Calendar: 1855-1856 Page 52

48 ANNUAL REPORT APRIL 1855 500 from the late Treasurer Mr Alderman Thompson and the Council have applied this sum in part liquidation of the debts of the College The receipts of the College have ex- ceeded its working payments by 459 11 lOd but against this has to be placed the fifth and last instalment of the grant of 5000 to King's College Hospital leaving an actual deficit of 540 8s 2d This is slight improvement on the preceding year but the Council are but little satisfied with the result No doubt the finances of the College in common with those of all places of education have been affected by the heavy demand made by increased taxation and by the enhanced prices of so many commodities but still the Council feel the present rate of their expenditure requires most careful consi- deration The complete liquidation of the grant to the Hospital will enable them to turn their attention to the other claims which press upon them With the view of providing distinct means by which those disposed to further the interests of the College may do so whilst they at the same time receive considerable advantage themselves the Council have passed the following resolutions which they take this opportunity of laying before the Court That every person presenting to King's College London the sum of 500 have the privilege of nominating during his or her life once in every three years free Student to the College or School subject to the following regulations "1 -That the nomination so given have the effect of making the nominee free to all the Classes forming the regular Matriculated Students5 Course in any one Department of the College or School the nominee being at liberty to choose his Department on entering King's College but only enjoying the benefits of free admission in that Department "2 -That the free admission be applicable to no Student or Pupil under twelve years of age "3 -That all Students or Pupils entering the College with free admission pay the usual Matriculation Fees and 50 every term as registration fee that