- 3-
or others, understood clearly that those views would be
treated in the very strictest confidence. For this
reason we do not propose either to give the names of
such witnesses or to disclose the system upon which we
pursued our enquiries; and our considered conclusions
will in general be given without any statement of the
grounds on which they are based.
FINANCE.
8. In accordance with the first of our terms of
reference we have made a very close examination of the
present financial position of the University. On the
assumption that the subsidy from the public funds of the
Colony can be maintained at its present figure of $350,000 per annum, and on the further assumption that the income from fees will remain at its present figure of about $200,000 we may say at once that the existing
position is not unsatisfactory.
9.
The only other considerable source of income
is, of course, the interest on the endowment funds (in
which for convenience we have included certain special benefactions), and these in the immediate future may be expected to yield nearly $440,000 per annum.
10. With the economies now in force the total
running expenses of the University come to only a few
thousand dollars over $1,000,000; and it will be seen
from this that, for once in its existence, there is no
need for the University to panic.
11.
We hasten to add that, taking the long view
which we are specifically instructed to do, we consider
the financial position unsatisfactory.
We cannot but
think that financially the University has in the past
8