Calendar: 1860-1861 Page 49

51 ANNUAL REFORT made individually and in which they have been very warmly seconded by the Principal and the other Members of the College Staff They have secured the services of an architect of acknowledged eminence Mr George Gilbert Scott and that gentleman has sent in design which is now under the consideration of the Committee appointed for the purpose The Council have reserved to themselves the right of ultimately deciding on the proposed plan and it will be their aim to take such steps as will guard the College against any liabilities beyond those which will be covered by the funds subscribed The amount required is estimated at from 000 to 000 The Finances of the year show an excess of income over expenditure of 712 19 106 and the liabilities of the College have been consequently reduced by this amount Under the advice of the Committee of Finance the Council have lately been considering whether they could not now make some modification in the regulation which they were compelled to lay down in 1853 with respect to the incomes of the College Staff by which deduction of per cent was made from the incomes of all gentlemen engaged in the College service Upon inquiry it has been found that in the six years which have elapsed since this change was first made the liabilities of the College have been decreased by 228 Hi 2d of which sum 474 10 have accrued from the sum deducted from Salaries and 754 Is from other sources Taking the whole subject into consideration the Council have felt themselves justified in resolving that for the future they will be satisfied if clear 500 is annually applied in diminution of debt and that they will make no deduction beyond what is necessary to secure that point They enter- tain strong belief that by careful attention to expenditure on the one hand and by vigilance on the other in so spreading the reputation and influence of each Department of the College as to increase the number of Students the Academical Staff will from this time forward be in position to free their College incomes from deduction of every kind