CHAIR OF ECONOMICS.

Dominion, Volume 7, Issue 1988, 19 February 1914, Page 6

CHAIR OF ECONOMICS.

— —- AT VICTORIA COLLEGE.

M'CARTHY; TRUSTEES' OFFER.

The possibility of' establishing - permanently a Chair of Economics at Victoria College was considered by tho Collfege Council last night. The business arose out of. a tentative! offer frem the Macarthy Trustees of £2000. from the trust funds for the establishment of. a Chair of Economics. This proposal Wfls referred to tho Finance Committee, who reported that it could not see its way to recommend the -establishment of "a Chair of Economics on the present offer, tho amount being quite inadequate, butwas.of opinion that something could be done if tho trustees agreed to havo the amount-of £2000 funded, and to set asido for tho same purpose further sums, until such moneys with any other private donation's arid grants in aid of which the Government- would be asked to make furnished a -sufficierit -amount.

Sir Robert Stout. said that with £4000—ho was relying on tlio Government subsidy of £ for £—they Would havo £200 a year, arid, this, added to the salary of £350 for the present lecturer in economics, Would make- £550, enough for a professor. "Yoii will get a first-class man in London- for that sum," lie said. ■

Mr. Ostler read a letter of the Professorial Board to the committee. The board had advised'that at least £700, or, better, £1000 a year, would be required to establish a Chair of .Economics, and had suggested . that tho .£2OOO might, bo devoted to additions to, tho

buildings, or to the library. The hoard ] had also pointed out that the £350 I now paid to the lecturer in economics would be required for'the.same lecturer, who taught other subjects, as well as economics, when economics became a separate subjoct. ' , The Hon. A. L. Herdmart said the need for tlio. Chair of Economics .appeals to him very strongly; There was no subject the teaching of which ought to be more encouraged. At the same time, they must walk warily, lest by too precipitated action they "should reduce the college -tea state of beggary. He was further of opinion that if a professor of economics was to ho appointed' he should be a man of repute and wicte experience. I Ho suggested also that in the meantime

it might be better policy for the college to perfect the institutions it had rather than to extend its activities. The professors' salaries might need increase, certainly there was need for nrore accommodation, and tho library Would be better for additions. He thought thai as,the matter was not urgent the whole question 'of evolving, a scheme for the utilisation of this £2000 should be ferred back to the finance Committee! Sir. W. Ferguson said ha would favour the appointment of a- Professor of Economies, hut lie must he supported by lecturer's. There would be need for class rooriis, too. The present salary of the Lecturer in Economies could not he diverted to milk® up the salary of t'he professor, if one were appointed, because all the lecturer's Salary, or a .great part of it, would still have to be paid for the lectureship in history. The Council could not'safely go on with the scheme unless they had an assured income of £1000 a year.- This meant a fund of £20.000. .But recent occurrences had shown that economics was the' most important subject that could bo-taught in th« universities, and with £2000 as a nucleus, supported by other sums annually from revenue, he thought the college could appeal with some chance of success to the Government for ail; annual grant of, say, £600. To appoint a professor at- £300 or £400 a year worild be a mistake.

After further discussion the report was referred back.