THE following report is submitted in accordance with the provisions of the Constitution of the H. U. B. C. From the subscription-list of last year there was collected $1,226, and from other sources $1,573.11, - making a total of $2,799.11. The expenditures were:-

Bills of 1873, $516.68

" " 1874, 1,146.90

Tax on boat-house, 86.18

Expenses of crew, 1875, 1,040.07

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$2,789.83

Cash on hand, 9.28

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$2,799.11

There still remains a debt of about $500, which, together with the necessary expenses for '75-'76, will make the amount to be raised during the coming year $2,000. According to Art. VIII. Sec. 3 of the Constitution, it will be divided among the classes as follows:-

Class of '76, at 15 percent, owe $300- $76 subscribed.

" " '77, " 25 " " 500- 352 "

" " '78, " 25 " " 500- 20 "

" " '79, " 35 " " 700- 18 "

------------------------- -------- ------- 100 percent. $2,000 $466 "

Last year the classes were assessed as follows:-

Class of '75, at 15 percent, owe $375

" " '76, " 25 " " 625

" " '77, " 25 " " 625

" " '78, " 35 " " 875

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100 percent. $2,500

TRUMAN HEMINWAY, Assistant Treasurer.