Philip Macham, by his will of the 9th May 1692, gave to the Company, as trustees for the his poor, copyhold estate called Old Sullins, Upminster, Essex, subject to 51. a year for life to Katherine Parsons, to distribute yearly at Christmas to 20 decayed master hatmakers 20s. apiece and no more, according as the rents should rise or fall, and he directed that after the decease of the annuitant the said amount should go amongst five poor master hatmakers.

After the last inquiry an information was filed against the Company by the Attorney-General at the relation of Charles Jackson and two others, and by the decree of the Master of the Rolls on the 1st May 1838, it was declared that the whole amount of the rents and profits of the copyhold estate in the pleadings mentioned was under the will of P. Macham applicable to the charitable purposes directed by such will, and it was referred to the master to settle a scheme, and to take an account of the rents and profits of the estate since the filing of the information, and to tax all parties their costs, which were ordered to be paid and retained out of the charity funds in the hands of the defendants. The master

made his report bearing date the 26th of July 1838, and thereby set out the scheme which had been proposed by the Company, and certified that he approved of the same, and he found that the Company had received two halfyear's rent of the said premises amounting to 841. By the order on further directions made on the 6th November 1838, the scheme was confirmed, and the subsequent costs taxed and ordered to be paid.

The scheme is as follows:---

1st. That the said master, wardens, and court of assistants should out of the rents and profits of the estate invest 401. in the purchase of consols, and invest the dividends from time to time thereon as a provision for the heriot fines and fees that might become payable on death and admission, and so from time to time as occasion might require.

2nd. That the master, wardens, and assistants should once in every year at Christmas distribute on the exercise of a sound discretion in equal sums the whole amount of the rents of said charity estate which should have been received in the course of such year, and not otherwise disposed of according to this scheme, to 25

decayed persons following and who had followed the business of manufacturing hats as masters and on their own account who might be in want or necessity, such persons being of good character and behaviour, and having served a regular apprenticeship to such business.

3rd. That in making such distribution preference should always be given to persons qualified as master hatmakers who should be freemen or members of the said Company.

4th. That in case there should not be 25 applicants qualified as aforesaid in any year, then the said master, wardens, and assistants should be at liberty to distribute the whole of such rents either amongst such smaller number of applicants qualified as aforesaid entirely, or to distribute the same partially amongst such qualified applicants, but in no case exceeding 10l. to any one applicant, and the residue of such rents amongst the poor and decayed members of said Company not qualified as aforesaid being of good character, or such of them as should most need the same.

5th. That in case it should happen in any one year there should not be a sufficient number of applicants of good character qualified as aforesaid to exhaust the whole amount of the rents in any such year, then the Company should invest the surplus of such rents in Government securities at interest for the purpose of accumulation, and whenever in any succeeding year there should be a sufficient number of applicants qualified as aforesaid to require more than the amount of the rents received during any such year or years, the said Company should convert said securities, or a sufficient part thereof, into money, and distribute same, with the interest thereof, to such persons, and in such manner as were therein before-mentioned.

6th. That a month at least before Christmas in every year said Company should cause advertisements to be inserted in two London papers announcing the particulars of such charities.

7th. That in every year before the distribution of the rents the necessary payments for fines, &c., and any other necessary expenses attending the management of the estates, should be paid thereout.

8th. That in January in each year there should be entered in a book an account of all monies received in the preceding year in respect of rents of said estate, and of the application thereof, such account to contain the names and residences of the persons to whom the money had been distributed.

9th. That there should be paid to the master, wardens, and assistants for keeping such book 20s. yearly.

10th. That such book should be open to inspection by any freeman who should desire to inspect same, and that a copy of the scheme should be inserted at the beginning of such book.

The property consists of a farm house and buildings. and about 43 acres of land, called Sullen's Farm, at Corbetstye, in the parish of Upminster, near Romford, Essex. It is let to Thomas Alston on lease for 20 years from March 1849 at a rent of 901. a year.

Under the first clause of the scheme a sum of 401. was invested in January, 1842, in the purchase of 441. 168. 8d. consols, for the purpose of providing for the heriots, fines, and fees that might become payable on the death and admission of the tenant to the copyhold. The dividends have been accumulated from time to time and now amount to 1141. 14s. 3d. like stock.