Perpetual Annuities.

PERPETUAL ANNUITIES .

WE have thns far refrained from any special reference to the bargain made by Bro . Heaton with the Eoyal Masonic Bevevolent Institution in

connection with his princely donation of 1 , 200 guineas to the funds of the Charity , because our original informant of the details did not desire to be the means

of publishing them to the world : but now that the Yorkshire papers have given Ml particulars , as was shown by our extract from the Dewsbury Daily Neivs

last week , the obstacle is removed , and we are at liberty to discuss the matter in its several parts , and we approach the subject with the feeling that considerable caution is necessary on all sides while dealing with the

question . It is an old adage that one should not look a gift

horse in the mouth , and in order to justify any criticism we may feel it our duty to offer , we may at once say that the donation of Bro . Heaton was hardly a gift pure and simple , inasmuch as a bargain , was made , and a

bargain , too , that we shall show is considerably against the Institution , if regarded from a strictly financial standpoint . We fully recognise tbat the gift was a free

will offering on the part of Bro . Heaton , and all honour to him for the handsome addition he made bo this year ' s income of the Benevolent Institution—would that others

would follow his example , if not by actual payment during their lifetime , at least by a legacy at their decease , for it is a noticeable feature that among the many wealthy Brethren who evince considerable concern

in the welfare of the Institutions , there are so very few who remember them in their wills , and even when they do it is only to a comparatively small extent—legacies

of £ 500 or upwards being virtually unknown to the Masonic Funds . But we are degressing from the point at issue .

The bargain made in connecbion with this donation of £ 1260 to the Benevolent Institution provides for a permanent annuity of £ 40 per annum , and great care has been taken to ensure its perpetuity , the right of

nomination descending to Bro . Heaton ' s Lodge ( the Amphibious , Heckmondwike ) on the decease of himself and wife , and , should the Lodge cease to exist , it then goes to the Provincial Grand Lodge of West Yorkshire ,

which latter body is sure to last as long as Freemasonry is known in this country . We must therefore regard the annuity as a permanency , and , reckoning the value of money at % per cent ., the basis on which the

calculations of a few years hence will have to be made , even Jf just now it is possible to get 2 | , the price , from a strictly business point of view should have been nearer £ 1600 . This makes the bargain stand out £ 340 against the Institubion , and although we should be sorry to say

Perpetual Annuities.

or do anything that would have the effect of lessening the receipts of the Benevolent Institution , such an arrangement cannot be described as businesslike . It may , perhaps , be defensible on Masonic grounds , or at

least there are some who will so argue , but we have always maintained that Masonic finances should be conducted on strict business lines , divested of mere sentiment or brotherly regard .

One argument used in defence of the Institution ' s agreement is that with so many annuities being annually paid out one or two fixtures make little or no difference , and thab is certainly true ; but such an arrangement as

has been entered into can only be defended on general grounds—no special exceptions must be made—and to prove that such a defence is impossible it is only necessary to give a moment's study to figures and possibilities .

Let us suppose thafc individual Provinces , as well as the metropolis , joined their forces for the future , and instead of making their donations as has previously been done , in return for personal votes , effected separate

combinations to secure perpetual nominations . Wild as such a scheme may appear afc first blush there is nothing impossible or improbable about it , for the

growing idea of the age is to get value for money , and as much more as possible . If such a course was carried into effect the Benevolent Institution would find itself

in a comparatively few years in a difficult position as regards its obligations , and if such a result would follow a wholesale adoption of this purchasing principle , how is it possible to defend even a single instance of it ?

To make itself perfectly secure the Benevolent Institution ought to invest £ 1600 to provide this perpetual annuity , and having only received £ 1260 for the bargain it is not unreasonable to ask where the remaining £ 340 is to come from ?

In considering this question we must sink all per * sonalifcies . Ifc is nofc the 1200 guineas received from Bro . Heaton or the perpetual annuity promised to him that has to be considered , so much as what may be done

in years to come , with this particular bargain as a precedent to work upon , and it is in this connection we desire our present remarks to be considered by Brethren who support the Institution . Having made a good

bargain this time it is more than probable that West Yorkshire , at least , will endeavonr to repeat it next ; year , ancl the organisation of the Province in charity matters is so perfect that if it is attempted there is every

probability ifc will be carried into effect , so far as its share of the arrangement is concerned . Can the Institution afford to repeat the bargain is , then , the

question to bo considered ? and we are of opinion the subject should be carefulty thought oub from all points of view before any decision is arrived at .