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[Ribon]Sapientia et Doctrina Stabilitas[/ribbon]

present deferred. A committee was appointed to consider
the question, and report, but no decision was arrived
at till the following year.

On December 31st, the Trustees
received the following letter from the Office of the
Temporalities Board -

Reverend and Dear Sir

As instructed by the Temporalities
Board, the Secretary will furnish you with a
copy of an actuarial report on the Temporalities Fund,
prepared by an expert in whose ability and judgment
the Board have the fullest confidence. You will
notice that the present value of productive capital is
$275,414, and that the annual revenue derivable
from the same; $16,348.56 is insufficient to meet
the claims upon it. I may state that the Board
are unaminous in their opinion that the commuting
and privileged ministers have a first claim upon
the Board Fund. They therefore consider that these
claims should be provided for by retaining control of
so much of the fund as will be an ample guarantee
to both these classes of Ministers.

After a most careful investigation of the
capabilities of the Fund in the light of the actuary's
report, and of the opinions of learned counsel, the
Board have decided to authorize the payment,

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