IN the hope of encouraging subscriptions, and more especially as an appeal for ready payments of the amounts already promised to Mr. Harwood, I beg to submit some explanation of the finances of the University Boat Club. For a series of years the system of expenses has been simply an arrangement of debts, so that the beginning of each year has of necessity presented a call for help to free the club from old obligations rather than make any provision for the wants of the new season. Beginning in 1874 with a debt of some $2,500, the club has been carried forward, each year keeping a representation at the Regatta, and the last year laboring under the unusual expense of two races, each requiring different boats and arrangements. The boat-builder's bills alone were nearly $2,000. Since then many changes have been made, greatly to the interest of the club, noticeable among them being the transfer of the boat-house property. At this time the management takes perhaps a justifiable pride in presenting the following statement, showing the club to be to-day:-

Dr.

To Balance due T. Fearon $75.00

To Balance due J. Blakey 272.50

To Amount due William Bond & Son 44.00

To Advance Rent due the University 405.99

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$797.49

Cr.

By Amount due from rent of rests $175.00

By Amount due from Class '79 75.00

By Amount due from Pawtucket Boat Club 75.00

By Cash on hand 87.99

By Net debt due to-day 384.45