Note 17 — Chapter II

The “Winding-up Act, 1851,” enacted that compulsory contributions should cease from that date; that those who had paid up till then, should have the option of continuing these payments, but those seamen who had not contributed before 1851 should not be admitted. Thus the fund was practically “abolished,” and is now only in operation for the purpose, as the Act names, of “winding-up.” This well-intended Institution had become hopelessly insolvent through the grossest mismanagement. Its administration was vested in different irresponsible bodies at the different ports, and while the Legislature compelled contributions, it took no security for the just appropriation of these funds, and no security for solvency! The Winding-up Act of 1851 transferred its affairs to the Board of Trade for the purpose of paying all existing pensions, and to allow the then existing contributors to continue their annual payment should they wish to do so. It has cost the country upwards of 1,000,000l., and will probably cost 500,000l. more before all claims have been satisfied. The pensions granted by the Board of Trade until now (1875) have been 7528l. to masters and seamen, and 14,972l. to widows and children.