Calendar: 1899-1900 Page 700

xlviii report sum than this was spent upon equipments and apparatus for the permanent improvement of the College also that charges incurred some years since have been paid off in this year in word that the College has made substantial progress during the year toward overtaking its arrears The Balance-sheet printed this year for the first time in its complete form shows statement of liabilities and assets calculated on the most stringent possible principle It ex- hibits the fact that the present debt of the College has arisen simply from expenditure on capital account and not from losses on annual working Such losses have been more than balanced in years in which the annual accounts showed profit The Council acknowledge with gratitude donation of £250 from the Worshipful Company of Clothworkers re- ceived since the close of the accounts toward repayment of the Debt This has been met with an equal sum by the kind donor mentioned in the last Report The Technical Education Board of the London County Council have once more allotted to the College grant of £1 500 This sum has been mainly spent as in previous years upon special courses of Lectures the balance has gone in aid of the heavy outlay mentioned above for equipments and apparatus The revised allocation of the Treasury Grant referred to in the previous Report has worked well and smoothly in all respects The aggregate remuneration of the Professorial and Assistant Staff was as stated in the report appended to the accounts again materially improved in the year 1898 It should be specially noted that this is in comparison with the year 1897 which year showed great improve- ment in this respect upon previous years til The London University question has reached an important stage since the issue of last year's Report The Bill which was at that time before Parliament has become law and the Statutory Commission are engaged in framing Statutes in accordance with its provisions In these circumstances the Council think it inadvisable to say more than that in response to the invitation of the Commissioners they have from time