SECURITIES. City of Philadelphia, 6 per cent. loan, $2,900 00 mortgage loan, 2,558 15 82. Delaware and Hudson Canal Co., 64 shares stock, 8,200 00 1,000 00 1.000 00 2,000 00 1,000 00 1,000 00 1,000 00 66 83. Cincinnati and Muskingum Railroad, 7 per cent. 86. Philadelphia and Reading Coal and Iron Co., 7 cent. mortgage bond, a specific bequest under will "100. Union Pacific Railroad, 6 per cent. mortgage bonds, Balance of cash on hand (uninvested), March 31, 1891, Total, $3,075 00 689 99 1,590 31 47 50 1,675 29 7,078 09 15,155 76 $505.117 00 The Trustees also own the following premises situated in the city of Philadelphia: For the benefit of the Board of Ministerial Relief under the Will of Margaret Boyce, the income thereof being received by her husband, Samuel Boyce, during his lifetime: No. 85. No. 224 Vine street. For the Benefit of the Mariners' Church under the will of Rev. Joseph Eastburn: The Trustees also hold for the Benefit of the Board of Ministerial Relief: No. 101. Mortgage of Caroline G. Hill, to secure the payment of $5000 upon premises 176 West State street, Trenton, N. J., within three months after her death. PRINCIPAL ACCOUNT. Balance of cash, April 1, 1890, The receipts for the year are as follows: Residuary Legacy of Elizabeth Clarke, deceased, being of re siduary estate, . Preserved Smith Legacy, $12,254 97 898 59 5,000 00 478 20 824 00 Proceeds of sale of rights to subscribe for new stock, appurtenant to 64 shares of Delaware & Hudson Canal Stock, 66 105. Hellman, 5,000 00 "106. North Tenth Street Presbyterian Church, additional, 1,000 00 66 107. Kennedy, 4,000 00 66 108. Wolfe, 6,000 00 Balance of cash, April 1, 1891, 15,155 76 The undersigned, having examined the Cash Account of Frank K. Hipple, Treasurer of the Trustees of the General Assembly of the Presbyterian Church in the United States of America, from April 1, 1890, to March 31, 1891, and compared the vouchers with the payments charged, find the same correct; leaving a balance in the treasury of sixteen thousand three hundred and twenty-four dollars and fifty-three cents ($16,324.53), of which fifteen thousand one hundred and fifty-five dollars and seventy-six cents ($15,155.76) is principal, and one thousand one hundred and sixty-eight dollars and seventy-seven cents ($1168.77) is income, verified by deposit in bank. SAMUEL C. PERKINS, Committee on Accounts. May 7, 1891. The undersigned have examined the bonds and mortgages and other evidences of property belonging to the Trustees of the General Assembly of the Presbyterian Church in the United States of America, as set forth in the Treasurer's statement herewith, find the same in proper order and amounting in the aggregate at the close of the fiscal year, March 31, 1891, to $489,961.24, adding to which $15,155.76 cash balance of principal for investment makes total Permanent Fund on hand at close of fiscal year $505,117. The investments are registered in the name of the corporation, excepting $8000 in corporation bonds, which are coupons, being securities specifically bequeathed to the corporation, and which are kept in the vaults of the Real Estate Trust Company, of Philadelphia. Since the close of the fiscal year, investments in first mortgages on improved real estate in Philadelphia, have been secured for the full amount of the above-mentioned uninvested cash balance of principal. The Committee on Finance, in compliance with the first item of Article iv of the By-Laws, respectfully report to the Trustees of the General Assembly of the Presbyterian Church in the United States of America, the state of investments as set forth in the foregoing table. CHARLES M. LUKENS, Committee on Finance. May 7, 1891. V. Miscellaneous. I. THE MILEAGE AND CONTINGENT FUNDS. SPECIAL attention is called to the Mileage and Contingent System adopted by the General Assembly of 1870, and amended by the General Assemblies of 1875, 1877 and 1884. As amended it is as follows: "The Committee to whom it was referred to consider and report a uniform system of Mileage, whereby full provision may be made for the traveling expenses of the Commissioners to our General Assemblies, and to meet the contingent expenses of each Assembly, respectfully report: "It is affirmed, Form of Government, Chap. xxii, Section 3, that, ' in order, as far as possible, to procure a respectable and full delegation to all our judicatories, it is proper that the expenses of ministers and elders, in their attendance on these judicatories, be defrayed by the bodies which they respectively represent.' The principle is thus established, that provision should be made for the payment of the traveling expenses of Commissioners to the General Assembly. This provision should be made by the Presbyteries. As far as possible, the feebler Presbyteries should be aided in this matter by the stronger. It appears just and reasonable, and so has been found by experience, that the estimated contingent expenses of each Assembly, and the traveling expenses of the Commissioners in coming to and returning from the Assembly, should be fully met by the apportionment of the whole amount among the severai Presbyteries, according to the number of their communicants respectively. "It is therefore recommended "1. That the Standing Committee on Mileage, annually appointed, be instructed to present an estimate of the probable amount that will be needed by the next General Assembly, in order to meet their contingent expenses and the traveling expenses of their Commissioners, with a statement of the per capita rate, based on the number of communicants, that will be needed to secure the amount. "2. That the Presbyteries, at their Stated Meeting next following the adjournment of the General Assembly, apportion the amount required of their churches as they deem best. 3. That the churches be instructed to pay over their respective apportionments at the Stated Meeting of their Presbyteries next preceding the meeting of the General Assembly-the whole amount due from the Presbytery to be forwarded to the Assembly by their Commissioners. 4. That, as early as the fourth day of the sessions of the Assembly, the apportionment of each Presbytery be paid in full, and a bill of the necessary traveling expenses of its Commissioners be presented to the Standing Committee on Mileage.-N. B. It is understood that Commissioners, both in coming to and returning from the Assembly, will avail themselves of any commutation of fares that may be offered in season; and that in other cases they are to take, when practicable, the most economical route; no allowance to be made for extra accommodations on the way. Also, that no one will charge for return expenses unless he intends to go back to his field of labor; and that no one on a business tour, or excursion of pleasure, will make a convenience of the meeting of the Assembly and expect payment of his traveling expenses from the Mileage Fund. Also, that Commissioners, as soon after their arrival as practicable, are to report themselves to the Committee of Arrangements, and have their respective places of abode assigned them. |