Calendar: 1896-1897 Page 635

REPORT appropriated to tlie Administrative Expenses of tlic College only The remaining three quarters or more will ho assigned to the Staff hut each Chair or epartment will he charged in the first instance with its own expenses including the payment of any assistant teachers and the Professor will receive only the balance The working out of this system has brought into glaring relief the absolute necessity of some subsidy such as Pallia- mentary Grant or an Endowment for carrying on the College as the result is to reduce the income of some Chairs to merely nominal sum and to leave others with less than nothing The existing Parliamentary Grant will go some way in supplying small incomes in these cases but larger grant or larger endowment js indispensable if the Staff are to receive any adequate remuneration The Council feel that they cannot acknowledge with sufficient gratitude the spirit in which the Staff have agreed to adopt this system It involves on an average reduction in their incomes not merely of the 10 per cent they have lately foregone under the annual tax but of no less than 20 per cent Such sacrifice could not have been asked for except under the pressure of necessity and it could not have been made except under the influence of generous and loyal spirit for which all friends of the institution are deeply indebted to the Staff It is earnestly hoped that either by public giants or by private liberality the College may before long be placed in position in which the Staff may be better remunerated But now that this system has been adopted the Council hope that the College has been placed upon stable financial basis In limiting indeed to quarter the proportion of fees to be reserved for the administrative expenses of the College the Council have accepted the risk of deficiency of lew hundred pounds year until the debt which now weighs upon the College has been paid off or reduced ut they hope that further assistance will be forthcoming for this purpose and the system on which these calculations arc based provides for an annual Sinking Fund Hut though some difii- cuities still remain and much self-sacrifice may still be needed the Council feel irreat satisfaction in being able to state that system has been adopted in which security is given that