70 Water St., Boston, Mass.,

Dear Sir: The cost of the University Bost House to the college, including all payments for putting the building in order and for changes and improvements made in accordance with plans furnished by the students, was $3946.41.

Paid by the University Boat

Club for the use of the building for the four years, ending March 31, 1880, $1578.56 Less tax paid by the college, Oct. 1876, 115.20

$1463.36

Paid by the college for repairs on the building, float and bridges, including a small annual sum paid for moving floats and bridges, $658.93

Net income from University Boat House for the four years, ending March 31, 1880, $804.43 or 5.96 per cent per thousand on the investment.

Paid by the Universlty Boat Club for the use of the university and club boat houses for the four years, ending March 31, 1884. $1920.00

Paid by the college for repairs on the boat houses, bridges and floats, including a small annual sum paid for moving bridges and floats during the three years and six months, ending Sept. 30. 1883, ($823.38 paid in 1882-3) $1424 06

Net income from the university and club boat houses for the four years, ending March 31, 1884, no allowance being made for expenses incurred and to be incurred between Oct. 1, 1883, and March 31, 1884, $495.94 or 2.85 per cent per thousand on the investment of $5946.41.

For the use of the club boat house for the six months, Oct. 1, 1879, to April 1, 1880, the University Boat Club paid the college $80.00, at the rate of 87 per cent on its cost of $2000.00. The University Boat Club has repaid to the college all sums advanced by the college for water rates and taxes, except $115.20 paid for taxes in Oct. 1876, and these items repaid are not included in either side of the previous statements. The college has never, to my knowledge, refused or neglected to make repairs when the need of repairs was made known, and has never received, so far as I know, any notification or suggestion that anything about the boat houses was in an unsafe condition.

Yours truly,

ALLEN DANFORTH. Bursar.