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The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, FEBRUARY 18, 1889. SUCCESSFUL PHILANTHROPY.

Disastrous and far-reaching as were the results of the failure of the City of Glasgow Bank, which just over ten years ago brought rain to many, and more or less serious losses to thousands, by this time the history cf that gigantic commercial disaster has pasßed into the limbo of forgotten things save m the case of a few of the more immediate sufferers. Bat it will he remembered perhaps that a Relief Fund was started upon the occurrence of the failure which has since been managed and administered by a Committee, and the history of that fund is exceedingly interesting, as being perhaps the most successful outcome of philan thropic effort ever recorded. The Relief Fund says an English paper "was started within a month after the smash, and m an incredibly short time reached the sum of £387,342- : - a total which daring the ten years has been augmented by Interest and judicious investment to £435,856. That fund has baen administered by a committee at a mere trifling expense, scarcely amounting m the aggregate for the ten years to 2 per ctnt upon the total, so as to relieve about a thousand shareholders who held about one fifth of the stock of the bank, and who surrendered m response to the calls of the liquidators no less than £3,263,000. There were only 1453 •hareholders altogether, so that threefourths of them became recipents of the relief. It took three forms — donations'in special cases, to the amount of £220,470 j annuities to the old men and women, £203,492 ; and loans to those m the prime of life and engaged m business, to the amount of 134,400. The last form was th 3 novelty of the fund, and the result will establish an admirable precedent. These loans, made with delicacy and care, have enabled scores of crippled, firms, sound but for the Bank affair, to keep their feet and regain their position. And of the amount loaned £1C9,959 has been faithfully paid back with interest at the rate of three per cent. The balance was commuted, the borrowers having been too. heavily smitten to recover. The Fand has just been woun4 up b.y the investment of the surplus m annuities for those who will remain dependant on it — an arrangement which provides each with a fairly comfortable income for the rest of his days. The remnant annuitants, it should be added, are all either aged or infirm persons. All this has been completed m exactly ten years, and jf £he City of Glasgow Bank smash wag one of the most shameful incidents m the history of finance,- ]the story of this remarkable Belief Fund is'orfe of the brightest and noblest m the history of philanthropic effort."

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http://paperspast.natlib.govt.nz/newspapers/AG18890218.2.5

Bibliographic details

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, FEBRUARY 18, 1889. SUCCESSFUL PHILANTHROPY., Ashburton Guardian, Volume VII, Issue 2066, 18 February 1889

Word Count
468

The Ashburton Guardian. Magna est Veritas et Prævalebit. MONDAY, FEBRUARY 18, 1889. SUCCESSFUL PHILANTHROPY. Ashburton Guardian, Volume VII, Issue 2066, 18 February 1889

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