The Treasurer of the College has presented in the usual form, the Annual Statement of the financial affairs of the University for the year ending July 31, 1891.

Some changes were made in the accounts after July 31. On Oct. 26, 1891, it was voted to transfer the sum of $23,341.97, the net gain from sales of bonds at a profit, formerly credited to the account of Railroad Bond Premiums, to a new account to be called "Gains and Losses for General Investments." It was also voted, at this same meeting of the Corporation, to charge off to this new account $4,751.13, the sum standing to the debit of the account of Unimproved Lands in Cambridge.

By votes in November, 1891, the property included in the account called University Houses and Lands is somewhat different from what it was before.

Investigation as to the sales of Cambridge land by the College during this century shows that they have been, on the whole, greatly to the advantage of the College and the policy of buying or holding unproductive land, only when there is a pressing need for it, seems to be, on the whole, a good one.

The total principal of invested funds on July 31, 1891 was $7,299,848.10, and the income $366,457.44.

For the University, College and Library accounts there has been a large increase of income, chiefly from more tuition fees, Walter Hastings Hall and the higher rate of income on funds. The expenditure, however, has been greater, causing a deficit of $714.68, which has been charged to Stock account. The income of the Stock account has been added to its capital to make good in part former deficits. The balance of the unrestricted Sever Fund has been used up in improving the ventilation of Sever Hall. For 1889-90 there was a surplus of $533.29.

The Divinity School has had a surplus of $1,410.45, chiefly from a larger income and a gift of $1,500 for immediate use. For 1889-90, there was a deficit of $1,628.66.

The surplus of the Law School is $11,635.88 as against $12,193.93 in 1889-90. The larger outlay for instruction and for the library has been met chiefly by more tuition fees. The Medical School has also made a larger outlay, but more tuition fees have given it a surplus of $5,216.82 as against a real deficit of $673.88 in 1889-90. The surplus of the Dental School, due to more tuition fees is $3,698.14, as against $2,335.38 in 1889-90.

The expenses at the L. S. S. have been much larger, but the income from tuition fees has also increased and the surplus is $2.324.56. In 1889-90 it was $4,053.31.

The Museum of Comparative Zoology has spent all the income of its restricted funds, as required by the conditions of gift and has used the surplus income of the Agassiz Memorial Fund as heretofore to pay interest upon and to repay in part, the principal of the advances from the Memorial Fund which were used to extend the Museum building and to buy fossils.

For the general account of the Observatory there has been a deficit of $518.28 as against $546.76 in 1889-90. Large outlays were made for the Peru expedition.

The Bussey Institute has had a surplus of $2,918.72, in spite of less income from the Bussey stores. For 1889-90 there was a surplus of $2,473.14. The Veterinary School's surplus of $329.90, due to large receipts from its Hospital and Forge has been used to reduce its debt. For 1889-90 the surplus was $388.35.

The gifts received during the year to form new funds or to increase old ones amount to $100,311.14, and gifts for immediate use amount to $64,928.75. Among the former is $10,000 from W. M. Prichard to found the Henry Warren Torrey Fund the income to be applied from time to time to the publication of historical theses or monographs, to be selected from the recent writings of teachers or students in the Historical department. A bequest of $10,000 from the estate of Mrs. Pastora B. Humphrey is to found the Henry B. Humphrey Fund, the income to be used for Scholarships. Subscriptions amounting to $3,063 have been received through Henry M. Spelman to found the George William Sawin Fund. $10,000 from the estate of William Brawn Spooner is an unrestricted bequest to the Divinity School. Subscriptions paid to Aug. 1st, '91, towards a fund to be called the Joseph Lovering Fund for Physical Research, in recognition of Prof. Lovering's life-long devotion to Physical Science, amounted to $7,720. The income is to be spent for the promotion of physical research at the Jefferson Laboratory. Additional subscriptions to raise the standard of Medical Education, paid to Aug. 1st, '91, amount to $6,500. From Wm. S. Bullard $15,000 to found three Fellowships in the Medical School of $5,000 each. $5,000 from Henry Villard, the last instalment of his gift of $25,000 towards the Law School Book Fund. $10,000 from Roger Walcott, to found the J. Huntington Walcott Fund, the income to be spent for books for the University Library, preference given to those on History, Pol. Econ., and Sociology; also $10,000 to found the Huntington Frothingham Walcott Fund, the income to be spent by the Trustees of the Peabody Museum of Amer. Arch. and Ethu. or their successors, for promotion of archaeological and ethnological research, etc.

Among the gifts for immediate use are the following: an additional sum of $10,000 from Mrs. Henry Draper of N. Y., to be expended by the Director of the Observatory in prosecuting the researches in the photography of stellar spectra, with which the late Dr. Henry Draper's name is honorably associated; subscriptions towards the construction of a fire-proof building for storing valuable manuscripts and photographic plates at the Observatory, paid to Aug. 1st, '91 amount to $1800; subscriptions paid to Aug. 1st, '91, amount to $4,100 for cases and furniture for Prof. Cooke's addition to the University Museum, $6,400 for a classical dept. library (including $500 for fitting up its lecture room in Harvard Hall), $4,300 for fitting up a psychological laboratory and purchasing apparatus, books, etc., for the department of Psychology. Additional subscriptions from Dental School graduates for the immediate wants of the school, paid to Aug. 1st amount to $135, and additional subscriptions for the present use of the Herbarium, paid to the same date, $3,750. From Andrew P. Peabody $200 additional has been received for prizes for students in the Semitic languages for the academic year 1891-92. From Jacob H. Schiff $1,000 for book for a Semitic department reference library. From Charles Fairchild $2,500 for the present use of the Geological department. From Henry L. Higginson $8,877.53 to pay for grading and other expenses relating to The Soldiers' Field. From the class of '79 an additional gift of $105 to be used under the direction of Assistant Prof. Taussig for the Pol. Econ. reading room. From Mrs. Benj. S. Rotch, $10,000 "to build and equip an electrical engineering workshop which shall be annexed to the Lawrence Scientific School." From H. R. A. Carey, $800.70 to pay most of the expenses of the Carey Building for 1890-91. From William W. Goodwin, $25. 83 to be added to the income of the Charles Haven Goodwin Scholarship Fund for 1890-91. Among other gifts acknowledged by the Corporation is the new gate-way at the Cambridge St. entrance to the College Yard, from George von L. Meyer.