Nelson Provincial Gazette – 1862 – No. 2

Page 6

✨ Annual Report of Nelson Trust Funds

6

ANNUAL REPORT of the BOARD OF TRUSTEES of the NELSON TRUST FUNDS, for the year ending the 1st December, 1861.

DURING the past year the Trustees have had to consider several questions connected with the duties of their Trust.

From the accruing interest of the RELIGIOUS RESERVE FUND two Grants have been made; one to the Presbyterian Church in the Wairau; the other for the members of the Church of England in Golden Bay: the principal sum remains untouched.

The STEAM NAVIGATION FUND has undergone several changes. The Nelson Coast Steam Association having repaid the loan made to them, and offered their vessel for sale, a new Company applied for a loan of £4,000, and such interest as might be receivable from the remaining principal sum then available for steam purposes. This application was acceded to under the condition that the vessel should be employed in keeping up a communication between the different parts of this province and that of Marlborough, and it is now regular in that trade. A loan of £700 has also been made to assist Mr. Stock in completing the little steamer Undine, intended to run to Motueka and other parts of the Bay. A bonus of £100 per annum for three years has also been granted to promote this last enterprise.

The appropriation of the RESERVE FUND presents only one subject which calls for any remark. A loan has been made to the Nelson College, on the security of the block of land formerly intended to be its site. The acquisition of the present property, so much more desirable and advantageous in every point of view, had entailed expenses upon the Governors which they found a difficulty in meeting without disposing of this block at a sacrifice. To prevent this, the Trustees have made the Loan in question, and taken the land as a security; the Governors having the power to dispose of it under an act of the General Assembly.

The Trustees have thus to the best of their ability endeavored to apply the Funds to the purposes for which they were designed, and to secure those advantages for the Province which it would have been hopeless to attain without such assistance.

Subjoined is the annual financial statement for the year 1861.

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

Trust Funds Office,
December 26, 1861.

Abstract of the ACCOUNTS of the NELSON TRUST FUNDS for the Year ended 1st December, 1861.

GENERAL FUND.
DR.	£	s.	d.	CR.	£	s.
To Amount of Trust Funds brought on from 1st December, 1860, as shown in the accounts to that date, viz.:-				By Religious Reserve Fund:
Religious Reserve Fund	1,441	17	6	Loans ...	1,000	0
Steam Navigation Fund	7,000	0	0	Disbursements	300	0
Temporary appropriation to the Reserve Fund, last year repaid	2,000	0	0	Cash in hands	259	7
Reserve Fund	6,111	17	0
	16,553	14	6	By Steam Navigation Fund.
To Interest Account, for Interest received during 1860...	407	10	0	Loans without Interest	6,700	0
				Loans bearing Interest	2,300	0

	£ 16,961	4	6	By Reserve Fund.
				Loans ...	4,050	0
				Disbursements	2,178	4
				Cash in hands	173	12
					£ 16,961	4