CO129-492 - Governor Sir Clementi - 1925 [12] - 1926 [1-5] — Page 502

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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

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