Trustees Records, Vol. 2, 1854 (page 144)

144

Farm, do not exceed twenty two thousand dollars,
and these are not in the hands of the Treasurer,
Bank and other shares, the market value of which
is nineteen thousand dollars.

It will be born in mind that your Committee
have taken no notice of the income received by the
Corporation from Stocks or other sources, for defraying
current expenss; they are desirous of confirming their
views entirely to the probably produce from the sales
of land as a means of establishing an accumulating
Fund. _

Permanent Fund Continued

Your Committee from these premises have come
to the conclusion that the Trustees may, with safety,
set aside every year, not less than one fifth part
of the gross proceeds of the sales of lots, for the purpose
aforesaid: _ and as there is no institution appa-
rently so well protected from the vicissitudes of trade,
as the Massachusetts Hospital Life Insurance Com-
pany, _ the Committee recommend that out of the
proceeds of sales of lots in 1857, the above propor-
tion thereof, be deposited by the Treasurer, with the
said Company, provided that the Trustees for the
time being, shall deem the same to be safe, upon the
principle of accumulation, for the term of twenty years;
And that he annually deposit the same proportion
with said Company upon the same principle, only dimin-
ishing the period annually, so that all the deposits may
become payable at the same time. _

Your Committee have not calculated the amount
of interest which would have accrued at the end of