UNIVERSITY FINANCE

Otago Witness, Issue 3549, 28 March 1922, Page 57

UNIVERSITY FINANCE

AN N UAI, STATE 31 I;NT

] in pteseming the annual statement of j accounts to the Otago I niversitv Council I “ ;i 'be 21st. the chairman of the Finance j Committee, Mr L. L). Ritchie, submitted ; some interesting comments. His report conj tinned the following clauses: In the first place the results of the tear s workings are fairly satisfactory con- | side ring the difficult times through 'which | \te bate passed. These results, however. have only keen obtained by dint ot rigid j economy, and it will be urgently necessary : that the same procedure be adopted in the i futile? I* W *U he noted that the capital ; funds have increased by £3085 Is 7d, beats I subsidy on the Ethnology gift, and certain ; amronrs carried to capital. The last item i among habchties—viz., Home Science ! -.chool credit, is introduced into this ac- | count because up, to the present; the uc- ; counts of this school hate been kept i separately from the-arts and general. Li: IS. ill ray opinion, desirable for the council jto consider whether the reasons (hat prompted this course will still hold good I Looking to the other side of the balance j sheet it. will be noted that the capital funds ] are practically all invested. Amounts falling I due have been invested at the ruling rate, I which should mean some increase in the : teteirae of the council front these sources. | The item which must; give the council i Inost concern is that of the rents from the j Otago re-orves : an amount of'nearly £4OOO | ls shown as an asset but has not yet been j received. Members of the eciur.if will lie | aware that the Land Board which adminis | tors these reserves, has postponed payment j the rents. The. council has in tlie meani time applied to the Government for an j advance, ns provided in the Finance .Act, j 1921-22. this, of course, involves payment I of interest, and the position in regard to 1 these reserves is far from satisfactory. Asj stiming that the Home Science School figures were treated with the other acI counts, it will lie noted that the Arts and i General Account would close with a credit balance of £757 7s 4d instead of a debit balance of £IB7O 7s. Genetal. .-I must emphasise 1 the need for caution during the present year. Reduced Government grants, reduced or postponed rents, and a possible reduction in the j amount collected for students’ fees together i with _ unavoidable increased expenditure in 1 certain directions, necessitates extreme care, j and in the many calls for expenditure the | council must: endeavour to distinguish between those that are really necessary for the efficient carrying on of the present activities of the university and those that can be left over. The affairs of the University of Otago which has receipts amounting to some £50.000 per annum demand close and careful attention from the members of the council, so that the students may obtain the best that, the funds at- out; disposal can provide.”