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liabilities, and this may be taken as a complete fulfillment
of the promises made in respect of overdraft and sinking fund; 8300,000 was paid into Capital Account, and the balance of 897,641.26 was paid into current account. I propose that this latter sum which was required to meet the deficit of the current year should not be regarded as part of the $1,000,000 promised to the University: but that a sum of $700,000 should be considered to be still due as the Government's contribut-
ion to the Endowment Fund.
4.
No definite date was ever suggested for the payment of this million and it had been my intention that it should be handed over gradually in such instalments as might be convenient to the Government but it appears that the intention of the Commission was to suggest that the whole sum should be regarded as payable at once and that the Gazette Notification of the 10th September, 1920, has been generally understood to mean that the Government accepted this suggestion. It is very necessary, if the appeal to the public which is now being made is to have any good chance of success that the Government should act generously and give no opening for suggestions that it is not keeping its promises to the full. I propose therefore to accept the view that one million dollars became due by the Government to the Endowment Fund as soon as it accepted the Commission's recommendations. It is not convenient to the Goverment to pay over so large a sum at once but I propose, with your approval, that the balance of $700,000 should be regarded as carrying interest at the rate of 6% as from 1st January, 1921. The payment of $97,641.26 to current account in
November last,
Government
-
of 1920.
Б.
·
a payment outside any promises made by the disposes of any claim for interest up to the end
▲ sum of $200,000 is provided for grants to
the
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