[We invite all men in the University to submit communications on subject of timely interest.]
To the Editors of the CRIMSON:
In view of certain misunderstandings as to the relation of the Harvard dining Association to the Corporation, the following statement may be of use:
In the first place, the Corporation places Memorial Hall at the service of the Dining Association without making any change for rent. A rent figured on the value of the land and building would probably exceed $25,000 a year, or over sixty cents a week for each member.
Secondly, the Corporation advances the cash needed for running expenses and provisions, charging five per cent, interest on these advances and collecting all board bills.
Thirdly, the Corporation advances money needed for permanent fixtures and equipment, charging a rate of interest below the current income of its general investments, and distributing the sinking-fund payments over so large a number of years that, according to actual experience, they do not even keep pace with depreciation. In other words, the Corporation lends money to the Dining Association on a wasting or vanishing security. Moreover, with the plant in good condition, the income of the investment, to say nothing of the principal, is wholly dependent on the steady running of the Hall.
The assistance thus given by the Corporation is amply justified by the admirable service which the dining Association, under student management, has rendered to the University ever since the Hall was opened. Very truly yours, JEROME D. GREENE, Secretary to the Corporation
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