Calendar: 1876-1877 Page 68

as ANNUAL REPORT The Council are sorry to announce that the accounts of the past year show but small balance of profit after the payment of expenses This has beeu mainly caused by the necessity of providing large sum above £400 to meet cases of need among members of the Staff disabled by sick- ness or retiring after long service This is an expenditure which the Council up to the limit of their resoures cannot refuse to meet So strongly do the Principal and Staff of the College and School feel the necessity of provision for such cases of urgency that the General Board unanimously recom- mended the Council to set apart £500 year for this purpose proposing in case of necessity that the Staff should be requested to contribute proportionately from their own in- comes to make up this sum The Council have not thought it right to accept this liberal offer but they have resolved to set aside each year such sum as may appear desirable with view to form moderate fund out of which cases of urgency may be met as they arise The Council venture to think that the Report thus pre- sented generally satisfactory one It shows that the College has emerged from its most pressing pecuniary diffi- culties and is established on sound financial basis still indeed scantily furnished with material resources but free from immediate embarrassment It gives abundant evidence of extensive and valuable educational work on the old and well-tried principles of the College It therefore affords good ground for looking forward under God's blessing to career in the future of undiminished reputation and daily increasing usefulness