1,142 71

Oct., 1891, cash in bank 22 13

In hands of Grad. Treas. 600 00

---

622 13

---

Deficit for the year 520 58

The accounts of the Rowing Club show a deficit of $520.58 for the year of 1890-91. The amount expended in permanent improvements which is rendered in above account was $597.99. This was spent in additional lockers and fitting up a carpenter's shop. The receipts of the club were more than sufficient to meet all the running expenses except from these permanent improvements.

The charges for damages to boats amounted to $55.75. The boats and oars are insured for $4,000 and as the life of a boat cannot be calculated at more than six years it will be seen that the maintenance of the equipment in its present state is not secured by the receipts as estimated from last year's accounts.

The whole amount spent in equipment directly was $145.00, including one new double added to the stock at an expense of about $40.00.

The boat club is in a position to build boats at an expense of about $30.00 apiece, not including the cost of labor, which is included in the janitor's wages.

The title to the boat house, land, and the equipment was, by the gift of Mr. Weld, given to trustees, who allow the Rowing Club to use the premises. The Rowing Club has no property in the house except the equipment which it buys. The insurance and taxes amounting to about $225 annually are paid by the Rowing Club, as well as all permanent improvements which have been made to state. The house is insured for $11,000, expiring in November, 1892, and the equipment is insured for $4,000. $1,000 of which expires in November, 1892, and $3,000 in December, 1893.

During the present winter two singles and one double compromise boats will be added by the club to the equipment and it is the intention of the governing board to purchase some canvass canoes for the general use of the club.

J. W. LUND.Treasurer; 1890-91.