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13.
8.
The capital involved in the establishment
484
of such a department was stated in my previous letter
to be $250,000. This figure was given because this
is the amount of the endowment received from the
Rockefeller Trustees in connection with each of the
Chairs of Surgery, Medicine and Obstetrics. At the rate of interest which we can now secure, this capital produces an annual income of $20,000 and this amount is
required for the maintenance of the department, including the salary of the professor, the cost of his passage and his superannuation and the general maintenance
of the Chair. I am therefore stating the annual
income required for the establishment and maintenance of the Chair of Biology at $20,000 or roughly
£2,000.
14. It remains to invite your attention to the Central Office of the University. This office has to
control not only all the accounts but also the invest-
ments of the University - no light task seeing that
the bulk of the University's funds are invested in
short term mortgages. The University being residential both for staff and students, and providing directly as it does for the feeding of the students in the University hostels a considerable amount of work is thrown upon
the office in this connexion. Then are also all
sorts of scholarship and annuity holders among the students and a separate account has to be kept for
each of these. Then there is all the office work
connected with the meetings of the University Court,
the University Council and the Senate, not to mention
various other University committees. The office has
also to conduct an annual system of school examinations including the Matriculation. In a note attached to my
•
Tolol to fremdsqeb