private endowments, and the value of fabrics and advowsons, something like £90,000,000 sterling would have to be given in this process of disestablishment to the ministers, members, and patrons of the Church of England. The late Sir Arthur Arnold in 1878 estimated the total compensations which would be required at £61,041,064; while another computation suggested £75,000,000, which might be paid out of £125,000,000, the capital value of the Church property, apart from edifices. The late Mr. Frederick Martin, also in 1878, gave the following summary of the revenues of the Church of England : Annual Income of 2 Archbishops and 28 Bishops ... ... ... Annual Income of 27 Chapters of Deans and Canons... Annual Incomes of the Parochial Clergy £163,000 ... ... ... ... ... ... 13,200 123,194 ... 56,806 4,227,060 Mr. Martin added that in the estimate no account was taken of extra cathedral revenues, nor of the disbursements of Queen Anne's Bounty, nor of the surplus income of the Ecclesiastical Commissioners, an aggregate of not less than three-quarters of a million sterling. He concluded that the settled interest of the Church of England was an annual value of about £6,000,000. The capital value, he added, could not be less than £100,000,000. These estimates are interesting and valuable as affording a view of the complexity of the problem. Before making the special estimate required in this paper, I submit an estimate of the property in the hands of the two corporations holding the main portion of the funds devoted to the Church. They are submitted with deference, for the accounts are framed so as to make it difficult to arrive at the total in hand. In November, 1905, the Governors of Queen Anne's Bounty held the following assets: The Ecclesiastical Commissioners at the end of 1905 had the Here are nearly £57,000,000 of Church funds in the hands of these two corporations, funds which would be dealt with in a Bill such as that of 1895. There are, of course, properties applied to Church purposes which are not in the hands of these corporations, but an estimate of what they hold is an indispensable part of this question. The Hubbard return of 1891 on the Revenues of the Church of England brings up to that time the facts upon which such estimates as those just given were based. It affords the means of estimating the funds of the Church in Wales also. That will be best shown, perhaps, in conjunction with a summary of the funds of the Church of England as a whole : England and Wales.-Revenues of the Church. Of this total income of £5,753,557, only the £5,468,571 would be dealt with under such a Bill as that of 1895. It is interesting to note that the return says that the capital of Queen Anne's Bounty at that date was £4,456,124, whereas I have just estimated that in 1905 it was £6,696,559, apart from specific trusts. It should be observed also that only the income from this capital was included in the return (in addition to the £700 from private benefactions since 1703 (the date of the bounty fund), viz., £133,799 under Ecclesiastical Benefices (see under that head in the Welsh section below). To the above total should be added the value of residences, which were as follows:-Prelatical, £11,151; cathedral and colle giate, £18,928; and parsonages (11,667), £518,054 of rateable annual value, or about £625,000 gross value. Further, the return does not include the value of the tithe in the hands of impropriators and colleges, which amounted to £962,262 commuted value. That would account for ancient property of the Church of £6,431,433 of yearly value, besides cathedrals, churches, and residences estimated at £2,750,000 of capital value. This is not, probably, nearly the whole of the property in the hands of the Church, as only a Royal Commission could elicit an approach to a full disclosure. Of course, private benefactions are not included in the above estimate of the property. From this total the same return enables us to distinguish the following items as belonging to cathedrals and counties of Wales and Monmouthshire.-Church Revenues. Bishoprics: Bangor, £227; Llandaff, £265 10s.; St. Asaph, £179; St. David's, £184. These are included under rentals in charge of the Commissioners, see 3, below. (Residences of the Bishoprics £855 10s, rateable value.) 1. Cathedral and Collegiate Churches: For Wales and Monmouthshire these three sources sum up to £292,744 17s. 4d. a year. The return of 1891 informs us further that in addition to the aggregate given above the Ecclesiastical Commissioners received £99,165 in dividends on Government securities, &c. Let us assume the Welsh share of that to be £5,000. Then of that £962,262 of tithe now in the hands of impropriators and colleges, it is found that £75,436 belongs to Wales and Monmouthshire; and is it too much to believe that most of this would be cast into the national fund? Assuming, then, these two further sums, we find the Church fund of Wales and Monmouthshire to be about an income of £373,180 17s. 4d., the capital value of that (at 22 years' purchase, say) would be about £8,396,570. Nor is this probably the whole of the property with which a court of Commissioners would have to deal were they administering Church property deemed to belong to Wales and Monmouthshire. This total depends, as will be observed, on the receipts from tithes, so that a short summary of commuted tithes according to the Wolmer return of 1887 should be instructive. For England and Wales the tithe was found apportioned : Of these items, only the first two are now applied to clerical and church purposes, except by the grace or permission of the impropriator, &c. Then of the total the tithe was found for Wales and Monmouthshire as follows: The total tithe for Wales and Monmouthshire is thus found to be a commuted value of £304,429; but the lay impropriators and schools and colleges are in possession of £75,436 of this amount. Looking at this summary of the distribution of the tithe over the thirteen counties, we get a very instructive view of what must have taken place in former times, for it appears that in Wales in every case the tithe was severed from the parish, which was thus deprived of its support, and given or applied to laymen, or colleges and schools, often at a distance. It is of this £75,436, and more particularly of the £66,866 in the hands of lay impropriators, that I expressed the hope already that in any process of realisation of this estate the holders would be found dispossessing themselves of this and placing the whole of the tithe at the disposal of the country. Were Parliament to order a re-issue of the 1887 tithe return, and add the name of each impropriator in possession, and give also the area and the value of each glebe, not |