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The Elsie MacKay Fund

After an agreeable luncheon yesterday as I sat by the fire I idly opened a copy of Whitakers from 1947 and came across this page.

The%20Elsie%20Mackay%20fund.jpg

So what did they do brave Elsie's money?

Elsie MacKay Fund (Hansard, 4 December 1978)

Mr. loan Evans asked the Chancellor of the Exchequer when the proceeds of the fund announced in the House in July 1928 and known as the Elsie MacKay Fund are to be surrendered for the reduction of the national debt; and if he will announce what action he proposes to take.

Mr. Denzil Davies: Almost 50 years have elapsed since the establishment of this fund, under a trust deed dated 13th December 1928. The latest possible date of application of the fund, therefore, would have been 13th December 1978. The managing trustees have decided that the date for the securities to be transferred to the names of the commissioners for the reduction of the national debt shall in fact be Monday 4th December. The market value of the gilt-edged securities held in the fund at the close of business

Department of Education and Science and Department of Employment jointly: for education and training of trade unionists £2,042,000
Ministry of Overseas Development: for training of overseas trade unionists as part of the Aid Programme ” £110,478
Treasury: for communicating the Governments' industrial strategy £50,000


Pissed it away.

Comments

The Elsie McKay fund: "This sum stood on March 31, 1946, at £1,334,793".

Value at close of business, 4 December, 1978:
Department of Education and Science and Department of Employment jointly: for education and training of trade unionists: £2,042,000
Ministry of Overseas Development: for training of overseas trade unionists as part of the Aid Programme: £110,478
Treasury: for communicating the Governments' industrial strategy: £50,000

- which seems to be a total of £2,202,478.

Therefore, the interest earned appears to be 1.577%, per annum, over the last 32 years of the fund's duration.

Looks like the trustees of the fund spent the last 32 years of its existence pissing away its value, even before the government got its hands on it.

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