EDUCATIONAL RESERVES.
45
A.—No. 3
the Governors, this liberal and judicious step will eventually add considerably to the College endowment. By the terms of the gift the Governors are debarred from expending the moneys thus accruing in building, but they are bound to allow them to remain intact for investment. From this source also the Governors hope to realize their wishes with regard to the gratuitous and assisted admission to the Nelson College of boys of tho Provincial schools, whether as day scholars or as boarders, and also to effect a reduction in both respects in the charges to the pupils generally. 9. One result of the complete disposal of the trust funds is the abolition by the Electoral Roll under the Trust Funds Act ; which roll is also that of the electors under " The Nelson College Incorporation Act, 1858." In this event the last-named Act provides that vacancies among the body of Governors " shall be filled up by a majority of votes of their own body." The Governors, however, are of opinion that the mode thus prescribed by law for the filling up of vacancies is open to great objections, and they have placed on record their desire that such alteration should be made in the law as would still secure to the people of this Province, and that of Marlborough, either directly or indirectly, the choice of the College Governors. As three of the existing body of Governors will retire in November of this year, it will be desirable that action be taken in this direction in the coming Session of the Parliament of New Zealand. 10. The Governors have had under their consideration the propriety of removing the difference at present existing between the terms of admission for boys at Nelson and Marlborough, and for boys who reside outside those Provinces. Looking, however, at the origin of the funds intrusted to them (funds arising exclusively from the sale of lands in those two Provinces), as w rell as to the terms of the Deed of Foundation, the Governors do not think it consistent with" their duties to admit noncontributors to the College Endowment to an equal participation in the benefits of their largelyendowed institution, with those by whose contributions the College was founded and is in a great measure upheld. The Nelson College is still open, however, to the boys of other Provinces on terms at least as liberal and attractive as those on which similar advantages can elsewhere be enjoyed. February 10, 1870. R. Pollock, Secretary.
ABSTRACT of the RECEIPTS and EXPENDITURE of the NELSON COLLEGE for the Year ending 31st December, 1869.
ESTIMATED ASSETS and LIABILITIES of the NELSON COLLEGE, December, 1869.
Receipts. Expenditure. £ s. d. £ s. d. [interest on Loans —General Endowment ... 803 19 11 interest on Loans —Special Scholarships ... 80 0 0 Boarding Expenses: £ s. d. Pupils as per contract 383 4 0 Boarding Expenses : Masters as per contract 109 10 0 £ s. d. 883 19 11 Jents from Endowment Property ... 252 3 0 3oarding Receipts : 1st Quarter, Boarders ... ... 10"- ,, „ Day Boarders ... 7 2nd ,, Boarders ... ... 11 „ ,, Day Boarders ... 6 --„ „ n o j -n i 11, r 558 b 0 3rd „ Boarders ... ... 12 [ ,, „ Day Boarders ... 3 4th „ Boarders ... ... 14 ,, ,, Day Boarders ... 2J tuition Fees : 1st Quarter ... ... 49 Pupils') 2nd > 50 » I 579 R 0 3rd „ ... ... 45 „ ( o/y b u 4th „ ... ... 50 „ ) iooks and Stationery ... ... ... 35 2 8 imount to debit on 31st December, 1869 139 16 5 Masters'Salaries and Fees Books and Stationery ... Repairs and Upkeep of College ... General and incidental: Insurance ... ... £59 10 0 Audit Expenses ... 7 16 0 Interest on Mortgage 31 5 5 Advertising, &c. ... 28 18 8 Secretary ... ... 125 0 0 Sundries, Stamps, Rates, Office Rent, &c. ... 59 0 0 492 14 0 995 10 0 40 10 4 133 0 6 Foundation Scholarships Endowed Scholarships... Exhibitions ... Amount standing to debit at commencement of year ... Cash in hand... 311 10 1 52 10 0 97 10 0 68 15 0 256 15 7 0 2 0 £2,448 17 6 £2,448 17 6 We hereby certify that we have examined tl leveral vouchers relating thereto, and find them cor ie above accounts, and compared them with the *ect. 31st January, 1870. 11. C. Daniell,) . ,., J. T. Catley, 't Audlt°rS-
Assets. Liabilities. £ s. d. £ s. d. Loan from Trustees of Trust Funds Provincial Government Account of Drainage Outstanding Accounts ... Amount Overdrawn at end of year Suspense Account:— £ s. a. 2,000 0 0 135 0 0 214 13 7 139 16 5 joans on Mortgage : — General Endowment ... 8,806 0 0 Jalanco in Bank to credit of Loan Fund ... 60 0 0' 8,866 0 0 iOans on Mortgage: Endowed Scholarships .,. £700 0 0 ialance in Bank to credit of ditto ... ... 100 0 0 £ s. d. Governors'Fees for 1864 86 0 0 „ „ 1865 93 15 0 „ 1866 90 1 11 „ „ 1867 99 0 0 1868 99 18 4 „ 1869 79 0 0 'reehold Property, estimated at... iollege Buildings, estimated at ... ... £9,894 6 2 800 0 0 6,500 0 0 547 15 a