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 (I''r()in Ri'port in Monikim. ( I nzktti:.) 
 
 McGILL U^'IV^.RSIT^ 
 
 I 
 
 THE FINANCIAL POSITION SET FORTH. 
 
 L.VRCii: MEETIN(; Ol' TIIK I-RIKNDs OF INDICATION. 
 
 i:ni)o\vmknt itm) to r.i: raiskd. 
 
 -ADDITIONAI. 
 
 A nuuitiiiu ot citiziii-; was IkM tin tin- 
 IHtli ()(t(>lier, 18S1, in tlic M.'ilmiii< s 
 Hall, ( alli'd liy tlif (Juvci iiors dl tlu' 
 Miliill I'liivcisity, for the imi post- of takiii;;- 
 into (•(Hisidfiation the liiuiiu ia! position ot 
 till! I'liiveisity antl ot luakint; provision, it' 
 poKsil)lf, to iuLieaso the t inlownu'nt. TIumo 
 was a very laii;t' and intliu;ntial attendance. 
 Tiio Hon. Cliark'H Dewey Day, Cliancellor of 
 the University, presided, and anioni; tiiose 
 present were Principal Dawson, Sir 
 Francis Hinckh, Mr. .Justice Torrance, Mr 
 Justice Markay, Messrs .lulm .Molson, .J H li 
 iMol.soii, H A Kainsay (lion. Trea-iner), W 
 C Haynes (Uet^istrar), Charles Alexander, 
 M H U.iult, M 1', Thos White, M 1', llu;rli 
 McLennan, \V Ulendiniienn, J .1 Arnton. \V 
 W Lainlie, Henry Lyniiin, () S Wond. .Andrew 
 Kohert>oM, .1 j' .Miiclareii. \V Drvsdaie, .1 R 
 DouL'all,C.) Fleet, H H Lvnian, David .Mor- 
 rice, H A Nelson, .M I' 1v"t M Taylor, .) S 
 Madennan, .] S Archihald, the Revs. Canon 
 Norman. A 15 .MacKav, I F Stevenson, Dr 
 Clarke.T (iales. T l.atleur, G II Wells,,) .Mc- 
 Caul. li Lindsay, Dr (J W Cainphell, Pro- 
 fessors IJovey, Moyse, Mtl^eod and many 
 others. 
 
 The CiiANCKr.i.ou, havint,' called the meet- 
 ing to order, said: — The ohject, _L,M'ntieinen, 
 of the meetini; to-day is pretty fidly ex- 
 plained in the statement widi h has been 
 circtilatod, and ot whiili, I i)resu!ne, yon have 
 ali received copies. I should hav(^ het^n s,dad 
 to have added a few fitting; words in explana- 
 tion of tlic facts contained in the statement, 
 and an expression of my own deep sense <d' 
 the great importance of tin; interest which 
 has called us together here, but the state of 
 my health forbids me to say much. 
 
 Ii would be superliuons and inipeitinent 
 to und'riake lirfon: u^entlenien n| the 
 int<!li;:eme of those coustitutin;,'' tins 
 Miietnii; to insist iii>on the importance 
 of hiLTlier education, and the necessity of 
 supporting institutions for the puri>osi; of 
 promoting it. It is also superlliious for me to 
 say that it is a necessary t'actor or element 
 of the liiglier civilization, ami that how- 
 ever successl'ul we may he. and however prws- 
 j)erous in material wealth and progress, the 
 consideratiiiis, which hidld up a community 
 and impart to it wealth and culture, and a 
 superior order of civilization must in a i,n-eat 
 degree depend upon the educate<l intelli- 
 gence of its members. MctJill I'niversitv 
 occupies, as you all know, a very con- 
 s|»i( iiuus position. It has been the work 
 almost entirely of our mercantile com- 
 munity. It was founded by a merchant. 
 It has had a long succession ot benefactors, — 
 of merchants, who have contributed liberally 
 to its mt^ans, and most of whom hav(; one after 
 another departed from amonu' us, leaving 
 their names a ri( h iidieritance to their chil- 
 dren by the benetactions they have bestowed 
 upon our (.'ollege and in the found.it ion and 
 sustenance of the great cause of edu- 
 ( ation. The institution has hitherto gone 
 on with remarkable success. Its progress 
 has been unbroken from a verj small beirin- 
 ning. From virtual absence of any regu- 
 lar income it has att.ain<'d to a very consider- 
 abb; oni-, which, until lately, has been 
 sutticieiit for our wants. All tins has l)een 
 attained by twenty-live years of very earnest 
 and sometimes very arduous and paintui 
 edort, and at last our fellow-citizens and 
 we have had the satisfaction of seeing 
 
in niir iniilst ii reutnil iii.stitiitidii 
 (.( t'llmafiini inffiior tn ikhu' otlicr 
 in thin Dominion. (A|)|)l!ius(' ) It litis 
 (lone ti larno ami valualiltf work and 
 <arrii'(l it on, I lliink, with ^fmaai sati^la( - 
 tion. r.iit a crisis lias aiiivi'<| — tin- valno 
 of money lias la'ronic jiiatirially clian;,'!'!!. 
 \Vc tind that our inconu! lor the past two 
 or tliriif years has bueii considcrahly cut 
 down, and now tlui'c is a likcliliood of its 
 reduction to the extent of nciirl\ 'J,"i i)er cent. 
 in con>-er|iii!iKe of the ini|i('ssiliilit y of tind- 
 ijn; invi'stnients «d the same vahii; as thos(; 
 we liave before heeii ahie to oht;iin This is 
 a very j,'rave crisis in tiio history of Hie I'ni- 
 versity. and tlie ([iiestion conies up whether 
 we are to cut down llie entire exiieuditiire of 
 t!u! riiiversity, curtail the salaries of its olti- 
 (•"■rs and cease to make any pro;:;rfSs in tho 
 work of education, remainiiiu where w« aro 
 and imtnovahlt!. Whettier we were to do this 
 or whetlier we were to he sll[)p()rted hy oiir 
 fello^v-citizens in tilt! attempt to retain t lit; 
 university on its present lootinu' <>( usetid- 
 nesH remained a (luestion with u^. It is 
 said in physical life that staLrnatioii is death, 
 and everybody who has considered the |>osi- 
 tion of eiiucjitioiial institutii>ns, here or (dse- 
 where. must he convinced that they must al- 
 ways hi! protrrussivo. Vou < an never stop ; 
 you have to keep U|) with the reipdrenicnts 
 of the aii;e ; you ha\t' to keep iibreast oi other 
 institutions of larger means, and the mo- 
 ment youacknowled^re that you are unable to 
 do this and curtail your means ol usefulness, 
 you lose i)restiu'e which can never be re- 
 covered. I considi'i- it would be most iin- 
 fortunatt! and set ions to the last dct^iee if we 
 must tell oiu' profe-sors th.it we are 
 obliu't'<l to cut them ih)wn, after havin;,' 
 undertaken imi>liedly to pay them for life 
 or duriiif; the time they perform their duties 
 properly. Vet unless our revenues aro 
 raise<l, we must cut them down, stop 
 all improvement, fro on as well as we 
 can from hand to mouth and lose the position 
 wt! have hitherto held in comparison with 
 other institutions of the kind. 1 do not be- 
 lieve the merchants of Montreal will consent 
 to that. 1 do not believe that men who are 
 keen, and shrewd, and perseveiinf^ in the 
 pursuit (d wealth will say that they are will- 
 iiifj now to withdravs' from c.s the sup|)Oit 
 that is neccs.sary — toallowthis ii'stitution to 
 sink into an inferior condition. We, there- 
 fore, have appealed to them in full 
 conMdence that they will take up this 
 matter, believing that what previous 
 generations oi merchants have established, 
 and what successlul men among us have 
 
 sustained, will not now be allowi'd to be, if 
 not entirely ruined, at least verv seriously 
 impaired. I have been connei ted with the 
 university lor in'arlv I'." years. I have seen 
 its ups ami downs, and taken a simen! iii- 
 teiest in its welfare and proiiros. I must 
 conless that so far as I am lomeined, 1 
 would rather see tlit! doors til thi! institution 
 1 loseil than see it reilueeij to a sect»ndi.ry 
 po.-ition, aiitl beohliiretl to acknowled;,'e that 
 there was not amonL' us enoiii,di of elit'.'rprise 
 ami liberality to Mistuin it in \l< present 
 position. I caiim t sav m"ie, I dul not 
 think V should have been abb' to havt! 
 saiti so nnieh, but with these lew re- 
 marks, I woubl r.'.pi; St -Mr. Ilamsay to 
 leail tilt! >tatenieiit whit h has been 
 publishetl in ortler that it may bt! tresh on our 
 minds, and it will atb>nl a basis tor any idi- 
 servatioi.s or i|iiestioiis u'entleineii present 
 may desire to make or put. .Mr. Ilamsay will 
 also be able to irive tiie miflinir moll' de- 
 tailed intorniation ini iiiau\' points of the 
 linaiuial (plestioll^ 
 
 Mr. K. A. lU.Ms.w. tiie lloiioiary Treasurer 
 of the I'niversity. having reail the sf.iteineiit 
 issuetl said : — 1 am direiteil. gentlt!inen, l>v 
 the I'loard ot (H>\-ernors to present to yoii 
 somt! details in ailililion to those given in the 
 statement whit h I have just read. In the 
 com luding parairraph you are promised 
 fuller exiilanatioiis. .ind the tultilnieiit of 
 that duty tails upt>n me. for Hiougii the 
 junior meniber of the Hoard of Governors, I 
 havi' h.id thrown upon me the imiiortant 
 ami onerous tlutiesof Treasurer of the Insti- 
 tution. Though what 1 havt! to say will not 
 be a veiy Interesiing statc-meut, seeing 
 that it is itniiposed to a large extent of 
 tigures, 1 think it is the kinil of state- 
 ment which a meeting, composeil of 
 citizens of Montreal ami ot its merchants, 
 wcMild desiri' to have. From our expt;riem/e 
 we tind that nieiioi business asked to aid an in- 
 stitution, desire to know the linancial condi- 
 tion of that institution, and to satisfy them- 
 selves that its necessity is real. — Asyouwere 
 told in tilt! cirt iilar the revenue prtulucing 
 capital of the I" in versify is close upon .S-tOO,- 
 000, which is almost exclusively invested in 
 mortgages in this city, and the annual revenue 
 which we can lalculate upon from those invest- 
 ments is a little less than was expected when 
 that circular was written. 1 estimate the 
 revenue from this source which we can calcu- 
 late uponas 5!2ri,182, and not moie, and this is 
 on the basis of the rates borne by the invest- 
 ments on the 3oth.June last, our annual bal- 
 ance day. — Last year the [losition of matters 
 was this: the expenditure amounted to $44, 100 
 
8 
 
 odd, and thenidiuvHf tuallyrocfivod waK?33,- 
 «()((, so that during' tla^ yt-ar tlii" cxci'ss ot t-x- 
 pfiidituii- over H'Cfi|its amomitt'd to Sl"..">oi). 
 A^'aiiist tliat, Imwcvt-r, tlici(! won; arrcarH of 
 inl'/rcst wlii(li tell due diiiiii^,' tlic year, hut 
 which wi'ic not itntivttd IicIdii' .Iimh- I'.oth. 
 anioiititiim to S*),'.)U(), and wlnwi the 
 whoh; ol that is ( olU-cti'd, and it irt if- 
 pirdfd as lolicc taldi-, thnt! will lie an actual 
 delicit of S:;,tiuo. — I i-stimatf the total 
 ii'Vcnm,' for tht- coming vimi- at .S:'>7.i)'H>, and 
 this estinmtf is maik' up as follows: — 
 liuvunue from investments, on the Imsis 
 already stated, ?'2ri,(j(M) ; Government irranfs, 
 coni|)osed ol snins rec rivi-d from tin- liotnin- 
 ion and l'rovin( ial (iov>'rnnients,and lor liic 
 Ohservatorj from the Ciiy < 'ouncil, tin; Har- 
 bour L'omndssioncrs, Sri.."!")!! ; tees from stu- 
 dents, estimated upon the numher of students 
 atlendiiiL' last yar, will amount to close upon 
 5!;i,iiiio ; suhscriptions to the l-'aitilty of Ap- 
 plied Science, :?!, Ton. Iitit it is tair to state 
 that Huine ot these suhscriptions, saw 
 $1,200, are about to ex))ire. and we 
 have not reall\' a riLrht to i all npoii 
 tlie ;;entlemen to |iay them, iiidcss they 
 feel willin;: to continm' tlieii siihsrri|)tions. 
 Krom the C(jllef;e s;ronnds we will receive 
 $200, and wt; will receive for snl.- 
 scrijjtions lor S( iiolarships Sl,*'iil'>. The.-e 
 sums, <leductin;; the sui)Scrii)tions to the 
 Fa( ulty of Ap])lied Science which expire dur- 
 ing the year, ^ivt; u- a total ot .•:'">T,Oi)o as our 
 estimated revenue. The expenditure for th.' 
 cinrent year I estimate at ,'<tl,H(H(, whi( h is 
 com|)osed ot the lol lowin;,^ item.-- : Admin- 
 istration. whi> h .(insists ot the salaries of thir 
 I'rincipal, lieuistrar and Clerk, ollice ex- 
 penses, porters salaries and sueii like ex- 
 penses, j'j.'Jno : salari(!s in faculty ot law, 
 $l,'.M(); taculty or arts, $1 7,r)5it ; in science, 
 Sft.rj,")!) : (examiners fees for the uni v<isity and 
 for school certiticates, ;?l.nsi); library and 
 museum (maintenance and purchase of books, 
 specimens and apparatus, ate,) SI.8111) ; 
 scholarsliips and medals, r?2,2i)0 -. oliservatory, 
 $l,.-in(j; trymnasitim, ,•^2,■^u ; sundry items, 
 consisting ol water ri'ics, i;as, fuel, printinj^, 
 insiuance, repairs, .stationery, etc, S4,t"H) ; 
 total, $41,800. This wouhl leave us durint,' 
 the coming year with a cleticiency ot some- 
 what over $4,800. The amoinit men- 
 tioned in the circular as expected delicieiicy 
 was ,'50,500, but ihat was, as the circular 
 itself states, the <leficit estimated on the re- 
 cent scale of expemiiture, and before certain 
 minor reductions were made at tiie .Inly 
 meeting ot the Governors, These re- 
 ductions will not during the current 
 year eti'eot a saving of more than 
 
 Si, 700, and they are allowed for in tlie esti- 
 mate of expenilitme Just given, (.'onsc- 
 (jiiently there will certaitdy Ik; a dcticiency 
 during the i iirreiit year (d over $t,SOO, and 
 this is liable to be greatly increased when 
 the continuance ot the gradual redu< tion ot 
 our returns on investments, to widch refer- 
 ence will bt' made, is consideri'd. — Tiiis can 
 oidy be roughly estimatid, but will not bo 
 less than i^J.iHio more. So that I see the 
 certainty of a detiiit of j^O.Koo at the (lose ot 
 the current year, even with the reductions 
 made. It those reductions ha<l not been 
 made it must have been S8,r)00, 
 
 .Now, genllitnt'ii, many ask how tlie gov- 
 ernors account tor tlie present position of 
 matters. In answer to such an iiKjuiry I 
 would say there are three causes frouj wliii h 
 thepiesent position of matters arises. In the 
 lir^t plac c wc have sustaineil ii loss ot reve- 
 nui' liy the payment iluring the last two or 
 three years of sums out ot our capital ; in 
 tin: second pla<e there is » loss from the tail 
 in rates of interest ; autl in the thiril phico 
 bv the lapse of c. rt.iiii annual subscriptions. 
 The losses by the impairment ot our capital 
 con>ist of the payment of certain large 
 sums ot a iiermanent nature. In 
 the lirst place there was an item 
 of ;5'jn,oi)i) whi( li we luid to pay tiie Sciii- 
 inarv of Montreal tor tin- commutation of 
 the College grounds. The amount was a 
 reduced >M\n on compromise madi; a few 
 years ago, but the Seminary allowed us till 
 JSTii without interest, when it had to be 
 paid. That .it once, you will sec, deprived 
 us of a large! revenue pr<Mliicing amount tor 
 we had liad that Slio.ooo invented and 
 yielding tis 7 or 8 per cent laleiest, 
 U'e also paid the sum of;*<i,oiio to the city of 
 .Montreal as a composition lor a large claim 
 tor taxes which it hai' upon the College 
 groiimls tor a great number of years. The 
 city has iieeu taxing us at heavy 
 rates, and we had c ontestcMl its right 
 on the Lrrounil that our institution was 
 one ot Royal toundatioii and exempt. 
 Al the same time tlie city was desirous 
 of having deeds of the streets laid 
 out upon the College property, .McGill Col- 
 lege; Avenue, .Mansiield street, etc. Finally 
 in 187'.t an arrangement was made of this 
 long standing question by which the city ac- 
 cepted the sum of .'i(j,000, in.stead ot the sum 
 wliich they claimed, and it was, I think, 
 ,'5'-iJ,0i)0, and we gave them deeils of the 
 streets, and they undertook their maintenance. 
 Adding this sum to that paid to the Semin- 
 ary, and some smaller ones of the same 
 class, gives $32,000 odd, which thus 
 
 /.PtS5'- "^ 
 
ii'iiscd In lie icvciiuc |»r<>(lii( iiij,' lapitiil. 
 — 'I'luii (lining Uif liiiu )(ai> cinliiiK 
 July, l^.si, iln; txccss (il uxp nditiuo dvrr 
 ri'vciiiir aiiiniiiitcil, allnwin;.' lot' iin'iMi> ol in- 
 tcrol iHitslaiiiiili:;, U> $[ii,:>'i'i. A.s 1 hlati d 
 ill till! Iit:;{iiuiiii^ ol iii\ U'liiaiks, tlir 
 aiiiuiiiit <i|' \\n- iicU (Iflii iciii v ill 111'- 
 Vfrti' \Vf havt! just liiii.--lifil was aiiuiit 
 5!i;!,(iM(i, ami was i.t (Oliisr tiu; lar^c.-.t ot llio 
 t'.iiir allii(li<l tn. St) tlial by n'a^nn of tliu 
 Items (iT wliii h I iia\c s|i()l;i u — thr aiiKPiint 
 piiitl to the St iiiiiiuiy, tlu- aiiidiiiU 
 |iui<l ill till! (ity lor taxi's ami (itlitT 
 siK II lilvc sums— ami tin; iX'e^s ol' ox- 
 |)ciiilituii; (luring; tlic past I<mii years, wi; 
 liavc siiiiictliiiiK liki' ,rlJ,(iiio lu.ss rapital, 
 wiiicli would piiidu((; an iiiroiiut ol itl><>ul 
 !?2, ;■)()() a >i'ar. < Mir loss, in tin; uoxl plaiu, 
 niiso Iroui tlif lall ill thf rate ol iiit< rest. It 
 is uiiiRTt'ssaiy tu .-ay In a iiicctiUK 
 so lai>;i'|y coinposid ot tlit' nicii liaiits of 
 .Moiitnai how sciioiis tliis loss has liei'ii 
 and how j^ri'iitly tlu! valut? of money has 
 clianjred dininu; the last ihiee years. Thi! 
 lifiUres 111 lelelilice tn .M((illi I iii\er>tiy, 
 show the ehaufze whiih has taken plarr 
 tjveii within the last linaii- ia! year On 
 the :'.l.-t .luly. KMfiu, we hail :<llo,jiio 
 inve>ted at s per rent : on the IVitli 
 July, INMI, we had only .•?.")',•. j">o in- 
 vesieil at that rate. On the same date in 
 \Xfiu, We hail .S-l t.oiiii inyr-ted at 7 percent. 
 'J'hi.s year wu had ,'?1 lli.ooii imly invested at 
 thai rate. In .luly, is.so, we had !jiJ3,iiOO 
 invested at •> per i eiit. This year wo had 
 ;j;i(;ii,()(ii) invested at that rate. This 
 shows that there was a deireaso within the 
 ri'cent linain ial year ol s.'>l.'i"i' in the H jjct 
 cent, investments, and :J71,00(j in the 7 per 
 cent investment, while there has been 
 an iucreas(! of the <J per cents of .-^i 10(3,000. 
 Those investments whii h formerly yiilded 
 7 and .s per rent, hail been investeil at (J per 
 ((•lit ,or rather in most cases renewed at lliat 
 rate. We stood out ai^^aiiist making reduc- 
 tions as long as we could, but when we began 
 to lind our money flowing in upon 
 us, and that investment was dilli- 
 ( ult, we saw that we would lia\e 
 to reduce our rates tn- leave our 
 money lying in the banks at :! per centum. 
 Of course in cases in which the mortgages 
 Were not yet due, and the parties not en- 
 titltid to repay the money, we have made no 
 reductions, but you will see how serious has 
 been the etlect upon us of the change in t)io 
 value of money. Within the past year we 
 have sustained a loss of igli'^'J" in interest 
 in this way. Tliu ligures wiiich J havt; men- 
 tioned refer to the state of matters on 30th 
 
 ■liine last : this reducliiMi has gone on since, 
 and i.-> still in progre-'s. 
 
 TiiUK, uenllemeii, we came to the conclu- 
 sion when we nnl in .luly to consider 
 the e>timali> lor the year that we would 
 have a deliriency of at least '^.s.r.oo, and 
 thi.> po^iti<lll led Us to a^U till! question, 
 liow Were we to meet this state of allairs. 
 As the trustees ul a iiublic institu- 
 tion, it wmild have been our duty to 
 lia\(! at once made oin' expenses agree 
 with our income, and we i areliilly considered 
 wh(!iher it was possible to do that. Sch(!mes 
 Were laid before the ISoard ot llovernors, by 
 which periiai s marly the whole of lliat 
 delirii my could have been made good by 
 means of reductions. Imi they were ot tlie 
 mn.>t tieii h.'iiit kind, and would have 
 iillccted in a serious manner the elli- 
 ciem V ol tln! I'niversity. .Viler mature de- 
 liberation we only maiie those redm tioiis 
 which Seemed uiiavoidableaiid whii hamuunt- 
 ed in annual amount to ,Si''.iion, but which 
 dtn'inir the pie-ent year will atfecl tlie .u- 
 founts by about $1,H00 only, in rtigard to fur- 
 ther reductions we maihr up our minds tluil 
 we would not make tlnin but apiieal to the 
 citizens of .Mmitreal to help us over the present 
 dilticulty (applause). We did this because the 
 reductions proposed wer(! ot a most severe and 
 painful nature— the jiro rata reibictioii of all 
 the salarie>, and the reninval altogetber ot 
 some from our list. 'J'heKhemewasoni' which 
 would havemade both ends meet, but. when we 
 considered the inconvenience to which it 
 Willi Id nut on our whole stalV, we decided not to 
 adopt il. Our professors are now undeiiiaid, 
 and 1 do not think tin re is one member of the 
 I'loard who, if we had the means, would m.it 
 increase the inadequate salaries which we 
 hav(! been compelled to otb'f. We have given 
 oiirotUceis in the past all we could, but when 
 wr found our revenue so ninth impaired it 
 became a iiuestion, not to be postponed, 
 whether we must not at once reduco them. 
 As the trustees of a public fund we were 
 perhajis bound to reduce them when we 
 I'nund, after two or three years experience, 
 that the annual delicieiiey w.is not tern- 
 porary. but i ontinueil (o augment, and 
 was clearly permanent.. I!ut we deter- 
 mined to trust ourselves to the citizens 
 ol .Montreal, believing that they would 
 by iiK reasing our endowment enable us 
 to avoid this most serious contin- 
 gency. We determiiKid to call this meet- 
 ing and appeal to the citizens of Montreal 
 for aid. As tin; Chancellor has .said, McUill 
 owes its existence to the successful nier- 
 chants and citizens of Montreal. Theybave 
 
ciiiiblt'it it to do wliat it iiiis doucin tliu past, 
 ainl till- (iovi'i'iioi'.s a|i|K'iil vvilii (oiiliiiuiuc to 
 till' iiKMciiHiits and citi/.ciis of Moiitii-a! ol to- 
 da_\ lo icjiiai c tilt; (..'(ill'm' in that statf ol 
 (Hi i. my wliicli ict iMii events liavr so 
 seriously thifati'iird. (A|pi)ia i.se.) 
 
 I'liiiciiial Dawson, upon luiiij; invited to 
 addiosK the meeting, said : — 1 may miii ouu 
 or two educational points to what Air. ilain- 
 say iias laid luloir the iiieetiiif; on llie liiiaii- 
 I'ial asjui I. In le^Mrd to the rediu lions oi 
 wliii ii he spoke as actually made, 1 may 
 meiiiioii that the.v coii.sist, in tin; lirsl 
 piai c, ol the rudintion ol the .salaries of 
 two of ihi oldest Uiemheis of our stafi, to 
 whiiiii We were iindei vei}' «ieat olili;;ations in 
 the fill l\ days ol M, (iill ; tlu-n of the cullinf; 
 oil the [lossihility ol uddm;,^ any mori! bookis 
 to the lihiary oi an)'tliiii); to our museum oi 
 ai)paratus; of liie rutting oil of plize^ to 
 slutlenls, and ol examiners' tees; ol tin; 
 eiittiiij,' oil ol ujany ihings, in sliort, 
 which teinl to make the College 
 attrailive to .students, oi u hii h are in soiiie 
 respects ujatteis of Justice to the institution 
 itsril. and to tlio>e who arc working; for it. 
 'I'liese ale tlu' [iaiinj,'s by which this r('iliii. 
 tiun of some 5;i,7(»() has heeu ell'ected. ;uid it 
 was evident that the expenses w^.uld noi 
 liear miicli liiither [laiin^' <li)Wii. i Wdiihl 
 .sa\', fuitiier, that tlii^ nuinhcroi students at 
 tending the rniversity last year was •)4'J, 
 and of this nutnbi:r. hetwi'en ;fi)0 and 
 ;iiJU were youn^- men coming to the city from 
 various parts o| the Province of (.^iieliuc, find 
 fidin other portions of tin' Uominion for their 
 education. 'I'hcy spi'in; their inoiiev 
 iu -Montreal, and they go away having eon- 
 nection.s iind relations witli Montreal which 
 are undoubtedly of great beiietit ti> the city. 
 I believe the fact that Mctiill University has 
 been sending oii; such a large iiuinln;r of 
 l)rt)fcsr.ional men occupying important po.si- 
 titjiis in eveiy part of the Dominion eonsti- 
 tute.s an eleiueni of the city'.s Hiicees.x, and 
 adds to the inelropolitan ( liaractir of Jloiit- 
 real. This oiiuhl not to bt' overhatkeil in 
 connection with our lollege work. We have 
 now three proli:ssional faculties and one 
 academical faculty. The medical faculty is 
 essontially selt-supportinu, the I'liiveisity 
 only giving it a building. Thi.s faciiltv is a 
 noble one and ;'. great credit to Montreal, and 
 liie medical men who have Ijeen itlentitied 
 with it have made great sacriticen in order to 
 sustain in this city the best )uedical 
 school ill the Dominion, without any exjiense 
 to the city or the college. With regard 
 to the law faculty, it is not a claimant 
 here, and the Uuiversity gives it Tery little 
 
 aid. Still it tould do belter work with 
 more means. The little we arc now giving 
 it is proposed to be reduced by one Ihirtl 
 in the coming yeai. The laciilty of applied 
 M ieiice is young, Imt iloiirishinu in it are 
 tiUight iii'.i iianual. (i\il and mining eiigi- 
 iieeiing anil praitical ciieiuif.try — all impor- 
 tant brandies, now tliat so many gn-at works 
 and tactories are rising up in this Dominion. 
 i"he laculty has now alMHil 40 .stiidciit.s, 
 wlinh I think loi a young coiinliy like Cana- 
 da is a great success. 1 hope We shall liave an 
 income of 5)2,000 from lees in the faculty 
 this yt'ar In addition to our endowment.^ 
 and annual siil)scriptiniis, we should h.ivc 
 before now reieived the legacy ul the late 
 .Miss .Scott, amounting to 5;3o,Oiio, lor the 
 endowment ol a chair of Civil Kngiaeering. 
 I'nfortunatelv there is litigation in this matter 
 which deprives us at pri smt of any lieinlit, 
 and may seriou-ly diminish tlu' legacy in the 
 end With this legacy the Faculty would 
 j)roliably be self-supjiortiiig, whicli it is not 
 al [ireMiit. l)Ul we luiild wish to have an ail- 
 ditional cliair endowed in this l-'aciilty. The 
 l''aciilly of Appliecl Sriencr is one in whii h 
 the merchants and citizens ol .Montreal 
 should take a great interest, and 1 am ol opin- 
 ion it will grow to be as important as tlie 
 Medical Faculty bet.>re the e.\isting genera- 
 tion sliall have passed iiway. The Lrreat ex- 
 pense of the Fniversity is in the Facultx vi 
 Arts. Jl is really this laciilty tliat gives vi- 
 tality to the wlude. Without it the others 
 could .scarcely exist. 1 cannot see how the 
 ilcli< ieiiiy expelled is to be met without crip- 
 pling the etticieiuy id the laculty. Al [ireseut 
 the stall in the Academical Faculty is not as 
 great as we would like it to be, nor as large 
 iu proportion as those in some of the other 
 universities iu tins country, its .-alaiiesand 
 exjieiises have been cut down to the narrow- 
 est possible amounts. Inder these c ir- 
 cumstances, it wouUl be impossibUt to re- 
 duce the expenses of this faculty without 
 destroying its eflicieiuy. l-'or my own part, 
 J .-ee no other wa\ than either cutting oil 
 some subjects actually lieing taught, or re- 
 ducing the .salaries by a certain percentage. 1 
 do not like to contemplate either of the.se 
 contingencies, nor would 1 care to manage 
 McUill and be oblij^ed to resort to either 
 means. 1 myself would liave been willing 
 to work without salary for a year (M- 
 two, hut that would not have bi'en 
 enough to meet the deficit. We 
 arc therefore driven to the necessity 01 falling 
 back on our old friend.-, the merchants and 
 manufacturers of Montreal, and asking them 
 to do again what they did iu the past. 1 
 
think liiu* if W(> hhuiild hiucucmI in olttaininK 
 tin* suiii ii()\' spnivcii *>t in onlcr toctiiililc iih 
 to ^•llstaill iHir pnsi-nt \vi>rli, wr iiiiKlit laiiiy 
 I»IiiIk<' niirsi'lvis lint t<» nfjiiiif to nmlti* an- 
 otln'i' a|>|<('al. Iiiit tliat wi' may tiii>t lot 
 tartluT growth to tiic n|inMian<'(iiis iilicrality 
 lit trifiiiis ot ciiiii atioii. I lo-iii'vc 'liat in tin- 
 tinii! to loiiic till' I'nivoisity will hv a ;,'ii'al 
 aii(i woaitliy institiitiuii, and tiiat wliat \\r 
 liavc now to i\o is to sustain it nntil it list-s 
 to tiiat |>iisitioii. 
 
 Mr ikAMsAN — Till re was nui' jioition ot ui\ 
 ii'maikswiiii li 1 pustpoiu'd until Dr. I^awson 
 iiad spolitu. Ninrt' tin' tirciiifir was issneii 
 w«' liavc liciMi |irnniisnl dilVfrfnt sums of 
 luuni-y from vari'ins m-ntirnifn, most ot 
 wlmni iiavr not artiially naim-d tiic cxait 
 sums tiny arc; prepared lo ;;ivo, Imt wi,- liavc 
 in two instunct's rcccivt'd letters jiromisin;,' 
 partiriilar snms. One is from Mr. Ilaj,'ne, ol 
 tlie Men llant^■ llanlv, otierini; to irive .■?:!,oiio if 
 Ijfty otlier persons will come lorward and 
 eai'li siilisirilie a similar amount ot make 
 up in other ways $iriO,(i(»(). Mrs .lane iloilpatli 
 has suli.-i ribed .til, •ion. wliieli, with sneli 
 other slims as ni.iy lie altiiwards added 
 thereto, is to lif invested as the William 
 Wood Uedpatli Memorial l"'tiud, and the 
 revenue apjilied to the miiiitt^nanct! of the 
 lihrary. Then there !.•> a laru'e suhs> rii>tion 
 from oin esteemed I'rineipal. Dr. Daws.iii 
 Wlien the jiroposed reduction ol sal.iries wis 
 tietore tlie lioanl, l»r Dawson ilesired that 
 rather than make some of the proposed re- 
 ductions we shordd strike otf tlie salary of 
 !?1,00() which, as principal, he receives in ad- 
 liitinn to that of his rmfessorsliiii. The 
 Beard of Governors, however, would 
 not consider that action, hut Dr. Daw- 
 son soon after put himself virtually in 
 tlu; same position hy tendering a suhscrij)- 
 tion "of Sl,(Mi(»to the Faculty ot Applied 
 " Science for the current year, .and so much 
 '• longer as may he neces.sary." Tins was a 
 nohle thinjj in addition to the f^iving of his 
 lifetothe liiiversity. MiU this is not the lirst 
 occasion on which Dr Dawson has triven a 
 subscription to the University. Duiing several 
 years he has Kiven an annual suhscription of 
 $300 to the FacultV(d Advanced Science, and 
 he gave in IHTl a sum of SI, 200 towards 
 the funds of tliat FanUty. Then Dr. Dawson 
 has been since ever he came here, a I'ro- 
 fessor in the .Medical Faculty to lecture to 
 it« students in Zoology and Botany. For | 
 this his remuneration is, like that of all j 
 the Professors in that Faculty, his lees, ' 
 which he is entitled to retain, but he has ; 
 from the outset paid those fees to the Uni- i 
 versity for expenditure in maintenance of i 
 
 find iMlditions *i the museum. This haH 
 be»'n virtually an annual sMlisiri|)tion of at 
 least .'ji25i». These nnnirks I purposely post- 
 poned until Dr. Daws.m had spoken, because 
 I knew that with that modotv which has 
 kepi these uifts in gnat part hitherto un- 
 known, he wotdd have de|)r»!cate<| this 
 mention ol thein here, hut it is right that 
 on an ociasioti like thin the citi/eiiH of 
 Montreal sboidd know what Dr, Dawson has 
 hir yiars done and is now doin^i in his dttvo- 
 tion to the Fniver.sity. lie is a man of 
 whom not only the I'niversity ami Mont- 
 real, but Canada has reason to be proud, lie 
 has not only given us himself and his life's 
 work, but ha.> given lavishly ot his means, 
 and his devotion >houlil and will incite us 
 all to :.'reater and enthusiastic clforls on he- 
 half ot our I'niversity, which he serves and 
 aids so Well (<iieat ajiplause.) 
 
 Mr. Anoukw KoiiKurso.N then moved the 
 following resolution : — 
 
 " riiat ill vii'W oT the I'xplaiial ions u'iveii liy 
 the iioaril ol (iovernms us to the Ihiuiiehil 
 posji jdii iiiMeiiill I'm veisily. and the e.xlent 
 .(IkI viihie ol the eihiealliiiial work It i.v at 
 |ires(iil earryjiii; on, tnnelher with tlie ilii- 
 poiiaiiei ol eoiitiiHiiiii; this work wltimul 
 ■ lilllllUlt ion. it is ilesil-illile llial a lelieweil 
 ellori lie iiiaile li.v t he ell izeiis ol .Montreal to 
 ineri'jise ! lie eiKJiiwIllell! ol t he i list 1 1 lit li >ii, and 
 theiehy to place II ill ail inilepeiiileiit and per- 
 inaiieiit |M)sitii>ii." 
 
 He was sure It leipiired no words of his to 
 get a hearty support tor this motion. They 
 were proud of .MrtJill University, and es- 
 pecially of Dr. Dawson, who presided over 
 It lie knew that at one time Dr. Dawson 
 had an opportunity of leaving them, but he 
 would nut. .Mitiill University fiad advaticed 
 enormously since Dr. Dawson had 
 taken the I'rincipalship. In the course 
 of his remarks, hr. expressed an 
 opinion that the amount required would 
 be promptly subscribed. There would 
 tte ditficiilty e.\perienced in getting even 
 the present rate of (J per cent. an<l he 
 thoutrht tliJit no more than .5 per cent, might 
 in the future be the ratt; for mortgage 
 investments. He suggested that they 
 should ask tor a quarter ot a million at 
 once, and they would get it, for the Univer- 
 sity was in every way worthy of liberal sup- 
 port. 
 
 -Mr. M. H. (tault, M.B. in seconding the re- 
 solution, said he felt i ertain that the sum 
 asked for would be subscribed. He had always 
 looked upon the University and its worthy 
 Briucipal with the greatest pride, and for Dr. 
 Dawson's sake alone he hoped there would 
 be a large contribution to MoCHll Uollego. 
 He promised to contribute his share towards 
 
till- iniuiu'd iiiiiDiiiit. H'' Iclt piTtVctly Hiitirt- 
 I'li'il till* ii|i|ical tothuK'-iitronityof tliiM iti/.iMH 
 ol Motiticiil w.nihl t»(it 1)1' uiiidt' ill v;iiii. 
 
 .Mr. H M( I.KsSAN Hski'il it tin- di'tirii my 
 ill im'fiiiii' iilliidril ti> Wii'* iiiadi' ^inod, wiiiild 
 it siiiiiily kf(|i tiir I 'niit ;:<• in it ■. wnrkin;; i mi- 
 ditioii mid witliniit any |iiii(^r«.'HS over |iicvi- 
 oiis veals. 
 
 .Mr. liAM>A^ ii'|i'ii(l tiial It Wduiii >iiiiiilv 
 rc|>la' (! it ill it> iati' worUini; ruiiditiiiii. 
 
 lii'V. I»r Si'KVK.vsoN a.-ki'd it the .<! ."ri.niiii 
 would |)iil it ill a liittcr iicisitidii by .;iviii;„' a 
 iiiaruiii tor jtrn^ri'ss 
 
 .Mr Ua.msav ifpiiid tliat Ik- was Miriy it 
 would Met |)la(c it ill any licticr pcisitinii 
 tliati it wa,> tiirt't' years atro, lu-i aiise ti» earn 
 tlie det'u ieiicy ot reviMiiie (ivim:*|ii ' "' was 
 iiiMMJed, and tn re|)la< e the capital .lu/aired 
 as already e.\|daiiied, over S lJ.'M>n addilioiial 
 was leipiirecl 
 
 Mr. llli.ll .M( l.KN.NAN Sllppo: ' i llie i'..i.'lld 
 
 lit (ictveriKirs on the present ap,.eal. 'I'he i' • 
 dU( tioii of the salary of the I'rotessors oiild 
 
 liiivu simply I ii rediieiii^,' them 'o ; i.^rva- 
 
 tioii point As one ol the men (imeiiu-d in 
 the business ot .Montreal, he was inteiested 
 in the siieei'ss of the present inoveiueiii. The 
 inereliaiits <d' Montreal had laid the lotuidii- 
 fiotis of the Inivursity, and would be glad 
 nt new opportunities to lay stone to stono. 
 Ho was not .-atislied that the Colh i,'e should 
 be put onl\ into a position to continue its 
 I'.xisteiK e. \'i^orous lite reipiired pro.rress, 
 ami those wh<i were sorvinj,' in it sliuuld 
 share m the prosperity of the ( ily. It would 
 be a very untortunate tliiiiL; it .Montreal 
 sht)uld eonseiit to a redm lioii of salaru'S, a 
 coursu whieli must speedilv lower the L'ni- 
 versity to a ruspeetablts at adomy, its pruhuut 
 piesti^'e belli;; satritued. There were many 
 who boasted with how little I'diu utiou they 
 had risen to their present jio.-^itions of wealth. 
 Ho was not aware that education iieyoinl ilie 
 rule of throe oontributod nuu h to the aotiuisi- 
 tioii td wealth, but it ^'ave that which made 
 wfallh worth liavini;. .Montreal boasted of 
 doinj:; s()methin!.r toward the < lothin;^ of the 
 people by her manntaetories, and by her foi- 
 wardiup irtero.sts she assistoil in foedinj^ 
 them. Should siie not maintain the prouiler 
 boast of educating; them also .' Then .Mon- 
 treal woiiUl ho the centre of eduiation as sho 
 was of tho commorco of Canada. He ho[iod, 
 thoioforo, that tho present movonient would 
 1)0 suceow.sful, and that tho merchants of 
 Montreal would come to the rescue, as they 
 had done in the past. 
 
 Mr. CiiALLKs Ai.K.\A.MiKK uskod what the 
 Alumni wore doing. Many of the goutlo- 
 men who reoeived education in tiie college 
 
 were enjoying good poHitions, and something 
 he thought could he done bv tlnni. 
 
 The Cil \.NeKi.i.oU said tiiat thai would he a 
 .suggestion whi' li inighl he taken up 
 
 .Mr.. I. K. IloiiiAi.i. s.iid that the .dunini 
 Were it was true, numerous, but were still 
 voung men While they were wiilinu tli y 
 had not yet reachid |iosition.-< that enabled 
 them to do all that they would. The insti- 
 tution itself was Hot a very ohi one, and when 
 till' alumni were galheretl lou-tlier he wa^ 
 himself (tile of the older ones. Soinetliinu, 
 he was i eitain, wnuld he doiu' in tlit- tiilnre, 
 liui they hail not yet had time to enable 
 thiin to jcac h po.^itions of wealth and for- 
 t'!ie. 'I'he alumni had aluMdv done some- 
 thing of hkir amount lor a lilir.iry fund 
 and other mattiis wcie under (Oiisideiti- 
 tioii. Thev would do what they (oiihl. but 
 much ciinnot yet be expiJi ted oi theia. 
 
 uev, I>r. Sri.vK.vso.N still thought liny 
 should ask for a sum whii h would make 
 them literally indepeiuieiit in tho fiiliui.'. 
 They should not ask for loss than $2,'J0,0(J(). 
 He though there would not lie muih more 
 dilll" iiliy in lai.-'ing this sum than tlio ,■:;! 'lO,- 
 
 000. 
 
 '■Ir David .Mokiih k said tlu-v would l.il! 
 short ol the $rio,ooo j| they merely askt d 
 lor that amouiii lie thought it would be .i 
 -name if ^n a i ity like .Montreal they wi-n; 
 not able to carry on the work of .M( (Jill 
 Inivursity, and also to make provision lor 
 progress in time to ciuin-. He also .i.>ked by 
 whom were the investments made ' 
 
 .Mr Ka.msav u'|>lied that th" investments 
 it the iiistitiit ion were made by a ( 'oiuinittee 
 ot the Hoard o| (iovernors, c(Misisting (pt Hon. 
 James Ferrier, Sir Kiam is Liinck.s, Mr .1 II. 
 It. .Molsoii and himstdf. No investment was 
 made 'vitlmut having first been .submitted to 
 and approved by threi' members at bast of 
 that (oiumitti-e It was not to bo under- 
 .stood that ill in speaking of tlie changes with- 
 in the yt ar of investments yieldiim the various 
 rates of interest, he meant that in all ( ;ises 
 there was a new investment. The larger 
 proportion ot (Uses were ones where, having 
 a mortgage with which they were satislied, 
 they had rediu oil the ratt! rather than have 
 it ropaiil, The investments were nearly all 
 on mortgages in .Montreal, hut they also held 
 a small i)r(i[iortioii ol bonds. 
 
 Uev. (Ja.no.n Nokma.n said ho was no way 
 connected with .McUill University, hut 
 from his great interest in educiition general- 
 ly, and, t^specially, higher education, he 
 might be permitted to say ;v few words. The 
 time shouhl never come when any odtica- 
 tional institution like McGill University had 
 
to say, " Wo can do so miicli, iind no thoic'' 
 If this T'^nivcrsity wore like tlio old iii.slitii- 
 tions ot Kn^-land, its incdiiu! would incivaso 
 in v.'ilnc. lnu it wiis ;i youu-r institution; tlicv 
 should hear that in mind. He tliout(iit they 
 sliould aim at a voryniucli hi;.'Iu,T fitrnrc, he 
 sliouid say S2r)0,00o" at tlie least. 
 
 Chancellor Day thought there iiad hecn 
 a little misapprehension. This mention of 
 the Si ■'•I. 001) was m t the idea of the Gover- 
 nors, as the limit of their needs. It was their 
 minimum. He read fnnu the circular to 
 show that $1,50,000 had heen mentioned only 
 to indicate what was neces.sary to enahle 
 the Tniversity to sustain its present useful- 
 ness, and to avoid actual retrenchment and 
 retrof^ression. They did not wish in any de- | 
 g-ree to limit the subscriptions. He read 
 -everal blank forms of subsi riptioiis which 
 it was proposed to make. : 
 
 The resolution was carried unanimously ] 
 and with enthusiasm. 
 
 After some further discussion Mr. Tiio.m.\s [ 
 WiHTK, M.P, oftcred the following resolu- 
 tion ; — 
 
 "Tliata committee lie appointca to eo-opo- 
 ratewilh the Governors in securing this ob- 
 
 .iecf, consist in« of the followinii nentlomen :— 
 Messrs Amirew Robertson, eon vi-ner, ( ieortri- 
 llajiue, {• F Suitlicrs, II .M.-Limuimii, J ,1 .Me- 
 F.iuvn, M l[ (l.iull, M 1", K W Hensliaw. .\ F 
 <>iinll, C A liruiiinionil, .1 t^ .Morris. Ileiirv 
 li.VMian, ,Jolui 'I'orranee, T ,) (.'Inxtwii ( ' I' Da- 
 viiIm.u, WW o-ilvie, N W Tr. nliolnie. 10 
 Holtoii, .MP. we McHonald, W iM.anilH . 1) 
 Macinaster, .M P P. I) ^forriee. Thom.is Wliite 
 .M.I', witb pi)\ver to acki to tlieir number." 
 
 He i(uigratulated tiieGovernorsofihe Hni- 
 vei-sity on biingiiig this matter before the 
 citizens at tiiis time. 'I'hey had been very 
 l)rosperous in tlie last few years, and they 
 should, not only as Canadians but on the 
 ground of their common Protestantism, put 
 ample means ;it the disposal ol McGill Uni- 
 versity in • :der to enable it to carry on its 
 work. There ought to he no dilHculty in 
 carrying out the proposition. Tiiey'had 
 already ample evidence of the growing libe- 
 rality of the i)eoi)le of this city, and no doubt 
 they would he ready to put on a thorouirhly 
 sound and efficient footing an institution 
 which had such c laims upon them in every 
 way . 
 
 The motion was seconded by Mr. W. Dkv.s- 
 DAi.K, anil carried unaniuiouslv. 
 The meeting then adjourned. 
 
STATEMENT REFERRED TO IN THE 
 FOREGOING REPORT. 
 
 ( 'ii tliL" r»'-()ii;nnisalion <if .Mc( iill l'nivor>it_\ uivIit ii- .vmonilfl (limlt'r, it hoiMine 
 apiiaiviU llial witlmul increased ivvemies it cmild imt li(-i|v t') emcr "n a career of prac- 
 tical usefulness. Its income was iii-utTicient to >iiiip(irt tlie ii'i|ni>ite ninnWei' ofl'liairs, 
 its aids fmni tlie Provincial (In\crnnierit were \er_\' small, and its real estate could not lie 
 rendered productive, except giadually. In 1^56, tlieiefore, an appeal was made In the 
 C iti/ens of Montreal to su>lain it \>y sulisciipiions and permanent endow inents. 
 
 To this a])iieal a most hearty and lihei'al le^ponsi' was made, as is ^llow■n In the li--t 
 f)f lienefactions in the ('alendar of the Iniversity. headed by the endowment of the 
 M<ilson ('hair of KnLjIish Literature. In -ubsequenl years this liberality was fdlowed 
 up by other benefac'ions. includint;, besides contributions to the general fimds and to 
 the I'acidit}' of .Vjiplied Science, the endowment of the IVter Redpnth. l.oj^'an and 
 John Fi-othin^ham Chairs, the erection of the William Molson Ilnll and other lunldinL^s. 
 the endowment of many Scholarshi|)>. Medals ain! I'ri/cs, 
 
 !>y these aids and the carelul administi'ation of the e-tair of the founder, tlie a>scl- 
 of the l'ni\ersity ha\e been raised from a vei'y sn>al! amoiuit to o\ei' $')CO.ooo. and 
 its annual income from all somces to a sum of .ibout $39,000. It has thus been 
 enabled, by liiniting its e.xpendilines to the more essential re'|uirement> of educational 
 work, to attain a position second to that of no rni\ersity in the dominion, and to 
 develop its means of instruction in the Facidly ( f Arts and the I'rofe-^ioii.d faculties, 
 on a scale not previously attemiited in this country, and with the most encomai^int; re- 
 sidts in respect to its niunbcr of >tudents and tjradiiates and the educational benelit> 
 actually conferretl. It has also been enabled to promote the estal'.lislniient and furthei 
 the success of Theological Colleges, which are of the utmo--t \alue to the leading I'ldtes- 
 tant denominations of this Province. It has obtained large doiiaiions ,,( book>. 
 s|ieeiniens and apparatus for the use of the public, and latterly, through ill'/ niunili 
 cence of Mr. I'eler Redpath. it has been enabled to associate with itself the great Museiiin 
 which bears his name, and which will be lo all time <'ne of the mo>t allraetive and 
 useful of the ediiCiitional and economic institutions of the citv. 
 
 It is to be observed, however, that the revenue of the l'niver->ity ha> at no time been 
 more than barelv sufficient for its maintenance, and that the mo-t rigid economy has 
 been necessary in order to enable the staff and ajiplianees ref|uired for ii- aeiiial worL 
 to lie supported. It has hence arisen, that through the demands for ini]>rovement in 
 educational facilities, along with the neeessitv within a few yeais |)ast of making certain 
 large capital payments connected with the estate and its burdens, the 1 loveriiors have 
 found that a deficit which has a])peired in the published accounts of the two pa>t veais. 
 but which they had hoped woiih' have been effaced by new sources of income, threaten-, 
 owing to the recent and heavy fill in the rate of intere-l receivable on all investments, 
 to increase to >ucli an amount t!;at it has become a seriou- (|ue>tion whethei tliev will be 
 
/ 
 
 \ 
 
 justified in impniring ihc cnpitn! l>y the coiitiir.iai.f.' nf odiicationnl work on its present 
 scale. 
 
 As to the present position of the rniver>!t_\ f.ii'.ci-. it may he stated shortly, tiiat wliile 
 tlie assets stand at al)oiit $600,000, of tliis sum about $2oci.ooo represents the amoinits 
 on the liooks (l)elo\v the real values), at which stai;ii liie Buildings, Library, Specimens, 
 Apparatus, and otlicr items which do not yield revenue, and that aliout $400,000 is the 
 amount ol ■e\enue-i)Vo(lucini; iine^tnients. As to the revenue, it cannot at present be 
 estimated at more than $37,000. composed as follows: about $25,500 Interest from 
 investments, about $5,000 from ( iowrnmenl and other grants, while the remainder is re- 
 ceivable from annual subscriptions, k'l:^, and other minor sources. This revenue would 
 involve, on the recent >cale of expenditure, a deficit for tiie coming year of over $6,500. 
 
 After much an\i'>ii> deliberation, and weighing carefully the resources of the Uni- 
 versity, and the lo>s of usefulness and [irestige certain to result from any diminution of 
 the stalT of instructors or their salaries, the governors have roolved to retrench all e.\- 
 l)eniliiure> that can be diminished without serious loss of efficiency, though by so doing 
 they cannot avoi<t somewhat lessening t!ie attractiveness of the University to students, 
 but to jiostpone for one \ear any more serious retrenchments, in the ho])e that as here- 
 tofore the friemls of education may come to their aid. 
 
 'J'hey feel that they are the more justilied in this course by the fact that the demand 
 for higher education and for CAtension r.uher than diminution of t!ie facilities olTered, 
 was never so great as at present, and that any recession from the position occujiied 
 by .McCiiil University, could not fail to ])lace it at a disadvantage in relation to other 
 institutions, and to have an effect detrimental to the interests of this city, and of the 
 Protestant jiwi.ulalion I'ftiic Troxince. 
 
 Kor these reasons they have decided to bring the claims of the University again under 
 the notice of the pulilic, and to ask, with a view of placing it in a secure position, and of 
 enabling it to sustain its present usefulness, a furllier indounient of not less than 
 $150,000. Failing this, they will be obliged, however reluclaiuiy, to enter on a course 
 of severe retrenchment and of diminution of the couises of --tudy oflered liy llie 
 
 Uni\ersity. 
 
 Hefore calling personally on the friends of education, they desire to jtlace before 
 them this statement, in the hope that it may prove elTectual ni securing the desired aid, 
 and they would venture to suggest tiie folhnving methods in which such aid may be 
 most advantageously given. 
 
 1. l>y endowment of any Professorship at jMesent existing an 1 not endowed, to the 
 extent of not less than $2,000 per annum. Chairs so endowed will bear the nauics of tiie 
 founders, or such other names as they may designate. 
 
 2. Hy contributions of sums to be invested for the general maintenance of the Uni- 
 versity. Uor each such donation of not less than $1,000, the donor may obtain the per- 
 petual presentation to a free tuition in the Faculty of Arts. For smaller donations, free 
 tuitions for periods corresponding to the amounts, may be obtained, if desired. These 
 free tuitions are now becoming valuable, as those already existing are in demand, and 
 they are of special importance as aids to poor students, and to the students of the 
 affdiated Theological Schools. 
 
 3. Hy the foundation of Library, Museum, or Apparatus Fum's, for the maintain- 
 ence and improvement of these essential appliances of the University ; such funds to bear 
 the names of the donors. 
 
 4. I'.y annual subscriptions in aid of any of the oiunations of the University, for a 
 term of years, or during the life of the <lonor. , 
 
While tliere are other objects to which tlie lilierality of ecUicational benefactors may 
 l)e directed, tlie above are especially indicated as tiiose wliich wouKi give relief in the 
 present financial exij^ency. 
 
 It is the earnest \\ish and intention of tlie Hoard of i;o\tM-nors to reserve the whole 
 of the jiresenl Collei,'e ( irounds for educational purposes in connection with the Uni- 
 versity, provided that the anitjunts now to be subscribed -.hould ]irove sufllcient to enable 
 it to take tiiis course. 
 
 The names of all donors will lie entered and maintained on the i)iiblished list of 
 lienefactors of the University. 
 
 The (iovernors wouhl earnestly invite the attention of their fellow-citizens to this 
 appeal, as relating to an object which they believe to be of uaraniount impi)rtance. 
 They hope at an early date to take a public op])oUunity "f givi: g more full explanations 
 to the friends of the University, and in the mean time they w. II be glad to afford any 
 fiMther information which may be desired as to its present financial position, and as to the 
 precise directions in which aid is most urgently requiied. 
 
 On beiialf of the Hoard of (!o\frnors. 
 
 ( IIARI.KS 1). \)\\. \.\..l\. D.U.I,., 
 
 (7/,i//(\;'/(T, ai/ii /'iv</\ii'j:f of the Innira vf Gi'rcniois. 
 July. iSSl. 
 
»fc.