17

E.—7

Finance. —As shown by the balance-sheet, the expenses have been heavy. The Physics Laboratory has been equipped at a cost to the College of £1,100. About £170 has been spent on fitting up the Geological Laboratory, and £300 on the Metallurgy Room. Other extraordinary expenses forced upon us this year have been—heating and lighting the rooms finished by funds from the Unemployed Relief Committee, £90; strong-room, £75; flooring room in basement of Science Building, £49. Of the original Laboratory grant of £3,000 when the Victoria College University Classes began, we had at the beginning of the year still left £1,030. This fund is now exhausted, and the upkeep and extension of laboratories must come out of ordinary revenue. If the College is to continue its present work only, without making any provision whatever for expansion, it must have a larger revenue. Its expenditure now exceeds its income, and when its revenue fund is exhausted it will be face to face with a financial difficulty. The College deserves well of the Dominion, and ought to be supported. Many of its courses have immediate practical bearing on the political and industrial life of the Dominion. The Council hopes and believes that the Government of the Dominion will give it the necessary financial support to enable it to maintain and extend its activities. I have, &c, Chas. P. Powi.es, Registrar.

Statement of Receipts and Expenditure for the Year ended 31st March, 1910. Receipts. £ s. d. Expenditure. £ s. d. Balance brought forward .. .. 5,079 2 3 Salaries .. .. .. .. 5,983 0 6 From Government — Offioe salaries and expenses .. .. 390 2 9 (a.) Statutory grant .. .. .. 4,000 0 0 Caretaker's salary and sundries .. .. 114 16 1 (b.) Grant for general purposes .. 1,500 0 0 Printing, advertising, and stationery .. 133 2 0 (c.) Grant for buildings .. .. 1,300 0 0 Insurance .. .. .. 37 6 8 (d.) Grant for fenoing and grounds .. 364 0 7 Lighting .. .. .. 175 2 8 (c.) Grant for class-room (balance) .. 18 3 0 Heating .. .. .. .. 46 8 4 (/.) Levelling, clearing, &c, of site .. 680 0 0 Water.. .. .. .. .. 5 4 3 (g.) Grant for Queen's Scholarships .. 779 10 0 Travelling-expenses .. .. .. 61 17 6 (h.) Sir George Grey Scholarship .. 50 0 0 Fee refunded .. .. .. .. 111 6 Pees .. .. .. .. .. 1,607 17 0 Examination fee refunded .. 3 3 0 Examination fees .. .. .. 236 4 0 College examination expenses .. .. 112 19 6 Calendars .. .. .. .. 11 14 1 Library (books and periodicals) .. .. 273 11 7 Interest .. .. .. .. 150 3 8 Furniture .. .. .. .. 141 2 4 Rent of reserve .. .. .. 74 7 0 Repairs of cellar floor .. .. .. 45 13 9 Donation for physics apparatus .. .. 100 0 0 Chemicals .. .. .. .. 96 16 0 Subscriptions to Building Fund .. .. 592 5 6 Apparatus .. .. .. 1,138 14 5 Gymnasium Fund .. .. 574 1 4 Buildings (new wing) .. .. .. 2,611 18 6 Unemployed Relief Fund .. .. 680 0 0 Fencing and grounds improvement .. 210 411 , for new wing .. 100 0 0 Unemployed Relief Fund—class-room .. 396 16 3 C. P. Powles's imprest .. .. .. 10 9 „ excavations .. 847 12 7 gymnasium .. 115 11 2 Gymnasium Fund .. 976 1 4 Queen's Scholarships .. .. .. 779 10 0 Sir George Grey Scholarship .. .. 50 0 0 Balance .. .. .. .. 3,150 1 7 £17,898 9 2 — £17,898 9 2 Balance down .. .. £3,150 1 7 I — Grant por Specialization. Receipts. £ s. d. Expenditure. £ s. d. Government grant .. .. .. £2,000 0 0 Salaries — Law and science (part payment) .. .. .. .. £2,000 0 0 Deposit Account. Receipts. £ 8. d. Expenditure. £ s. d. Balance brought forward .. .. 12 12 0 Library deposits refunded .. .. 9 9 0 Library deposits .. .. .. 12 12 0 Balance .. .. .. .. 15 15 0 £25 4 0 £25 4 0 Balance down .. .. .. .. £15 15 0 Uhion Prize Fund. Receipts. £ s. d. Expenditure. £ s. d. Balance brought forward .. .. .. 102 11 4 Prize .. .. .. .. .. 17 6 Interest .. .. .. .. • • 410 0 Bank charge .. .. .. .. 0 2 0 Balance .. .. .. .. 102 11 4 £107 1 4 £107 1 4 Balance down .. .. .. .. £102 11 4 Jacob Joseph Scholarship Fund. Receipts. £ s. d. Expenditure. £ s. d. Balance brought forward .. .. 3,205 9 0 Scholarship paid .. .. .. 150 0 0 Interest .. .. .. .. 135 0 0 Bank charge .. .. .. 0 7 6 Balance .. .. .. .. 3,190 1 6 £3,340 9 0 £3,340 9 0 Balance down .. .. .. ..£3,190 1 6 Chas. P. Powles, Registrar.

Examined and found correct, except that there is no authority of law for the deposit of £500 with a Building Society.—R. J. Collins, Controller and Auditor-General.

3—E. 7.