t
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710
31
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year in amount and in character yet, under one head or another, invariably present themselves, but an increase of $20,000 a year in the amount available For would permit of steady progress in equipment. this provision can best be made by increase in the general endowment fund, leaving it to the University authorities to allocate the sums available in the annual Budget. On the other hand, individual donors who are interested in special branches of study and who, by visiting the University, have been able personally to satisfy themselves of the needs connected with those studies, may prefer to allocate either the capital on the income of their gifts to meet those needs, and so to secure their fuller satisfaction than is possible when they are in com- petition with other purposes. Of this type of gift. the recent gift of $100,000 by Messrs. John Swire & Sons, Limited, the income of which is available for the needs of the Engineering Faculty, is an excellent example. Another case in which the creation of a special fund would be of the utmost value is that of the University Library.
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