"Various plans have been suggested for the beat method of utilising the munificent gifts of the late Mr. E. Oostley to seven deserving institutions in Auckland. That the subject should be -well and carefully considered, few will care to dispute. There are several reasons which lead the thoughtful mind to this conclusion. These gifts are the first of any magnitude which have been given in such a manner in any of the Australasian colonies, and on that account they ought to be well and carefully husbanded- The act of being generous is, like all other human actions, capable of being influenced by outside circumstances, and no doubt a wise and careful administration of Mr. Costley's princely gift may provoke emulation in the breasts of many a worthy colonist. If Mr. Costley's wishes could be learned, he would in all probability desire that the beneficial influence of his generosity should be extended beyond the present race of colonists. He was convinced from the very first formation of a settlement at Auckland, that this was destined in the future to be a large arid important mart of commerce, and in bequeathing his wealth, accumulated during a long lifetime in our midst, he probably looked forward to the time when, with judicious management, his gifts would be of increasing importance in ameliorating the condition of the orphans, the sick, the poor, and disabled, amongst us. If our conjecture fairly- interprets the feelings; of the giver, it should be our aim to try to give effect to the
same, even though he has not left any express command upon the subject. If there are no conditions in the -will to tie the hands cf the executors, or the trustees or managing committees of the several institutions he has benefitted by his generosity, the bequest should be so managed as to carry out the wishes of the giver, and yet act as a constant invitation to others to do likewise. Popularity is coveted by all. From the humblest to the occupant of the throne ' there are few who do not desire to be well thought of by their fellows. The poet sings hi 3 sweet songs not to himself alone, but that others might sing them with him, and be as happy as he. The sailor braves the dangers of the deep and the discomforts of an ocean life, to earn that which will make those he has left at home happy. The soldier on the field of battle may feel the call of duty demanding from him the best exercise of his ability and skill, but the plaudits to be given to a returning victor, and the decorations from the hands of his sovereign, are not wholly absent from the mind or iffection. So with men in public life. It is not the mere opportunity of being sonscious of having discharged a duty jo their native or adopted country that Drompts so many to. deprive themselves of home comforts, and leave ;heir business to the care of others 'or many months every year; nor s it the small prospect of some lay or other of becoming possessed
of the emoluments and patronage office, but "the well done good and faithful servant," which is sure to be accorded to all deserving representatives of their constituents. The influence which the approval of others
exercises over the conduct of all persons is greater than many would be willing to admit, and it would be well if the administration of Mr. Costley's handsome gift could be so carried out as to make an appeal for others to do likewise, and at the same time, benefit the institutions named in the most substantial and permanent manner. Fortunately both these objects can be secured at the same time, and that being so, few will deny that such an administration would be the most beneficial method in ; the long run. The various suggestions which have hitherto been made all point in the direction of absorbing a portion of the gift in the form of buildings, fittings,
etc. - 1 To us this method of administration is like eating the' goose that lays the golden eggs.: When - the principal is absorbed, the interest thereon would cease. The late Mr. Costley has left the whole of his estate for the benefit of seven institutions, after a few trifling legacies have . been deducted. Why not keep the estate intact, and thus hand down to posterity the name of Edward Costley as a noble benefactor? If the suggestions . which have been made previously: through our columns be carried out, : that is, to divide the estate, and each institution absorb the portion allotted to it,: it is only the
question of a few years when the name
of the donor will be forgotten. Would such a result be desirable? . Wo. If that were done, an example of benevolence would be taken away from the present and future generations, and all for the sake of a little present gratification. But how would it be if the estate were managed as we suggest ? It is estimated that the estate, clear of all charges made by the Government for legacy duty, <kc., will yield from £120,000 to £130,000. That is the value of the estate to-day; but if it should continue unbroken, and be well managed, what will it be worth fifty or a hundred years hence ? Yet a hundred years is but a short period in the lifetime of a city or a country. If untouched it wilLyieldmowfrom £11,000 to £12,000 per annum to be divided among the' seven institutions to be benefitted, and when the present leases expire very large increases may be expected.. There have already been leased in Auckland city endowment property at the rate of £21 per foot per annum; but even such prices will be put in the shade in the future when the city has grown many times its present size. If Mr..Costley's princely "gift remains undivided it will share in the prospective increase, of the city, and thus be the means "of largely aiding local efforts, when : want, sickness, and'orphans may be more prevalent than at present. .. There does not appear to' be any difEcUlty in giving effect to our 'suggestion. A permanent trust might f be' created by Mr. Costley's executors by the '{appointment of one, two, or three'] members of the committee" of management of each institution benefitted as a permanent trust, providing for the election of successors in the event of death or other removal. The trust .might hold its meetings ' every year, which would be duly reported, and the annual profits of the estate divided pro rata amongst the seven institutions named. This would tend to keep the trust constantly before the public, would keep Mr. Costley's name in perpetual remembrance, and would, no doubt, draw the attention of many to the desirability of allowing the poor and riee«jly to share of their abundance.
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Bibliographic details
New Zealand Herald, Volume XX, Issue 6692, 30 April 1883, Page 4
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1,156Untitled New Zealand Herald, Volume XX, Issue 6692, 30 April 1883, Page 4
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