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$797.44

The last item credited as net debt is provided for by unpaid subscriptions to the amount of $1,347.50, as shown by the Treasurer's list; thus showing a balance of assets over all present liabilities of $963.05, which amount properly should stand to-day as cash in the Treasurer's hands. The probable expense for the coming race with Yale may be put down as $1,500, which should cover all the cost of boats, training, &c., for the crew themselves show a determination to the strictest economy. To meet this outlay of some $600 we have the promise of theatricals and some little help from graduates. It remains now largely with the gentlemen whose names are still held on the subscription-lists individually to come forward with their payments, and by such help enable us to close the boating season with the club not only free from any debt, but with a balance in its treasury for another year's beginning. This is a position perhaps never held before, but now very easily within its grasp.

GEORGE F. ROBERTS,Treasurer H. U. B. C.