Mrs. Bucknell, 256 17

James Loveland, 75

Launch debts, Webb and Watson 511 47

Launch debts, G. Lawley and Son 412 33

$2,187 28

The assets are as follows:

Balance 274 10

Board bill due, 26 25

$300 35

Liabilities, $2,187 28

Assets, 300 00

Excess of liabilities over assets $1,886 93

In addition to the $300.35 of assets there has been promised $100.00 by the D. K. E., and $100.00 by a graduate as a gift for the launch.

The class race flags for last spring's race have not as yet been ordered.

It will be seen that the largest bill we now owe is for launch expenses. The launch has, until last season, been run partly by outside subscriptions and by a committee independent of the boat club. As large bills had been contracted on its account and the committee were not willing to collect the money necessary to pay them, the boat club has this fall assumed the debt and will manage the launch in future.

The large amount paid for boats this year is due to the peculiar position in which the club found itself last fall. During the season of 86-7 only one new boat was bought and on that there was left a balance due of $206. The '88 class crew boat was broken by the boat club and the club had to pay $180; half the cost of their new shell. A bill of $80 also came in for a boat bought of Fear on in 1884. Under the head boats I have put freight and duty on the English shell and extensive alterations which had to be made. Old liabilities have turned up to the amount of $743.48. These have all been paid except one bill of $80 and another of $8.55. There is no reason why the debt can not be paid off if men will subscribe, but it is absolutely necessary that everyone should give something. Last year subscriptions fell off largely. If we have to pay off the debt and start square next fall every man must help.

FRANKLIN G. BALCH, Pres. H. U. B. C.