Calendar: 1927-1928 Page 465

ANNUAL REPORT Staff Canon Box has been appointed Davidson Professor of the Old Testament and in consequence has resigned the chair of Hebrew and Old Testament in the College The Council are glad to state however that Professor Box will continue to lecture in the College and they have arranged that he should continue to use his former room in the College During the Easter term Canon Box was unable to lecture owing to illness and his work was kindly undertaken by Dr Ο Oesterley and the Rev Compston The Rev Houghton resigned during the year and the Rev Tasker has been appointed to succeed him as Lecturer in New Testament and Resident Tutor at the Hostel Fellowship The Rev Fred Shipley Marsh Fellow of Selwyn College Cambridge and formerly Lecturer in the Theological Department has been elected Fellow of King's College Finance General Account -The Council are glad to report that the financial position of the Theological Department continues to be satisfactory The income from fees amounted to £4 374 16 Id an increase of about £362 on the previous year The Grant from the Ecclesiastical Commissioners remains at £4 000 of which £500 is allotted to the Exhibitions and Bursaries Account The salaries of the Staff have been maintained at the level of the previous year The income of the Endowment Fund was £185 an increase of £23 on the two preceding years These increases are chiefly due to the policy adopted by the Council in recent years of investing surplus sums from time to time on behalf of the Endowment Fund or the Special Reserve Fund The year's working resulted in credit balance of £301 10s Sd and with the balance brought forward from the previous year there was total available balance of £583 18s part of which will be used for the emoluments of the Post-graduate Scholarship recently instituted by the Council Corporation General Fund Account -The Corporation continues to receive about £400 per annum for rent of rooms leased to University of London King's College Of the balance of £508 2s Sd at the close of the previous Session £400 was transferred to the Reserve Fund and £100 to the Students' Loan Fund The balance at the close of the account for the Session under review was £498 2s 6rf Theological Hostel Account -The financial position of the Hostel continues to be satisfactory and the year's working resulted in credit balance of £55 2s Id This balance has been transferred to the Reserve Fund raising that fund to £659 9s 4d The Fund will be charged with