IMAGE EVALUATION 
 TEST TARGET (MT-S) 
 
 1.0 
 
 I.I 
 
 1.25 
 
 iliu 
 1^ 
 
 12.0 
 
 U III 1.6 
 
 Va 
 
 .^^ 
 
 >^ 
 
 
 /A 
 
 e. 
 
 m ■•>■ 
 
 (S> 
 
 
 'm 
 
 '/ 
 
 Photographic 
 
 Sciences 
 Corporation 
 
 A,<^' 
 
 •ss« 
 
 ^x-^ 
 
 ^ 
 
 O 
 
 
 y . ^> 
 
 ^"^ \. ^ 
 
 23 WEST MAIN STREET 
 
 WEBSTER, NY. 14580 
 
 (716) 8/2-4503 
 
//;^. 
 
 CIHM/ICMH 
 
 Microfiche 
 
 Series. 
 
 CIHM/ICMH 
 Collection de 
 microfiches. 
 
 Canadian Institute for Historical Microreproductions / Institut canadien de microreproductions historiques 
 
Technical and Bibliographic Notes/Notes techniques et bibliographiques 
 
 The Institute has attempted to obtain the best 
 original copy available for filming. Features of this 
 copy which may be bibliographically unique, 
 which may alter any of the images in the 
 reproduction, or which may significantly change 
 the usual method of filming, are checked below. 
 
 
 
 Coloured covers/ 
 Couverture de couleur 
 
 □ Covers damaged/ 
 Couverture endommagie 
 
 □ Covers restored and/or laminated/ 
 Couverture restaur6e et/ou pellicul6e 
 
 D 
 D 
 D 
 D 
 D 
 D 
 
 D 
 
 D 
 
 Cover title missing/ 
 
 Le titre de couverture manque 
 
 Coloured maps/ 
 
 Cartes g^ographiques en couleur 
 
 Coloured init (i.e. other than blue or black)/ 
 Encre de couleur (i.e. autre que bleue ou noire) 
 
 Coloured plates and/or illustrations/ 
 Planches et/ou illustrations en couleur 
 
 Bound with other material/ 
 Relid avec d'autres documents 
 
 Tight binding may cause shadows or distortion 
 along interior margin/ 
 
 La reliure serrde peut causer de I'ombre ou de la 
 distortion le long de la marge int6rieure 
 
 Blank leaves added during restoration may 
 appear within the text. Whenever possible, these 
 have been omitted from filming/ 
 II se peut que certaines pages blanches ajoutdes 
 lors d'une restauration apparaissent dans le texte, 
 mais, lorsque cela dtait possible, ces pages n'ont 
 pas 6t6 film6es. 
 
 Additional comments:/ 
 Commentaires suppldmentaires: 
 
 L'Institut a microfilm^ le meilleur exemplaire 
 qu'il lui a 6t6 possible de se procurer. Les details 
 de cet exemplaire qui sont peut-6tre uniques du 
 point de vue bibliographique, qui peuvent modifier 
 une image reproduite, ou qui peuvent exiger une 
 modification dans la mithode normale de filmage 
 sont indiquAs ci-dessous. 
 
 I I Coloured pages/ 
 
 Pages de couleur 
 Pages damaged/ 
 
 I I Pages endommag^es 
 
 Pages restored and/oi 
 
 Pages restaurdes et/ou pellicul6es 
 
 Pages discoloured, stained or foxe( 
 Pages dicolordes, tachetdes ou piqudes 
 
 Pages detached/ 
 Pages ddtachdes 
 
 I — I Pages restored and/or laminated/ 
 |~7| Pages discoloured, stained or foxed/ 
 I I Pages detached/ 
 
 I "l Showthrough/ 
 
 D 
 
 Transparence 
 
 □ Quality of print varies/ 
 Qualitd indgale de I'impression 
 
 I I Includes supplementary material/ 
 
 Comprend du materiel suppldmentaire 
 
 Only edition available/ 
 Seule Edition disponible 
 
 Pages wholly or partially obscured by errata 
 slips, tissues, etc., have been refilmed to 
 ensure the best possible image/ 
 Les pages totalement ou partiellement 
 obscurcies par un feuillet d'errata, une pelure, 
 etc., ont 6t6 filmies d nouveau de fapon d 
 obtenir la meilleure image possible. 
 
 This item is filmed at the reduction ratio checked below/ 
 
 Ce document est filmd au taux de reduction indiqu6 ci-dessous. 
 
 10X 
 
 
 
 
 14X 
 
 
 
 
 18X 
 
 
 
 
 22X 
 
 
 
 
 26X 
 
 
 
 
 30X 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 J 
 
 
 
 
 
 
 
 
 
 
 
 
 i 
 
 
 
 12X 
 
 
 
 
 16X 
 
 
 
 
 20X 
 
 
 
 
 24X 
 
 
 
 
 28X 
 
 
 
 
 32X 
 
 
tails 
 ) du 
 odifier 
 une 
 mage 
 
 The copy filmed here has been reproduced thanks 
 to the generosity of: 
 
 La Biblioth^u* de la Villa da Montrtel 
 
 The images appearing here are the best quality 
 possible considering the condition and legibility 
 of the original copy and in Iteeping with the 
 filming contract specifications. 
 
 L'exemplaire film6 fut reproduit grAce A la 
 ginirositA de: 
 
 La Bibliothiqua da la Villa da MontrM 
 
 L<»Q images suivantes ont 6ti reproduites avec le 
 plus grand soin, compte tenu de la condition et 
 de la nettet^ de l'exemplaire filmi. et en 
 conformity avec les conditions du contrat de 
 filmage. 
 
 Original copies in printed paper covers are filmed 
 beginning with the front cover and ending on 
 the last page with a printed or illustrated impres- 
 sion, or the back cover when appropriate. All 
 other original copies are filmed beginning on the 
 first page with a printed or illustrated impres- 
 sion, and ending on the last page with a printed 
 or illustrated impression. 
 
 Les exemplaires originaux dont la couverture en 
 papier est imprimAe sont filmte en commenpant 
 par le premier plat et en terminant soit par la 
 dernlAre page qui comporte une empreinte 
 d'impression ou d'illustration. soit par le second 
 plat, salon le cas. Tous les autres exemplaires 
 originaux sont filmis en commenpant par la 
 premidre page qui comporte une empreinte 
 d'impression ou d'illustration et en terminant par 
 la dernlAre page qui comporte une telle 
 empreinte. 
 
 The last recorded frame on each microfiche 
 shall contain the symbol ^»> (meaning "CON- 
 TINUED "), or the symbol V (meaning "END "), 
 whichever applies. 
 
 Un des symboies suivants apparaftra sur la 
 derniAre image de cheque microfiche, selon le 
 cas: le symbole — ^> signifie "A SUIVRE", le 
 symboie V signifie "FIN". 
 
 Maps, plates, charts, etc., may be filmed at 
 different reduction ratios. Those too large to be 
 entirely included in one exposure are filmed 
 beginning in the upper left hand corner, left to 
 right and top to bottom, as many frames as 
 required. The following diagrams illustrate the 
 method: 
 
 Les cartes, planches, tableaux, etc., peuvent Atre 
 filmAs d des taux de reduction diffArants. 
 Lorsque le document est trop grand pour Atre 
 reproduit en un seul clichA, il est film6 A partir 
 de Tangle supArieur gauche, de gauche A droite, 
 et de haut en bas, en prenant le nombre 
 d'images nAcessaire. Les diagrammes suivants 
 illustrent la mAthode. 
 
 arrata 
 to 
 
 pelure, 
 m d 
 
 n 
 
 32X 
 
 1 
 
 2 
 
 3 
 
 1 
 
 2 
 
 3 
 
 4 
 
 5 
 
 6 
 
f'' 
 
 
 V 
 
 'i«?v ■ 
 
 
 
 
 "«; 
 
 r* ''if ^ 
 
 
 "% 
 
 
 !■• .^-xw-w-iyi 
 
 mfm 
 
 
 BISHOP'S College, 
 
 LENNOXVILLE. 
 
 * ■ -'ICSlil ' 
 
 REVIEW 
 
 Of tlie Financial Arguments of the 
 Letter of tlie Rev. Henry Roe, M. A., 
 Professor of Divinity addressed to the 
 Lord Bishop of Quehec, President of 
 the Corporation. 
 
 BY R. W. HENEKEa 
 
 Printed for private circulation among Members only by order 
 
 of Corporation. 
 
 • Otb JtTZTKf.il 
 
 .. JWI *P I". ' * 
 
 
 
 yiiiHttiliiiiiMiii^iiiiii 
 
 S 
 
 ^■«s. 
 
 ^^Mmmm 
 
«^mp 
 
 I ■ I 
 
 I I I 
 
 \ 
 
 I 
 
] 
 
 1 
 
 BISHOP S COLLEGE. LENNOXVILLE. 
 
 5th June, 1876. 
 
 To the Ivii^Jit Rev. t/ic Lord Bishop of Quebec, 
 Pyesiiieiif if the Corporation : 
 
 Mv LoKD, — The CommitlL'c appointed by Corporation at 
 its last session on the X'<\.\\ March, not iiavin^^ had time to 
 investif^ate certain tinaneial statements embodied in a printed 
 letter of the Rev. Henry I\oe, dated Ascension Day, 1S76. 
 addresseti to your LiinKhip as President of the Corporation. 
 I'eciuested nie to examine tlie same and to report tliereon 
 directly to Corpi)ration. 
 
 In obeying' these iiistruciions. I shall limit \r\\ remarks to 
 the tinaneial ar;,'uments o[ Mr. Roe's lettei". leaxini;' the other 
 <luestions invoh'ed for \erb;i.l discussion at the meeting' of Cor- 
 poiation. 
 
 On pa,i;e 4. the Re\'. Mr. Roe introduces the matter as 
 follows : 
 
 '■.\nd first I urj^e the separation because I am satisfied 
 that the union, if it continue, will result to the Collet^e in 
 linanciad ruin ;" stronj^^ words which demapd thou,L,dUful and 
 carefid consideration. 
 
 .\t the outset. Mr. Roe takes us back to the year iSGo. 
 which he char;',cleri/es as a " fatal }-ear," and states that since 
 that time the Colle;;e has sustained an absolute loss of 850,000 
 in consequence of its havini; established the School. His words 
 on pa^'c 6, are " It is thus seen that in fifteen years the Colle^a- 
 Capital actually invested in ^n)od securities has been diminished 
 In' the sum of 8j(),5()r.5o," t ) wiiich he adds on pa;^X' 7 an ;id- 
 ditional !Bio,4iS.i5, makin,^' altoj^^ether S4().9i9-*^"5. 
 
 Now. as to this statement I may at once sa}- that I have 
 not ivesti,t;ated the ti,i;ures he ,^Mves, because (for reasons ,i(iven 
 below) I did not think it necessary t(^ l,^o back to the year i.S6(j. 
 One remark I woidd make, howe\X'r, in passim;, \iz : that the 
 words "investment in j;ood securities " entirel}' i.<;'nore— when 
 
 . tf aifeik 
 
2 
 
 used by Mr. Roc— tin; outlay on School builclinj^s, which cost 
 about S. 55,000, and which, iioni his p((int of view, is a vakickss 
 investment, leavin;,^ the $50, 000 which he dechirt's to be the 
 loss, without anythin;^ to represent any portion of it. 
 
 I wish it to be understood that aUhouL^h I have not 
 thouf^^ht it necessary to investigate the correctness of these 
 fi^jures, yet I by no means aehnit that his conclusions can be 
 accepted by Corporation. My reasons for not ;;()inj^ back to 
 the year nSCx), are that in i.S()S the lon.ij and elabiMale report 
 referred to by Mr. Roe at the top of pa^^^e S was laid b.jfoi-e 
 Corporation, the effect of which report was that measures were 
 taken so effectual in char.icter that in iHin) the finances of the 
 Collej^e showed only an excess of expenditure of 8471.06 and 
 in i.S^oof $140.^29. It seems to me. therefore, needless to rake up 
 old matters which ^ave infinite thouj^ht and trouble at that time, 
 and the attention to which broujjht about so effectual a remed} , 
 
 The important question now is to ascertain, as Mr. 
 Roe expresses it on pat^e 7, " Does this drain on the Colle.ije 
 endowment still continue, or has the le.ik been finally stopped." 
 
 In his opinion the leak is not stopped, but the Col!ef;e " is 
 steadily movin;;' on to hopeless and irretrievable ruin." (Vide 
 p. J, 5th line from top.) 
 
 In order to eluculate this he takes up tlv accounts of I1S71. 
 (p. S) which he says show on a cursory reading that the tide 
 had turned, but which conclusion he claims to bj unfouuvleil on 
 a careful examination, and then anal}'/es the accounts of each 
 year with ,i,n"eat minuteness from his own point of \ iew 
 
 The accounts for 1N71 show profit of. 
 
 !^^;i6 2^ 
 
 In all 84,11727 
 
 A.Ljainst which he claims that the expenditure on the 
 School buildin.ij^s, I'urniture tS:c., amounted for the four years 
 i(S72, 'j, '4, '5 to 87,()(j 5.(S2 or a balance of expenditure over 
 profit of nearly 8 (..000 (vide p. 10, para.s^raph 2.) Hut to meet 
 the argument which he foresees will be raised, that he in this 
 statement is not fair to the School, as he only took into account 
 the net profits accrued on the whole Colle^jje accounts, and not 
 the proceeds of the School : he skives a table the results of 
 which are as follows : 
 
 Whole receipts from the School for four years 85,62(J 56 
 
 Expendituix' 5,0i8 55 
 
 Net return to the Collej^e 2 01 
 
L 
 
 i 
 
 8 
 
 In the course of his remarks he explains the term " profit" 
 '\i(le pa;;e lo) in the piihlished tables of Aecrucd Ineomc and 
 Kxpendiliire, hut ar^^uies that because the outlay on permanent 
 works is not classed as " Revenue l^xpenditure," the item of 
 "profit " his in fact no existence hut should bj really reversed 
 and " loss" suhstitutedj: that " if exjienditure exceeds profit it is 
 evident that the leak still continues." 
 
 Now it is really difficult to follow a i^Tiilleman who it is 
 evident lacks a knowledj^e of the very lirst principles of Hook- 
 keepin;;; who mixes upCapital and Revenue in the most promis- 
 cuoii> manner, and inti'oduces ileins not included in the ac- 
 counts — in some cases enteis amounts twice over and produces 
 results satisfactory to his own mind to lielp his arj^ument but 
 utterly untrustworthy as a f^uide to others. As an illustration 
 of this I would refer to pa;;e <), where he sets forth a table of 
 Colle,i;e I'lxpenditure for two years, amounting; in all to $3,48^.- 
 55, as af^ainst a profit of .^ 1,46^.1 6. 
 The first item in this table he himself c:ills, 
 
 and correctly calls, capital §14 95 
 
 The second and 4th were allowed for in the 
 
 account before " profit " was calculated 250 iH 
 
 The third is problematical, according; to Mr. 
 Roe himself and has never appeared in 
 
 the accounts 25 00 
 
 The fifth must he reduced at all e\ents by 
 S501) chari(ed before " profit" was cal- 
 culated 500 00 
 
 The seventh does not appear in the C.\dle;;e 
 
 accounts, but is a School expenditure... 586 77 
 
 The ei;;hth is included in the outlny of Real 
 
 Estate, chari^ed proj>erly to Capital 249 91 
 
 Then a^ain the sixth is a capital account, 
 showing; a loss certainly, hut not in the 
 
 workin,!^ of the two years •i'861 74 
 
 While the remainin;^' 1,000 00 
 
 due the Rector on account of tb.e allow- 
 ance made him after the fire, which 
 allowance was to spread over three 
 }"ears, the first of which as above stat- 
 ed was charged bef(>re profit was 
 calculated. 
 
 $3,488 
 
 DJ 
 
 One statement is made by ?dr. Rue in speaking of the 
 Accounts for 187 1. which I own caused me i^n'eat surprise 
 as emanating; from a ;;entleman of his tone and in his position. 
 It will be found on pafj;e 9 and reads as follows : 
 
" In January, 1^74, the School huiUliiij; was burnt down, 
 nevcrlhckss the accounts for that vcar still siiow a prolit ol" 
 $609.40." 
 
 Now I ask what inference is to hf (hawn iVoni this ? lie 
 means surely to imply that no matter what may happen il is 
 all important for tliose who present the accounts to Corpora- 
 tion and the Synods that a prolit sliall he shown. l«y referrinj^' 
 to the printed report for iNj-j., published by the Trustees and 
 laid before the Synods, on the iirst paj^e and the thir^I para- 
 i^raph, a full explanation was ,t;i\en In the following; words; 
 
 " No chanj^e in the value of the Real Instate has been en- 
 tered ill the books, notwithstandin;^^ the disastrous lire which 
 destro}ed the old vSchool Ikiildin.L; in January, i(S74, fm- the 
 reason that the Trustees thouj;ht it better to leave the adjsut- 
 ment of this account until after the reception of the Report 
 of the lUiildin^^ Committee, lar^e subscriptions in addition to 
 the insurance money having' been collected for the rebuildin;; of 
 the School;" and in the Accounts for 1^75 the loss by lire is 
 brou;^'ht in and' set down as SO, 070. 77 to which is added the 
 allowance (if SN()i.74 to the Rector, voted by Corporation, mak- 
 in;< together ^6,9^2.5 1. 
 
 It was not an item uf the workin,^ receipts and expenditure 
 of the year, but was a cpacslion of capital not i;;'nored, as Mr. 
 Roe seems to think, but noticed and treated with care. 
 
 I will now turn to another view of the case and j^ivc the 
 facts as the}' are shewn in the accounts, be,L,Mnnin^' with the 
 year liShrj. 
 
 h'irst takin.i; " l^ishop's C(»!lc,:;e Account," which repre- 
 sents the net \;diie of the College pro[)url\-, alter 
 allowinj.;' for all liabilities, and we lind on jist 
 
 Decemh r, i<S(»() leavin.^;' out cents .S79.421 
 
 1.S70 .So, 406 
 
 1^71 ^1.4^3 
 
 
 (>i*2,66j lia\'inj,' been struck off for bad debts.) 
 
 Decembi;r, i>'72 ""^J-'J-'S 
 
 187J cS4,oi() 
 
 1^74 ^5,867 
 
 i875after the };reat fire, 82, .124 
 
 Durins/ these ^•ears occurrei. 
 
 1 th 
 
 tutlav on build- 
 
 in.^s and furniture, so much commented on b}' Mr. Roe. 
 an outlay rendered absolutely necessarw and so sanctioned 
 by Corpt)ration in order to tlie carrsin.i,^ out of the agreement 
 entered into with the Rectcu' when he look upon himself the 
 whole responsibility of the Sclu)ol and the whole Collei;e 
 Hoardin.u,^ ICstablishment. If outside r>oardinj;-lu)uses were to 
 i)e disallowed it was necessary to fit up completely the buiidii 
 an ' 
 
 d to make other chan.ties, with the view of 
 
 proviclmj 
 
 the 
 
 lecessary accommodation within the buildin;^^ itself. Compen- 
 
 fi^at^-^-jm-'- 
 
5 
 
 sation for this outlav was smij^ht from the annual ant paid hv 
 the Ktctor. The outhiv hcini; of a permanent eharaeU r was ol 
 course char^^Tl to Capital Account a^it-al Hstatc and Movealjlc 
 Pronertv). The whole expense for this purpose was on the 
 
 Fhiv-Koom ■•••; ^ _^ 
 
 Fittin;; up the Attics, cVc, iSjd, ',;, '4 ^-^7.^ -' 
 
 J,()4i •!-' 
 Furniture in 1.S72, '^ ^' ^''-^ •'- 
 
 •'?4-5<'4 74 
 
 Thus, then, the advance in the value of Ihshop's Colk-e 
 
 Account hetween the years 1^69 and 1N75- alter writm- oti 
 
 !?2.()()j for had dehts in 1N71, and allowm^ tor the loss hy lire 
 
 in I.S74 was over §j,o()<>. , 11 
 
 Now. then, in the second place, let us examine the yearly 
 accounts of the workin- of the CoUe-e lor the several years : 
 
 In iSOo halanceloss ^474 "'' 
 
 - 1870 " " ^" -^f 
 
 614 J5 
 " i,S7i " proht ^^^^' -3 
 
 " 1/72 " " ^7-^- '^'; 
 
 " 1873 " " ^r ^? 
 
 u TK-a " " ^^"9 -1^' 
 
 " 1875 " " _^J^ 
 
 4'ii7 -7 
 Deduct loss as above ^'^4 -O 
 
 Netgain ^ . ^-io"-^ .')^ 
 
 \ few words in explanation of the fore^^oin- be-mnm^ 
 with the year i8f,(j. V>\ agreement with the then Rector, the 
 Rev Mr. Walker, one-quarter of the School ices belonged to 
 the Collet^e, the remainder went to the Rector tor payment ol 
 his own and Assistant Master's salaries. The I5oarcl.n--house 
 was carried on bv the College and the system ol outside l.oard- 
 inir-houses was "in full force in competition with the School. 
 The Government grant was 81,5^8; the School fees were bSo 
 and the Rev. Dr. Xicolls" salary was limited to i?i,2oo per 
 
 annum. , , ■ .. 1 r^ f,s,. 
 
 1870. The Rev. C. H. Bad^^ley was appointed Keetoi. 
 entering; on his duties from ist July, iN7<'-, His salary was 
 guaranteed by private subscription. The School fees were 
 reduced to $60. The Outside Hoarding-h(.uses were with very 
 few exceptions discontinued, and the Board concentrated m the 
 Rector's house and School-building. The College still carried 
 on the Boarding Establishment and received one-quarter ot the 
 
6 
 
 Tuilion I'Vc" 
 
 lie (i<iVLTiiiiK'iU-j,Miint was reduced to^'jTty.iS. 
 
 In addition to tlic (Uitsidc ;;uarantcc for Rector's salary, sub- 
 scriptions to the amount of !^7t)') were raised for the I'rench 
 Professor and the 'I'utor in Mathematics. The I'rincipal re- 
 ceived Sl.Joo. 
 
 I1S71. The Rector received his sahiry from outside. *i"he 
 Principal's salary was Si.-'oo. and the Colkj^e had to advance 
 iney to pay the halance of l*'rencii Professor's and Malhe'nat- 
 
 ni( 
 icai 
 
 Tutoi- 
 
 s salaries, not made up i)\' private subscriptions. 
 
 After this date no iiri\ate subscriptions for salaries were re- 
 
 ceivec 
 
 1. 
 IN: 
 
 The salaries paid amounted to S_',40(), bein,!< Col- 
 
 le;^^e salaries only. The School bore its own salaries without 
 outside aid. The protit was i^reat. owin;^ to the lar;;e increase 
 in numbers in attendance at the School. 
 
 i.Sj,;. The Collef;e. in a(lditi<'n to the (irovernment ;;rant 
 of 8f)7<j.iN, received Si. 030 fro... the Marriaj^e License l*'ees 
 l'"und. 'I'he I)i\inity Professor was appointed — causinj^' an 
 increase in the salaries to J^J.joo. the Principal recei\inj,' 
 !5i,5o.» in lieu of ^i.joo. It was in this year that the College 
 and School \vere for the first time separated financially, be- 
 ^innin^ with, the ist of July. The Rector undertook the whole 
 financial cliari;e (^f the School and the whole l>oardinj^' Ivstab- 
 lishnunt, and paid S1.1J5 to the CoUej^e '^^ one-half year's rent. 
 
 iNj J. The salaries, owin.t,^ to the empK ymcnt of a full 
 staff", were S4.4j(). In this year the Church Collections and the 
 subscriptions for Divinity Professorship commenced. The 
 Collej^^e was free of Cash debt, exceptinj; a small life rent-charL;e 
 to the Rev. Mr. Cill. 
 
 1N73. The salaries were i^^J'^^S- 
 
 I li:i\e ^Mven the abo\e simple statement or historical nar- 
 rative to help the Corporation to comprehend the true position 
 (^f the Colkj^e derin^' the several }-ears. The net jjjain on the 
 annual workin;^' of the CoUe.i^e for the x'ears included above w, is 
 
 ^5 J. 502.0-'. 
 
 This then is the " irretriev ible ruin" which isfallin;^ on the 
 Colle^^^e by the junction of the two parts of the institution. It 
 is no doubt true that the Colle^^e has been lari;el\' indebted to 
 the j^enerosity of the public in the two Dioceses, which has 
 enabled the Collej^^e to rebuild the Sclinol on a better plan than 
 the old, witii lari^.-r accom;n>)dati )n and with every appliance 
 for the comfort, health and convenience of the bo}s, as well as 
 for their Irainin^^ and super\-ision : and the thanks of the CoUej^^e 
 are due to members of the Church in the two Dioceses for their 
 liberal aid in subscriptions to Collej^e funds. Hut is this readi- 
 ness to help the Colle,;j^e and School a ^i'^n of want of success ? 
 Is it not a proof that both parts of the institution are felt to be 
 j^reat public wants in this Province, and that the Public sym- 
 
 sul 
 
 ral 
 
 nai 
 
 oil 
 
 hi 
 
 w; 
 
patlii;rcs with thi; cfftnts of Uic Ctupoialion to carry tliLin on 
 Mieccssfully. 
 
 Hut I lia\c yet a few liL^iircs more to lay befoie the Corpo- 
 i-ation before eo^ekKli^^^ Mr. Roe hiid j^reat stress on the fact 
 that the CoUej^'e hooks on the isl January, iS^o, showed a net 
 balance of invested capital of .S5O.J4S, and compares that with 
 our present position, I have i^iven my reasons for not K"''ls 
 ])ack to iSOo, hut I have no objection to compare tiu year iS()ij 
 with 1N75 in the matter of the cash-bearin;; inve:-.lnRnts, — 
 althou^ih, as I have often explained to Corporation, a true expla- 
 nation of a business statement can only be obtained by exam- 
 ining,' it as a whole and not from an\ partial jioint of view, 
 
 i.S 
 
 /3 
 
 for 
 
 Hut let us take the cash investments of iSix) and 
 comparison and what do we find ? 
 
 In iH()f) the investments in Mort;;a^,'es. Municipal I)el)en- 
 tures and Bills Receivable amounted in all to •■^45,<>jo.t; yield- 
 inj; an income of S-}, 1 7(j.(/2. in the same year the ac* »unts 
 show liabilities under the head of I iills Payable, an 1 Loans 
 amounting' to !?i9.N5(j.7J, for which an outla}' was ■ quired for 
 interest of '>'' ^.46, leavinj; a net inveslmein oi i^^S.^/o. -/j 
 yieldinf,' a net revenue of !y>i,^\()C)..^(). The policy adopt* d 'V tlie 
 Trustees .vas that the best investment the College C'uld make 
 was to wipe off debt : and steadily keepin;,' this polic) in view 
 they had the satisfaction in 1N74 of dischar^^MU^' the last oblii^^a- 
 tion. sr) that the Colle;;e stood in 1^75 with an invested capital 
 in bills receivable and mort;<aj;es of $J5,()9f).ji, involving; onl\' 
 the small annual chari,fe to tlie Rev. Mr. Cull, and yieldin;^' a 
 net revenue of 81,74s. Ni, or v>.v'^--.55 niore than in iSfxj. 
 
 I would ask in conclusion if this a^^ain is a proof that the 
 Collcf^^e " is steadily movin;^ on to hopeless and irretrievable 
 ruin ?" 
 
 I have the honor to remain 
 
 your Lordship's obedient servant, 
 
 R. W. HI'XEKER.