THE M’LEAN INSTITUTE.

Lyttelton Times, Volume CXIX, Issue 14681, 12 May 1908, Page 3

THE M’LEAN INSTITUTE.

PRELIMINARY STEPS TAKEN. The first meeting of the Board of Governors set up under the will of iho late Air Allan Al’Le-an to govern the institute for the reception ot indigent gentlewomen was held yesterday ; present—The Alayor, Air ('. Allison, in the chair, Bishop Grimes, the Bov J. Mackenzie, tho Rev H. R. Dewsbury, and Messrs G. Payling, B. M. molinoatix. (L YY. Russell, AV. Dunlop, 11. W. Bishop, S,AL, and H. Cotterill. Air Cotterill. as an executor in the estate, produced several books and documents relating to it, with a rough statement of the. financial position, of the Board, and a report of the executors, together with a profit and loss account to May L and an estimate of the income for the year. Tho executors, lie .said, had found it impossible t-o settle the accounts of the estate and to pay the probate duty, debts and the legacies. A difficulty had arisen in administering the estate owing to the condition of the money market, be-' cause, as the investments were mainly under the Current rate of interest, they could not be realised at present without loss, and payment of tho legacies had had to be- postponed. Tho net capital .of. the estate, not allowing for administration expenses, was £50(5,904 13s lid, and of that the Institute would get roughly £200,000 of revenueproducing property, in addition to the Holly Lea property, which was not yet available tor its purposes. The executors had £2175 6s 4d in hand, and estimated, on the present rates of interest, assuming that the. interest on legacies would continue, that for the year ending Ala.y 0,1909, £4OOO would iu.v available lor the institute. By that time, too, the executors would probably have completed their duties, and would hold the residue of the estate as trustees only, subject to the direction of the Board. Out- of tiie 6)im of £-1000 that he had mentioned provision had to bo made for a sinking Hind and repair account, absorbing £tGO a year, and the net. amount he odium tod to be in h and at the end of the year was £2OOO. A sum of £120.000 in the estate was invested, in mortgages, mainly at 4-J per cent, and .some at 5 per cent, and the .sum of £250.000 was invested in Government debentures at 3* per cent, which would be due in April, 1909. The executors considered that it would be prudent to wait till then before paying the legacies, on which 4 per cent- was now being paid.. Tlion it would lie possible to realise practically without lor-e. The executors were constantly considering the question and it might he possible at an earlier date to sell the 4 per cent investments advantageously and so obviate serious loss to the institute.

. Jn reply to Mr Russell, Mr Cotterill explained the arrangements made under the will lor the payment of £3OOO a year to Mrs.-Phillips from the residue of tin* estate after payment of the debts and legacies. • Ultimately, lie said, the Board would make tho payment. but at present tlie executors had to make it. The gross income of the resit!no woiiid'be subject to that yearly deduction. Tt was expected, by making more profitable investments, to

considerably increase i.he gross revenue. The chairman said that tho Board might well start work at once. There wo.ro no doubt- many people who could rcceiro benefits at once. It had been suggested- that cottages .should lie rented. . Mr Cotterill said that there, was no reason why the class oi women for which Holly Lea was reserved should not bo provided for outside it till it was available. Air Russell said that there were certain directions in which he feared- hardship might result from the provisions of tho will, but ho was assured that the Loan'd would be able to overcome the- difficulty. Mr Bisn'op said that a mandatory provided that two women should be members of the Board, and that (hey should bo elected within six months of Air A!’Lean's death. Air Cotterill said that that was the last day of the six months, but that the other members could still be elected under another clause. It was resolved to elect two women to t.bo Board at its next meeting. Messrs Russell and Bishop and the Revs .). Mackenzie and H. R. Dewsbury and the chairman wero elected a committee, to consider and make a recommendation upon the working of the Board and to report upon the matter of appointing a paid secretary. The meeting whs adjourned for four weeks to receive lho committee’s report.