CO129-423 - Governor Sir May - 1915 [7-8] — Page 82

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of

to set aside a portion of the yearly income each year instead of spending it to the full,

4.

The first reason is that when 21 years hence, the investments are realised in order to repay the Loan, the sum obtained may owing to depreciation not amount to the required sum of $500,000 and provisions for the deficit might be a considerable tax on the University's resources and a cause of some embarrass- -ment. It appears eminently desirable that the Council should be at liberty to set aside annually such portion of the income from

the investments as they may think prudent to provide a reserve fund against the above contingency.

5.

The second reason is that, if the whole income is spent annually, the income of the University will undergo a sudden and material shrinkage when the loan is repaid. A set back of this nature may materially affect the Educational work done at the period and would equally deprive the class of students you wish to

benefit of the advantages of free education they had been enjoying

for 21 years.

6.

Subject to any wishes of yours the Council would accordingly propose, for your consideration, that they should

be at liberty to set aside each year such portion of the income of

the investments as they think prudent as a sinking fund to guard

against the risk of depreciation and to ensure as far as possible

after the repayment of the loan, a cótinuance of the additional

income the University has enjoyed during its currency. It is

thought that such a course would be in consonance both with the

true interests of the University and the ideas underlying your

wish to benefit the class of students above referred to.

7.

I am to add that although the whole interest

aceruing