Under the Merchant Seamen Act of 1747 (20 Geo. II c. 38), provision was made for all seamen employed in the Merchant Service to pay 6d (2.5p) a month out of their pay for the relief of such seamen rendered incapable of service, by wounds, accidents, misfortunes or become decrepit and worn out by age, and for the relief of widows and children of such seamen as may be slain, killed or drowned in the Merchant Service. By Section 28 of the Act, the Society of Merchant Venturers was appointed Trustees for receiving and applying monies in the port of Bristol. In 1853 the fund and its management was handed over to the Board of Trade.
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