The Teachers' Endowment Fund amounting to $2,339,110.08, which has been raised through the efforts and under the leadership of Bishop William Lawrence '71, will benefit the teachers whose instruction is given to the students of Harvard College; the Lawrence Scientific School, and the Graduate School.

The Corporation has followed the wishes of the subscribers to the fund by making a number of promotions carrying increases of salary and by making the following increase of salaries, beginning with instructors whose appointment is without limit of time: Professors will receive $4000, to be increased to a maximum of $5500; associate professors will receive $3500, to be increased to $4500; assistant professors who are still eligible to promotion to a professorship, or an associate professorship, will be appointed at $2500 in the first five-year term and $3000 in the second five-year term as hitherto; instructors will receive from now on $1200 upon appointment, and a yearly increase of $100, until the maximum $1500 for instructors is reaches, subject to previous contracts for higher salaries.

The general result of this new scale, with the exceptions mentioned, is to increase by $500 the salary for each grade, from the salary of an assistant professor in his first term to the maximum salary of a professor.

The cost of these promotions and increases of salary will amount in the current year to about $65,000, which is nearly two-thirds of the annual income from the fund. The rest of the income must be reserved for the maintenance of the new scale, the cost of which will be greatly increased by promotions which will be made during the next ten years, as half of the teachers, practically all of whom are members of the Faculty of Arts and Sciences, are less than forty-one years of age, and only one-thirteenth of them are over sixty.

The effect of the restriction of the entire income of the fund to increases of salary will be to increase the present expenditures and future expenditures of the University.