===========
It is very gratifying to report to the commissioners this material
amelioration of the funds during the present year, when the income of
the trust has suffered a diminution of 425_l._ 5_s._ occasioned probably
by the depression of trade throughout the country.
It is to be regretted that the directions of the general meetings
respecting the payments to the 5 per cent. fund have not been more
punctually obeyed; but without entering into the circumstances of heavy
debt and other difficulties, which have hitherto prevented payments from
particular treasurers, I beg leave to call the attention of the
commissioners to a consideration of the importance of this fund, and the
use to which it may be most advantageously applied.
The fund was instituted for the purpose of giving the general meetings
the power of extending aid to any division of the roads of the district
that might be in distress. As the favourable state of the funds, arising
from the system of management adopted by the commissioners, gives a very
reasonable hope that such occasion of distress may never again occur, it
may be expedient to consider of the propriety of converting the 5 per
cents. into a sinking fund.
By application of such a sum, amounting to about 850_l._ annually, to
the gradual extinction of the debt of the trust, the means of continuing
several useful and very desirable improvements will be diminished only
in a small proportion, and the amendment of the general state of the
roads will proceed, without entirely losing sight of the justice due to
the creditors, and the desirable object of reducing a debt of such
magnitude.
As it may be doubtful whether under the authority of the present act of
parliament the trustees may legally apply the 5 per cent. fund to the
purpose of a sinking fund, the committee appointed to prepare the new
act may be instructed to consider of this subject, and also for better
securing the due payment of the 5 per cent. fund at stated periods,
along with the interest of the debt, to the general treasurer.
I have great pleasure in being able to continue to give a favourable
report of the conduct of the sub-surveyors.
(Signed) _John Loudon MᶜAdam._
8th March, 1819.
The foregoing is a true copy from the book of proceedings of the
trustees of the Bristol turnpike roads.
_Osborne & Ward_, Clerks.