----

Total, $7,539 99

Owing to the large graduate subscription which has been coming in this autumn to pay off the debt, the treasurer instead of resigning the entire debt as in previous years, to his successor, remained treasurer of the "debt fund" and has included those accounts with those of the crew last year. This was done at the especial request of some of the graduates.

Owing to intended departure, the treasurer has been obliged to close his accounts before all the graduate money was in.

The club owes to the unfortunate training table, still $896.56. To meet this there is an expected graduate subscription of about $200. The remainder will be partly borrowed from the graduate treasurer fund, and partly assumed by the new treasurer as has been the custom previously.

It may be found necessary, in order to accommodate the graduate treasurer, to divide the above estimate of expenses and receipts, into those actually occurring before October 1st, and those after; in other words into, Boat Club and Debt Fund expenses. In the latter case the debt fund will be included in the accounts for next year.

The Launch is in very good repair as regards her machinery, but her hull is weak, and she leaks badly, and she cannot keep up with the crew. She will do for the Charles River work for a few years, but a new launch for New London is almost a necessity.

The quarters at New London are in good repair, having been refitted last year.

The Boat Club should have a good serviceable rowboat for a tender to the launch, and a shed and ways to place the launch on for the winter, would save some money in the end.

W. C. FORBES, '92,Ex-Treas. H. U. B. C.Treas. Debt. Fund.