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The Commercial and Technical Relations of Engineering Design and Work (Classic Reprint)

The Commercial and Technical Relations of Engineering Design and Work (Classic Reprint)

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Excerpt from The Commercial and Technical Relations of Engineering Design and Work

Mr. Frame Thomson, like myself, is an old student; I suppose he began in the same rough and tumble school and had to justify his existence. That he has done abundantly, and he comes now and says that these principles which he has been exercising have stood him in good stead. He says, in effect, "I feel as I go through life I can face my employers with confidence from the fact that I make it a principle to see that my clients get at least 5 percent, on their investment, and not only that, but get a structure which will last as well as design can make it last." Mr. Thomson, original in most things, has, as you know, purchased an annuity, dependent on his life, and the proceeds of this annuity will go to secure good lecturers and enable steps to be taken to make the series of lectures effective during his life. He hopes that after he has gone, some other student will do much the same thing. I must not hinder you any longer, but will ask Mr. Thomson, who has shown an originality and an earnestness in impressing his views on those who are younger than him, to give us his lecture, which, I am sure, we shall all be delighted to hear.

Mr. Frame Thomson: -

Before I commence my lecture I ought, I think, to place in the proper quarter the credit for the originality which Sir James Inglis has attributed to me. My idea was the very simple and old-fashioned one of providing a sum which, not at the exorbitant rate of 5 percent, which some of our friends are accustomed to expect, but at the more moderate rate of 4 percent., would yield the required annual amount; but our Secretary, with that true desire to promote the interests of the Institution which he always has at heart, suggested that it was much more desirable that these foundations should be in the form of life-annuities, because on the termination of the life of the individual founding them there was a gap for someone else to step in and fill, whereas when these things are made permanent those who wish to do something for the Institution find no opportunity of doing it.

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