On the 25th March 1818, there was a balance in the hands of each of the treasurers, with exception of the Bitton and Toghill roads; and the balance due to that treasurer has been diminished upon the whole account; there remained in the hands of the treasurers, on the 25th March 1818, the sum of 1,987 14 5 In the hands of the general treasurer, from 5 per cent. fund _£._502 5 11 Due by the Whitchurch road to the 5 per cent. fund, and included in the general debt 300 0 0 ——————————— 802 5 11 ——————————— Balance in hand, 25th March 1818 _£._2,790 0 4 =========== It is very gratifying to report to the commissioners this material amelioration of the funds during the present year, when the income of the trust has suffered a diminution of 425_l._ 5_s._ occasioned probably by the depression of trade throughout the country. It is to be regretted that the directions of the general meetings respecting the payments to the 5 per cent. fund have not been more punctually obeyed; but without entering into the circumstances of heavy debt and other difficulties, which have hitherto prevented payments from particular treasurers, I beg leave to call the attention of the commissioners to a consideration of the 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 850_l._ 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.