Calendar: 1853-1854 Page 48

46 annual report 1853 of items in the expenditure of former years which some of the most eminent of the College Stall" were desirous of retain- ing Not more than 400 even thus lias been secured towards paving 000 the third annual instalment of the 000 grant to King's College Hospital or towards defraying the heavy debt due by the Corporation In referring to this debt the Council must again remind the Court that nearly 12 000 of the originally subscribed capital on the faith of which the College was founded has to this day never been paid The Council are using every exertion in their power to bring about decrease in their annual expenditure but they cannot conceal from the Court of Proprietors that they have no reason to believe that any great reduction can be made without at the same time and in proportion impairing the efliciency of the stall' One great means of assisting the College at the present juncture would be by providing funds from independent sources for the endowment of Scholar- ships and Prizes thus setting free the large amount which is now of necessity devoted by the Council to this important object In conclusion the Council desire to recognise in the abun- dant success which has attended the College throughout the whole of its career-and in no former year more than 1S52- the hand of Him whom they have ever recognised as their Head He has granted His blessing upon work begun in His name and for His honour and so long as it is continued in the same spirit the Council cannot but feel sure of finding that their 11 labour is not in vain in the Lord