Peabody Donation Fund Act 1948

Publication Date:January 01, 1948
 
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Peabody Donation Fund Act 1948

(11 & 12 Geo. 6) c. xl

An Act for the better administration of the charity known as the Peabody Donation Fund and to provide for the incorporation by statute of the governors thereof

[30th July 1948]

ii .&_i2 Geo. .6. Peabody Donation Fund Ch. xl Act, 1948! CHAPTER xl. An Act for the better administration of the charity known as the Peabody Donation Fund and to provide for the incorporation by statute of the governors thereof. [30th July 1948.] W HEREAS the late George Peabody on the twelfth day of March eighteen hundred and sixty-two addressed to His Excellency Charles Francis Adams the then United States Minister in London' the Right Honourable Edward Henry afterwards Earl of Derby but then Lord Stanley Sir James Emerson Tennent K.C.S. and LL.D. Curtis Miranda Lampson esquire afterwards Sir Curtis Miranda Lampson baronet and Junius Spencer Morgan esquire a letter which stated his intention to make a gift for the benefit of the poor of London as follows: " My object being to ameliorate the condition of the poor and needy of this great metropolis and to promote their comfort and happiness I take pleasure in apprising you that I have determined to transfer to you the sum of one hundred and fifty thousand pounds which now stands available for this purpose on the books of Messieurs George Peabody and Company as you will see by the accompanying correspondence In committing to you in full confidence in your judgment the administration of this fund I cannot but feel grateful to you for the onerous duties you have so cheerfully undertaken to perform and I sincerely hope and trust that the benevolent feelings that have prompted a devotion of so much of your valuable time will be appreciated not only by the present but future generations of the people of London I have few instructions to give or conditions to impose but there are some A xl. Peabody Donation'Fund n & 12 Geo. 6. Act, 1948. fundamental principles from which it is my solemn injunction that those intrusted with its application shall' never under any circumstances depart First and foremost amongst them is the limitation of its uses absolutely and exclusively to such purposes as may be calculated directly to ameliorate the condition and augment the comforts of the poor who either by birth or established residence form a recognised portion of the population of London Secondly it is my intention that now and for all time there shall be a rigid exclusion from the management of this fund of any influences calculated to impart to it a character either sectarian as regards religion or exclusive in relation to local or party politics Thirdly in conformity with the foregoing conditions it is my wish and intention that the sole qualifications for a participation in the benefits of this fund shall be an ascertained arid continued condition of life such as brings the individual within the description (in the ordinary sense of the word) of ? the poor ' of London combined with moral character and good conduct as a member of society It must therefore be held to be a violation of my intentions if any duly qualified and deserving claimant were to be excluded either on the grounds of religious belief or of political bias Without in the remotest degree desiring to limit your discretion in the selection of the most suitable means of r giving effect to these objects I may be permitted to throw out for your consideration amongst the other projects which will necessarily occupy your attention whether it may not be found conducive to the conditions specified above for their ultimate realisation and least likely to present difficulties on the grounds I have pointed out for avoidance to apply the fund or a portion of it in the construction of such improved dwellings for the poor as may combine in the utmost possible degree the essentials of healthfulness comfort social enjoyment and economy. Preparatory to due provision being made for the formal declaration of the trust and for its future management and appropriation the sum of one hundred and fifty thousand pounds will be at once transferred into your names and placed at your disposal for which purpose I reserve to myself full power and authority But as a portion of the money may probably not be required for some time to come to meet the legitimate purposes contemplated I would suggest that as early as possible after the organisation of the trust one hundred thousand pounds should be invested for the time being in your names in consols or East India Stock L r zi & 12 Geo. 6. Peabody Donation Fund Ch. xl. ?Act, 1948. thus adding "to the capital by means of the accruing interest and the stock so purchased can be gradually sold out as the money is wanted for the objects designated Meantime pending the preparation of a formal trust deed you shall be under no responsibility whatever in respect of the fund or its investment or disposition With these preliminary stipulations I commit the fund to your management and to that of such other persons as by a majority of your voices you may elect giving you the power either to add to your number (which I think- should not at any time exceed nine) or to supply casual vacancies occurring in your body It is my further desire that the United States Minister in London for the time being should always in virtue of his office be a member of the trust'unless in the event of his signifying his inability to act in discharge of the duties ": And whereas on the said twelfth day of March eighteen hundred and sixty-two the said George Peabody paid the said sum of one hundred and fifty thousand pounds to the credit of the said Charles Francis Adams Lord Stanley Sir James Emerson Tennent Curtis Miranda Lampson and Junius Spencer Morgan in the books of the firm of George Peabody and Company in which the said George Peabody was the senior partner and on the same day the said Charles Francis. Adams Lord Stanley Sir James Emerson Tennent Curtis Miranda Lampson and Junius Spencer Morgan signed and sent to the said George Peabody a letter in which they assured him of the satisfaction with which they would accept the trust referred to in his said letter: And whereas for the purpose of giving effect to the object of the said George Peabody by an indenture (hereinafter called " the first trust deed ") dated the ninth day of July eighteen hundred and sixty-two and made between the said George Peabody of the one part and the said Charles Francis Adams Lord Stanley Sir James Emerson Tennent Curtis Miranda Lampson and Junius Spencer Morgan of the other part provision was made for the management and administration of the trust fund referred to in.the letter of the said George Peabody by a body of governors upon the trust declared in the first .trust deed: And whereas it was provided by clause n of the first trust deed that the property of the charity should be applied by the governors for the time being so as to give the fullest effect to the several objects mentioned in the said letter of the said George Peabody it being understood that in the construction of that letter and of those presents the expression *' London " should be held to comprise the cities of London A2 3 Ch. xl. Peabody Donation Fund n & 12 Geo. 6. Act, 1948. and Westminster and the borough of Southwark and the parishes and places constituting the parliamentary boroughs of Marylebone Finsbury the Tower Hamlets and Lambeth: And whereas it was declared by clause 12 thereof that the governors might contribute out of the funds of the charity to any of the purposes therein mentioned or any similar or other purposes for the benefit of the poor of London with or without reserving control over the application or administration of the fund contributed: 1 And whereas in execution of the trusts of the first trust deed the governors thereof purchased certain lands and erected buildings thereon and at the date of the letter next hereinafter referred to they had still on hand the sum of seventy-six thousand pounds not so applied: And whereas by a letter dated the twenty-ninth day of January eighteen hundred and sixty-six and addressed to the said Charles Francis Adams Lord Stanley Sir James Emerson Tennent Curtis Miranda Lampson and Junius Spencer Morgan the said George Peabody stated his intention of placing in their hands a further gift for the benefit of the poor of London and he expressed himself in reference thereto as follows: " Taking the joint capital of the two gifts at a minimum of two hundred and fifty thousand pounds it will form a fund the operation of which is intended to be progressive in its usefulness as applied to. the relief of the poor of London (so correctly defined in your recent report) without exclusion in consequence of religious belief or political bias It will therefore act more powerfully in future generations than in the present It is intended to endure for ever A century in the history of London is but a brief period comparatively with the life of man and should your successors continue the management of the charity as you have begun it it is my ardent hope and trust that within that period the annual receipts from rents for buildings of this improved class may present such a return that there may not be a poor working man of good character in London who could not obtain comfortable and healthful lodgings for himself and his family at a cost within his means "; and shortly afterwards he transferred five thousand fully paid-up shares of stock in the Hudson's Bay Company of twenty pounds-each mentioned in his said letter of the twenty-ninth day of January eighteen hundred and sixty-six into the names of the said Charles Francis Adams Lord Stanley Sir James Emerson Tennent Curtis Miranda Lampson and Junius Spencer Morgan: 4 II .& 12 Geo. 6. Peabody Donation Fund Ch, xl. Act, 1948.' And whereas for the purpose of giving effect to the object of the second gift it was by an indenture dated the nineteenth day of...

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