E.—7

26

historians of New Zealand. I have no doubt, if efforts were made to obtain these, the manuscriptcollection of the Museum would be one of the most interesting in that institution. School of Art. The School of Art continues the prosperous career which was inaugurated on the appointment of the present Director, Mr. Herdman Smith. The institution began with a credit balance of £312, and closed with a credit balance of £618, notwithstanding the faci that some reasonable increases were granted in salaries, amounting to about £130, and also considerable increases given to the different accounts that would assist in the bet er working of the institution. I trust that the visit of the Director to Europe will result in still further efficiency. Pkivatk Beneficence. I would again draw the at bention of colonists to Lhe wisdom and pal riotism of bequeathing a portion of their wealth to Canterbury College or one or other of its allied institutions. In Australia many large benefactions have been left to the universities, art galleries, museums, and libraries. In this country, unfortunately, such benefactions are almost unknown. Yet no better or more enduring objects can be suggested than those which are of an educational character. Some very large fortunes have during recent years been left by residents of Canterbury, who built up their wealth in this province, but none of that wealth has been turned to educational purposes. Yet the education of a people is the ultimate test of everything that is rjoble, worthy, and free. Let me add that cv* n small gifts would be appreciated by the Board. I heard some year or two ago of a resident of South Canterbury who was in a difficulty as to what purpose he could bequeath his estate to, and finally gave it to the Road Board of the district in which his property was situated. IXVKSTMKNT OF CAPITAL. The Board is in possession of considerable sums of money in the shape of capital belonging to the various accounts, and I have had .a statement prepared as to these capital accounts, and what they are represented by. The members will see that the total of the capital accounts is £35,678, represented by the var ous amounts that are shown in the table, which is annexed. The whole of the capital is intact, excepting that one portion of it which is shown as having been expended in the payment of the Bank of New South Wales overdraft caused by the expenditure of £10,834 on College and Boys' High School buildings, and for this there are substantial assets. So far as the High School is concerned, there is no reason why the money owing by that institution should not be repaid at the rate of at least £500 per year until their debt on the buildings account is extinguished, and the capital replaced. The following is the table :— Capital Accounts or Accrued Hmts at 3\et March, 1909. £ s. d. Cirls' High School Capital Account .. .. .. .. 5,002 8 1 Public Library Capital Account .. .. .. .. 1,666 8 6 Public Library Sinking Fund Account.. .. . . .. 229 6 4 Medical School Reserves Account .. . . .. .. 4,361 15 9 Museum, Library, anil School of Technical Science Capital Account 18,941 8 4 Museum Guide Book Sinking Fund .. .. .. .. I'd 0 0 Astronomical Observatory Account .. .. .. .. 411 0 7 Emily S. Foster Memorial Fund ... . . . . .. 65 2 8 Helen Macmillan Brown Memorial Fund . . . . . . 98 7 6 Thomas Miller Prize Fund .. • .. .. .. .. 102 16 11 Joseph Haydon Prize .. .. .. .. .. 212 7 7 Accrued rente of Coldstream Reserve .. .. .. .. 4,567 13 10 £35,678 16 1 Represented by — Mortgagee of freeholds .. .. ..' .. .. 8,700 0 0 Tramway debentures . . . . .. .. .. 6,050 0 0 City Council debentures .. .. .. .. .. 400 0 0 Fixed deposit .. .. .. v . .. .. 3,142 13 10 Drawing Account, credit .. .. .. . . .. 1,830 19 0 Purchase of freehold properties in city .. .. .. 5,450 0 0 Debt of £10,834 paid of! on account of College and Hoys' High School buildings .. .. .. .. .. .. 10,834 0 O £36,407 12 10 Banking Opeb moNS. The long-standing No. 2 Overdraft Account of £10,834 a. the Bank of New South Wales has now In in wiped nut. This represented £5.000 owing by the Boys' High School for buildings and £5,834 owing for College buildings extensions. These amounts have now been transfered as debits to the