REPORT OF THE COMMITTEE ON THE
CHURCH BUILDING LOAN FUND

GEORGE HUTCHINSON, ESQ.

$142,462 is the total amount of our Church Building Loan Fund, and this amount, with the exception of $8,281, is now invested with sixty-five of our church organizations. Of the balance on hand, $7,500 is already pledged, but not yet called for.

From the date of the first loan, Feb. 4, 1885, this fund has been judiciously, effectively, but quietly administered, and, although many have shared in the benefits, possibly not sufficient effort has been made to have its objects and workings fully understood throughout our fellowship.

By vote of the Directors of the American Unitarian Association in 1903 the administration was transferred from a board of trustees to a standing committee of the board of directors. It is this Committee which now reports, and in doing so requests that members of the Association allow themselves to be better informed regarding, and take an increased interest in, this important feature of our work.

The wisdom of thorough organization displayed by the founders of this fund, the well-directed generosity of the donors, and the integrity of the borrowers are evidenced in the results attained. The total loans have numbered 140, divided as follows: in New England, 40; Middle States, 17; Western States, 58; Southern States,

2; Pacific States, 19; and Canada, 4. The total investments have been $370,230, and total losses $3,205, or less than 1 per cent.,—a record certainly most creditable.

That our delegates may, from a better knowledge of its purpose, intelligently estimate the value of this fund we report somewhat in detail. This is not in any degree a fund available to assist in the general expenditures of a parish. It is not a fund for the encouragement of extravagance in the building of church edifices. It is not a fund flexible, admitting of loans under unwise or illadvised conditions, neither may its rules be continuously violated by a laxity of method as to payments on part of the beneficiaries.

It should be well understood, and here as elsewhere stated with emphasis, that the purpose of this fund is to actively encourage and assist in new church building enterprises. It is possible with this co-operation for the new parish, with house or hall existence, to worship -as it should with reasonable promptness-in a building erected and consecrated to this purpose. By this means also the older parish, with church location or equipment inadequate, may be enabled to renew its life and usefulness in a structure better placed or more in keeping with its needs.

The business conditions which govern our loans, for the execution of which this Committee is responsible, are reasonable. They are without speculative features, assuring very nearly absolute security, and hence resulting to the permanent advantage of the fund and its beneficiaries. The missionary feature is the loaning of varying sums without interest, the yearly payments of 10 per cent. being credited against each loan, and thus systematically diminishing the obligation until paid entire.

We have thus reported and explained, in order that applicants may fully realize that from such portion of the Church Building Loan Fund as may be uninvested a non-interest bearing loan is possible, and freely granted, if with the request is shown apparent need and practically absolute security.

Only as we may impart an intelligent and comprehensive knowledge of results to possible contributors may we hope to see this fund increase. The investment returns are positive and spiritual, but there can be absolutely no expectation of a profit financial.

As a denomination, let us be grateful for this fund. With it let us enlarge the field of our endeavor, and let those generously desiring to bestow consider that here. is a cause rightfully entitled to receive.