Peabody Donation Fund Act 1948
| Jurisdiction | UK Non-devolved |
| Citation | 1948 c. xl |
| Year | 1948 |
ii
.&_i2
GEO.
.6.
Peabody Donation
Fund Ch. xl
Act, 1948!
CHAPTER xl.
An Act for the better administration of the charity known
as the Peabody Donation Fund and to provide for the
incorporation by statute of the governors
thereof.
[30th July 1948.]
W
HEREAS the late George Peabody on the twelfth day
of March eighteen hundred and sixty-two addressed to
His Excellency Charles Francis Adams the then United
States Minister in London' the Right Honourable Edward
Henry afterwards Earl of Derby but then Lord Stanley
Sir James Emerson Tennent K.C.S. and LL.D. Curtis Miranda
Lampson esquire afterwards Sir Curtis Miranda Lampson
baronet and Junius Spencer Morgan esquire a letter which
stated his intention to make a gift for the benefit of the poor
of London as follows: —
" My object being to ameliorate the condition of the
poor and needy of this great metropolis and to pro-
mote their comfort and happiness I take pleasure in
apprising you that I have determined to transfer to you
the sum of one hundred and fifty thousand pounds
which now stands available for this purpose on the
books of Messieurs George Peabody and Company as
you will see by the accompanying correspondence In
committing to you in full confidence in your judgment
the administration of this fund I cannot but feel grate-
ful to you for the onerous duties you have so cheerfully
undertaken to perform and I sincerely hope and trust
that the benevolent feelings that have prompted a
devotion of so much of your valuable time will be
appreciated not only by the present but future genera-
tions of the people of London I have few instructions
to give or conditions to impose but there are some
A
xl.
Peabody
Donation'Fund n & 12
GEO.
6.
Act, 1948.
fundamental principles from which it is my solemn in-
junction that those intrusted with its application shall'
never under any circumstances depart First and fore-
most amongst them is the limitation of its uses abso-
lutely and exclusively to such purposes as may be cal-
culated directly to ameliorate the condition and
augment the comforts of the poor who either by birth
or established residence form a recognised portion of the
population of London Secondly it is my intention that
now and for all time there shall be a rigid exclusion
from the management of this fund of any influences
calculated to impart to it a character either sectarian
as regards religion or exclusive in relation to local or
party politics Thirdly in conformity with the fore-
going conditions it is my wish and intention that the sole
qualifications for a participation in the benefits of this
fund shall be an ascertained arid continued condition of
life such as brings the individual within the description
(in the ordinary sense of the word) of • the poor ' of
London combined with moral character and good con-
duct as a member of society It must therefore be held
to be a violation of my intentions if any duly qualified
and deserving claimant were to be excluded either on
the grounds of religious belief or of political bias With-
out in the remotest degree desiring to limit your dis-
cretion in the selection of the most suitable means of
r
giving effect to these objects I may be permitted to
throw out for your consideration amongst the other
projects which will necessarily occupy your attention
whether it may not be found conducive to the conditions
specified above for their ultimate realisation and least
likely to present difficulties on the grounds I have
pointed out for avoidance to apply the fund or a por-
tion of it in the construction of such improved dwellings
for the poor as may combine in the utmost possible
degree the essentials of healthfulness comfort social
enjoyment and economy.
Preparatory to due provision being made for the
formal declaration of the trust and for its future
management and appropriation the sum of one hundred
and fifty thousand pounds will be at once transferred
into your names and placed at your disposal for which
purpose I reserve to myself full power and authority
But as a portion of the money may probably not be
required for some time to come to meet the legitimate
purposes contemplated I would suggest that as early
as possible after the organisation of the trust one hun-
dred thousand pounds should be invested for the time
being in your names in consols or East India Stock
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