to pursue its original intention. An application from another Company, contemplating similar objects, only more exclusively directed to Local Steam Communication, is now under consideration. A sum of £2,000 has been temporarily transferred to the credit of the College and Educational Fund, under circumstances explained under that head. The sum of £2,000, advanced to the Provincial Government on loan for the purposes of Immigration, remains unaltered.

RELIGIOUS USES.

The reserved fund of £1,000, permanently invested in landed securities for these purposes, now amounts to the sum of £1,134.

COLLEGE AND EDUCATIONAL FUND.

Much time and consideration have been given to this subject. The uncertainty which still exists as to the amount which may ultimately be awarded in satisfaction of the claims of this settlement upon the British Government, and which by an Act of the Imperial Legislature is left to be determined entirely by their own sense of what is just and right towards us, exercises a most prejudicial effect in preventing the Board from at once adopting any large or well-considered scheme for the establishment of a College. Deeply impressed, however, with its great importance, the sum of £2,000 has been transferred from the Steam Fund to supply the means for at once commencing operations, and taking all the preliminary measures. In furtherance of these intentions, the block of land in the town of Nelson of about 17 acres, granted by his Excellency Sir G. Grey for this purpose, has been cleared and prepared for being enclosed and laid down in permanent pasture during the coming season. In answer to advertisements published in the papers of this and the neighbouring colonies, many plans have been received, evincing much architectural ability and containing many valuable suggestions. The respective premiums of £50 and £20 for the two best designs, have been awarded; and a Committee of the Board is engaged in procuring such further information as may enable it finally to mature its plans and commence practical operations. As a considerable time, however, must necessarily elapse before the College buildings can be erected and fit for occupation, the Board, considering the very great want which exists for the higher branches of education in this settlement, have in contemplation the immediate appointment of a Master in connexion with the institution.

Subjoined is the Financial Statement for the year ending 10th December, 1855.

By order of the Board of Trustees,
A. G. JENKINS,
Secretary.

Trust Fund Office, Nelson,
21st December, 1855.