Calendar: 1866-1867 Page 48

48 ANNUAL REPORT The Council have the painful duty of reporting the death of one of their number Dr Robert Ferguson whose valuable services were given to the Medical Department as first Pro- fessor for the Diseases of Women and Children They regret also to inform the Court that Arnott Esq having ceased to reside in London has thought it best to retire from the Council The College Balance Sheet for the year ending December 31st 1865 shows surplus in the working receipts over expenses of £504 5s 3d This result is due in part to special Donation of £260 made through the Secretary for the express purpose of aiding the College Expenses of 1865 The deficiency of 1864 viz £1 060 0s ld was so large that the possession of the necessary surplus at the close of 1865 is regarded with satisfaction by the Council even though it is partially due to an extraneous source careful consideration of the financial position of the College appears to the Council to justify sanguine hope that unless the number of Students and Pupils should be consider- ably reduced the necessary annual surplus of £500 will be maintained without taxing the Salaries of the College Staff The sum of £1 060 0s 116 referred to in the last Report as charged against the Professors at the end of 1864 has been reduced to £276 11 Id by means of the charge levied on all Salaries throughout 1865 and by other provisions sane- tioned by the Council and there appears no reason to doubt that those provisions parts of which are still in operation will discharge this balance during the next eighteen or twenty- four months at furthest The Council feel it right to call special attention to the fact that the Balance Sheet now produced shows an increase in the College liabilities amounting to £1 950 13s 8c and to explain that this increase as regards 1865 is apparent only it is not caused by any loss or real addition to such liabilities in that or in any recent year practice of omitting to include amongst the liabilities of the College at the end of year the Fees which had been received in the Michaelmas