Calendar: 1851-1852 Page 36

34 ANNUAL REPORT 1851 from which profit of 234 16 was derived last year To meet this very large outlay of £'165 584 the Council have received- £ From Shares 68 356 From Donations 65 502 12 ------ 133 858 12 Leaving to be paid out of Income £31 725 11 Looking at this statement the Council cannot but congra- tulate the Court that in this only the 20th year of the exist- ence of the College the amount of their liabilities has been reduced to 13 398 As 3d the sum of 18 327 7s Id having been already paid out of income In connexion with this state- ment the Council think it right again to remind the Court that no less than 11 474 has never been paid of the originally subscribed capital and this arising from defalcations on shares only without including the loss of donations The payment of this sum would go far towards covering the present deficit The net income of the College during the past year has only exceeded the necessary and current expenditure by 304 4s 6d This is less favourable statement than the Council have usually been able to make The deficiency arises partly from the increased expenditure which has been necessary in order to promote greater efficiency in the working of the different Departments and in no small degree also from the fluctuations in the numbers in one or two of the Departments The Council can only assure the Court that they are studi- ously endeavouring in every possible way to promote economy in all Departments of the College They would however take this opportunity of reminding the friends and well- wishers of the system of education pursued in King's College comprising as it does instruction in religion according to the doctrine and discipline of the Church of England as an indis- pensable part that they are still open to receive and are desirous of obtaining legacies and other contributions for