192 MASSACHUSETTS HORTICULTURAL SOCIETY 



January 13. Mr. Saltonstall, chairman of the special committee 

 appointed to consider the matter of the proper treatment of the 

 special trust funds of the Society, submitted the following report: 



January 6, 1912. 

 To the Trustees of the 



Massachusetts Horticultural Society. 



Gentlemen: — 



The Special Committee of the Trustees appointed to consider and report 

 upon the matter of the application of the income derived from the special 

 funds donated to the Society beg to report that in their opinion it would be 

 advisable to print as part of the Treasurer's Report for each year, a brief 

 enumeration of these various funds, mentioning the same by name, amount, 

 together with a brief statement of the purposes which the donor provided 

 for as to the application of the income derived from such funds; that the 

 Committee on Prizes should each year have this list before them, and 

 should apply the income from the various fmids in the awarding of the 

 prizes in each case to accord as closely as possible v/ith the purposes named 

 by the donors of the funds. If the prizes awarded throughout the year 

 are niunbered consecutively, a short statement could easily be made under 

 each fund, showing how the income has been applied in the awarding of 

 the prizes; substantially as shown on the sheet accompanying this Report; 

 in those cases where it is impracticable to undertake to follow out with any 

 degree of closeness the purposes mentioned by the donors, the Trustees 

 should be called upon to consider in each case how the income shall then 

 be applied, and in cases where it may appear impracticable to apply the 

 income to accord with the purposes of the donor, it may be advisable to 

 apply to the Court for instructions. 



Where for any reason the full amount of the income is not applied and 

 used in any year, the same should be carried over to be specially applied 

 and used in succeeding years as income unless the terms of the gift or the 

 Trustees specifically direct that such surplus be added to the principal 

 of the fund. 



We find that the invested personal property of the Society is now yielding 

 a trifle over 4% as a whole, and we recommend, subject to revision in the 

 future, that the special funds be deemed to yield a uniform return of 4% 

 and the income therefrom be applied accordingly. 



Respectfully submitted, 



(Signed) Richard M. Sai^tonstall 



Walter Hunnewell } Committee. 



William P. Rich 



