The Sun.
London, England, 1834-02-24 00:00:00

THE GRESHAM COLLEGE ESTATES.

The Commissioners expected witnesses to attend in the
course of the morning to give evidence rel 'tire to the
Gresham College Estates. They had not been long seated
when they received the following letter, addressed to Sir
Francis Palgrave:—

" Mercers'-hall, Feb. 19, 1834.

" Sir,—Your letter of the 17th instant, requesting my at_
tendance at Guildhall to-morrow, at 11 o'clock, when the Com-
missioners of Municipal Inquiry propose to investigate the
Gresham Trust, has been duly laid before the joint Gresham
Committee, and I am directed, in reply, respectfully to request
the favour of being allowed to refer you to the printed report
of the Commissioners appointed to inquire into the Public
Charities of England and Wales, after a laborious investiga.
tion into the management and trust of Sir Thomas Gresham's
estate.

I beg leave to enclose you a copy of this report, and which, I
believe, will be found to contain all the information required
by the Commissioners of Inquiry into the state of Municipal
Corporations. " I have the honour to be, Sir,
" Your obedient humble servant,
" JAS. BARNES, Clerk of the Gresham Committee."
" Sir Francis Palgrave, &c. &c." _ .

Mr. Woodthorpe informed the Committee that the
Court of Common Council had determined to petition
Pediment for the repeal of the 10th of George IV., in
order to enable them to get rid of Honey-lane market,
and to appropriate it to the purposes of the London Cor•
poration School, the whole management to be in the
Common Council, and to give the proceeds of the Corpo.
ration Charity Estate, amounting to 9001. a year, to the
support of the school. An instruction was also given to
the City Lands' Committee to confer with the Committee
on the Gresham estate on the expediency of introducing
some clauses in the proposed Bill, authorizing the Gresham
lectures to be delivered in some part of the city of Lon-
don not connected with the Gresham property, and at
other times, than at present adopted.

Mr. Commissioner DRINKWATER-The lecturers dis-
pute the right to change the time or place.
Mr. Woodthorpe said that such was the case. Sir
James Scarlett and Sir Edward Sugden were of opinion
that the lectures might be given anywhere within the ju-
risdictio❑ of the City, but that the time could not be
altered without the consent of the lecturers. They after-
wards gave an opinion that neither time nor place could
be altered without the consent of the lecturers.

Mr. Woodthorpe handed in the ordinances under which
the lectures were originally regulated, which were dated
1597, one year after Lady Gresham died, and when the
city came into possession of the Gresham estates. There
was a good library in the Gresham lecture-rooms, but be
was not aware that it was public.
Mr. Tickner—lt has frequently happened that there
were no lectures give❑ because there were no auditors.
Mr. Woodthorpe—Frequently it so happened, but the
lectures are now better managed. It was notorious
some years ago that they were very ill attended, with the
exception of the music lectures, which were generally
well attended. lam not aware what accommodatio❑
there is in the lecture room fur the public. I have never
been at a lecture. I have tried many times, but found
the door locked.

Mr. Conansissioner DRINKWATER-How did the large
debt due from the Gre,ham estate accrue ?

Mr. Woodthorpe said, that pursuant to an account
made out, it was proved that by the will of Sir Thomas
Gresham, the moiety the Corperation received out
of the estate was 3,094/. ss. per annum, out of
which four lecturers were paid, and certain gifts
to almsmen given. When the Royal Exchange was
destroyed by fire the Corporation and the Mercers'
Company advanced money to rebuild it, including 7,0001.
for ground purchased ; the city advanced 26,7001., of
which 6,700/. had been repaid, leaving a debt due to the
city since 1708 of 20,000/. with interest. Some further
advances had been made by the Corporation for the late
repairs of the Royal Exchange. The lectures commenced
in 1597, and in 1679 it appeared, by the minutes of the
Court of Aldermen, that the salaries of the lecturers were
suspended, because the court had heard that they did not
reside in the city, and in the following year the salaries
were again suspended in consequence of their neglecting
to give lectures. By the will of Sir Thomas Gresham,
the !ectures were to be delivered daily " for the instruction
of youth in useful knowledge." A complaint was made
in 1708 of the uncertain hours at which the lectures were
given, by which parties could not know when to attend,
and the Ccurt of Aldermen summoned the Committee,
through the Lord Mayor, to give redress, and to obtain the
reading of the lectures according to the will. The
Court of Common Council used to regulate the Exchange
hours, but now the Gresham Committee gave orders upon
the subject.
11r. Scott said, the additional debt due to the city from
the Gresham estate was for the recent improvements.
The original advance was 26,7001. between 1668 and
1672. The debt now due was 20,000/., with interest
from 1708. The interest was cleared out of the surplus

trust fund up to 1708. The interest now due, at 5 per
cent., was 125,500/. up to Christmas last, without the
principal, making together 145,5001. Besides this there
was a recent advance in general repairs of the Exchange,
which cost 56,000/. The advance on the part of the
Corporation was about 15,000/. This was about eight
years since. That sum had been reduced to 8,000/. out
of the moiety of the surplus which belonged to the city.
The advance was made by the Chamberlain, at the rate
of four per cent. He did not know whether the money
advanced by the Mercers' Company was equal to that
advanced by the city. The surplus of the city moiety
was only applicable to pay off the debt of the city and
interest, after the late outlay for repairs bad been dis-
charged. The money was advanced by the Chamberlain
out of the balances in his hands on the credit of the sur-
plus of the Gresham fund. The Chamberlain never cre-
dited the city cash with the advance to the rebuilding of
the Exchange, and the repairs. It was made in the
character of d private banker, at the request of the Gresham
Committee.
Mr. Commissioner DRINICIVATER asked what the na-
ture of the charge on the Orphans' Fund for the Mercers'
Company was ?
Mr. Scott said there was a grant of 3,000/. a year for
35 years to the Mercers' Company by Act of Parliamen
of George 11., to make good losses which they had incurred
through the trust, and from a tontine which almost ruined
them. He spoke this from hearsay, for the grant had
ceasad a long time since. The surplus revenue of the
city's moieties of the Gresham estate was only sufficient to
pay the interest of the debt of 20,000/., so that they con-
sidered it a bad debt so far as the principal was concerned.
Mr. Taylor—ln fact the Gresham committee have
squandered away their means to the extent of 20,000/.
The statue of Charles in the Exchange had been burnished
up, and other expenses had been incurred.
Mr. Pritchard, in reference to the lectures, said that
he had attended twice, but always found the door shut.
He stated that the Mercers' as well as the Gresham Com-
mittee were desirous of making the lectures more public.
It was mentioned the day before to the Lord Mayor in
Common Council, that a requisition was now on foot to
move the lectures to -a more convenient place. It was
wished to move the lectures to the Corporation School,
which it was resolved to apply to Parliament for an Act to
empower the city to build upon the site of Honey-lane-
market.