I ASK space in your paper to submit, in accordance with the constitution of the H. U. B. C., the following report and estimate of the expenses of the Club for the coming year.

It is impossible for me to offer an exact estimate of expenses, as I was unable to consult with the Treasurer, and these estimates are made from such data as I happen to have in my possession. I feel certain, however, that the following figures are very nearly correct, and the estimated sums due by each class will vary but little from the amounts stated. $ 1,800 must be raised for the support of the crew during the coming year, and the Club is now in debt to the amount of $ 1,700. It is therefore necessary to raise $ 3,500. The amount thus far subscribed, including last year's subscription not yet paid, is $ 1,572. The Class of '76 owe $ 232, making a total of about $ 1,800 credited to the Club. It is estimated that about $ 400 will be realized from the rent of the boat-rests and admission fees to the Club, leaving a deficit of $ 1,300, to be raised from the four classes according to the division provided for in Art. VIII. Sec. 3 of the Constitution.

Indebtedness.

To Blakey, for boats, etc . . . $900.00

To L. Green, for ribbons . . . 21.00

To Crosby, Morse, & Co., for Cup in 1872 and 1873 62.00

To Boat-House Fund, borrowed by Captain Goodwin 450.00

To Single Scull, used and broken at Saratoga 100.00

To tax on Boat House . . . 81.00

To Miller, for expenses at Saratoga for one month 20.97

Total . . . . $1,634.97

Proposed expenditure for this year . 1,800.00

Making a total of about . . . $3,500.00

Probable Receipts.

From Subscription List . . . $1,572.00