Following an appeal for liberal contributions from the students John P. Bunker '42, treasurer of the Student Council, last night made public the Council's statement of finance for 1940-41. The report, written by his predecessor E. Langdon Burwell '41 follows:

The Council of this year was fortunate in starting off with a small surplus from the previous year (in contrast to the deficit with which new Councils have frequently been confronted in recent years) and with its financial structure in a ground condition as a result of the diligent efforts of the retiring treasurer, Doughan Mercer '46. We were also fortunate in that the amount of money pledged to the Student Council increased by about $400.00 to $8959.00, and as the percentage collections this year were very nearly the same as last, we were able to increase our expenditures proportionately. Other than pledges, the Council received a $50.00 donation to be given out in scholarships from an anonymous undergraduate and we utilized the accumulated interest on the savings account reserve for additional scholarships. A little money drifted in from subscribers to the Red Book of two years ago, while last year's Red Book (1943) unfortunately suffered a loss of $134.40. This loss was entirely due to a poor business staff on the Red Book board, an example of the necessity of supervision of Freshman affairs by the Council as pointed out by Doug Mercer. This supervision is a delicate business, but with a little fact the Council treasurer and representative for Freshman affairs can make sure that things are running smothly without assuming an excessively patriarchal air. Two extraordinary projects were managed by the Council this year, the War Libraries and the War Relief Drive. These shall be mentioned in more detail subsequently.

I should like to review the recommendations made by last year's treasurer, summarize briefly what has been accomplished and attempted this year, and to add a few recommendations of my own.

Recommendations of the Previous Treasurer:

These were three.

1. That permission be secured from the University to put Student Council Pledges on the second term bill if the person pledging so desired.

2) That the Freshman Smoker be abolished, on the grounds that it had outlived its period of greatest usefulness and that the Council has better uses for its money than furnishing free entertainment for Freshmen.

3) That inasmuch as the Freshman class usually furnishes the Connell with sizeable profits from the Red Book and Jubilee, these profits be set aside in a special fund to be used as scholarships for the class which created them.

Summary of the Financial Activities of 1940-41

The first project undertaken was an attempt to carry out the first recommendation above. We also tried to make it possible to put House dues on the term bill and enlisted the support of all the House masters, save one, to bring this about. Our request was refused, however, by the Corporation on the grounds that a pledge is not a legal debt. They do not wish to put any charge on the term bill which cannot be collected by legally forceful means, if necessary. That such pledges are put on the term bills at Yale is an argument which would probably not bear a great deal of weight with the Corporation, but we have not yet tried it. This argument, reenforced by other suitable ones, and reiterated at judicial intervals, might eventually succeed in accomplishing the desired end. Certainly, if it were possible to place these pledges on the term bill the Council's income would be markedly increased (there are to date about $1600.00 of uncollected pledges); the greater part of the money we spend on pledge collectiong could be saved, and the Treasurer would have considerably more time to spend on more useful activities.

Three times during this year, in November, January, and April, the Treasurer and other members of the Finance Committee have interviewed scholarship applicants and allotted the scholarship funds. Somewhat more emphasis was laid upon this branch of the Council activities this year and the total amount awarded in scholarships was increased from last year's $2067.00 to $2427.00. Each year, however; there is an increasing demand for Student Council scholarships, and we are still able to grant only about half of the amount requested.

In regard to the second recommendation, the abolition of the Freshmen Smoker, the Council this year decided upon a compromise measure and voted to reduce our ante from the customary $300.00 to $100.00. The Smoker Committee charged 35c admission and made it a most successful affair, resulting in a net profit of about $7.00. The Chairman of the Smoker Committee will submit his report within a few days. The Jubilee this year made a small profit which will be handed in to the Council with a report within the next few days. The 1944 Red Book was held up by unexpected difficulties and a full report on its financial situation will probably not be ready until next fall, but they have a paper profit of $200.00 and a probable profit of $100.00.

In regard to the recommendation that the profits from Freshman activities be set aside in a special fund to be used as scholarships for that class, it is obvious that such profits would amount to but a small part of the total amount which will be given to the class in scholarships by the time they graduate. Therefore, it would seem to me that such profits should be recorded and taken into consideration when scholarships are allotted, but it would not be possible to limit the amount given out to the amount of profit or to set any fixed ratio between the two.

Considerable thought and attention was given during the year to the method of collecting the Student Council funds. Letters were written to the Community Fund and Red Cross (see files) requesting them not to run drives in the College this year, in order to strengthen the Council's position for a concentrated drive next year. Both of these organizations were willing to cooperate, and although the Red Cross received a part of the money collected in the War Relief Drive, the Community Fund was deprived of the $400-$500 which they usually collect from undergraduates in a separate drive. Professor Elliott Perkins, Community Fund, agreed to this with the understanding that the Council would probably collect more next year and give a larger share to the Community Fund. This subject of collection will be discussed in the last section of this report.

The money for the War Libraries was collected from alumni, chiefly through the efforts of L.P.M. Slightly over $100.00, an amount a little larger than necessary, was spent in publicizing the plan and putting it late operation. The remaining $776.00 was transferred to the care of Widener Library and is kept as a separate Student Council War Library Fund. Of this fund, $374.35 has been spent for books, leaving $398.65 for future use.