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 850l. 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 M'Adam.
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.
