Calendar: 1896-1897 Page 633

REPORT xliii College at the end of last Term But they intend to observe its work more particularly during the present Term and it has been intimated in Parliament that their full report is not expected until the autumn No addition therefore to the means of the College from this source can be expected during the present year Nevertheless from one source or another it is imperative the College should receive subsidy equivalent to at least the £3 500 year which the Treasury Committee of 1891 recommended if its work is to be fully developed and its staff at all adequately re- munerated It was on this basis that when the Grant was withdrawn altogether the Council appealed to Churchmen for Fund of £100 000 Considering the difficulty of the times the Council feel grateful that quarter of that sum had been promised up to last Midsummer Only £16 000 however has been received and although some generous donors have notwithstanding the restoration of the Grant continued the annual instalments they had promised the Council have not in the altered circumstances felt justified in applying for the further fulfilment of the promises previously made Of the £16 000 received sum of £5 000 which was the munificent gift of the Hon Wf Smith was by his desire applied to the repayment of part of the debt from the College to its bankers Of the remainder received the greater part has been by leave of the donors applied to meet the current charges of the College during the last two years of strain Without this assistance it would have been impossible for the College to be carried on and the heartiest thanks of all its members and friends are due to the supporters of religious education who gave the cause of the Institution such generous aid at perhaps the most oritical moment in its history The Council however mentioned in their last Report that they were devoting their best attention to review of the whole administration of the College with view of intro- ducing the utmost possible economy in the management of its resources They had long felt the necessity of making provision against the recurrence of the annual deficits from which the College had of late suffered and which if con- tinued would have imperilled its existence During period