Calendar: 1849-1850 Page 34

32 ANNUAL KKPOItT IS 19 John Lamb Esq lias been appointed Assistant Librarian The large numbers of Students using the Library for the pur- pose of study and research made this appointment necessary The Council now turn to the Accounts of the past year which will be laid before the General Court to-day It will be at once perceived that no funds exist out of which the Council can declare any Dividend to the proprietors Whilst the income for the year has covered the expenditure with but small profit the cost of necessary additions to the lecture- rooms and of increased accommodation absolutely required for the Medical Department in addition to pro ision tor that most important part of the establishment the residence of Students within the College has entailed upon the Council heavy debt which the annual income will take some time to work 0ft Whilst referring to this subject the Council think it well to place on record these two facts first that no small portion of the original buildings of the College still remain unfinished and until this be done no dividend upon the capital subscribed can be declared and secondly that part of the originally subscribed capital amounting to no less than £11 174 and this arising from defalcations upon shares only not including donations has never to this day been paid up and consequently the income of the College has of necessity been employed to make up the deficiency It is in spirit of devout thankfulness towards the Giver of all good that the Council close this deeply interesting retro- spect of the past year and looking forward in humble con- tidence to continuance of the Divine blessing they desire solemnly to commend the College to the protection of Him without Whom nothing is strong nothing is holy