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TORONTv. PUBLIC UBRARIES
REFERENCE LIBRARY

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1**

UNIVERSITY OF TORONTO.

REPORT OF COMMITTEE

APPOINTBD BY THB

BOARD OF TRUSTEES

TO CONFER WITH THB BURSAR AS TO THB

CAPITAL AND INCOME ACCOUNTS

AND OTHER MATTERS CONNECTED WITH THE ADMINISTRATION OF HIS OFFICE.

A.r50P»'rE3D, STOTTEll^BEIIl 8a7HC, 3.903

TORONTO:
WARWICK BROS. & RUTTER, PRINTERS, 68 akd 70 FRONT ST. WRST
s 1893.

*!i*

UNIVERSITY OF TORONTO.

REPORT OF COMMITTEE

APPOINTED BT THB

BOARD OF TRUSTEES

TO CONFER WITH THB BURSAR AS TO THB

CAPITAL AND INCOME ACCOUNTS

AND OTHER MATTERS CONNECTED WITH THE ADMINISTRATION OF HIS OFFICE.

J^1D0:E>TS11D, l^O'VJQXifBSlJR 8TX3:, 1893.

TORONTO
WARWICK BROS. & RUTTBR, PRINTERS, &c., 68 & 70 FRONT STREET WEST.

189 8.

UNIVERSITY OF TORONTO.

iom»

ToKONTo, November Ist, 1893.

To the Truateei of the UaioirsUij of Toronto and University College ;

Gentlbmen, — At a meeting of the Board of Trustees held 1 9th November, Minute au-
1891, the following minute was recorded : mittee*^

Minute. — Mr. Walker suggests that there should be an inspection and
valuation of the mortgages of the University. Mr. Walker alro enquires as
to the system of book-keeping and audit adopted.

It is also suggested that some plan for watching mortga^'es in arrear
should be formed.

Ordered, that Messrs. Walker and Hoskin be a Sub-committee to enquire
into and report on these matters with their suggestions as to any improve-
ments in administration.

On Slst December, 1891, ycur Oommittee reported as follows :

The Committee consisting of Messrs. Hoskin and Walker appointed to F>wt Rei)ort

confer with the Bursar as to the Capital Accounts, Custody of Securities, °^ Committee.

Auiiting of Books of the University, etc., beg to report as follows :

The Committee find that the Bursar keeps on *he one hand no Capital
Accounts ; and on the other hand no Assets Accounts covering the holdings
of the University in debentures and mortgages, and the property of the
University in lands, buildings, etc.; »n-j that the balance sheet prepared semi-
annually for the Provincial Auditor 'j-sys merely the uninvested cash in the
hands of the Bursar at the particular date. There is an account called
" Capital Account " to which receipts from mortgages, sales of land, endow-
ments or other sources are credited, and to which loans or other investments
and expenditures for buildings, etc., are debited.

The Committee recommend that proper Capital Accounts be at once
opened and also Assets Accounts, covering the properties of the University
under such heads as the following :

1. Debentures, stocks, etc.

2. Mortgages.

3. Lands under lease.

4. Lands sold, purchase money in course of payment.

5. Property held for sale or lease.

6. University buildings.

7. University Library.

8. University furniture account.

Until such accounts are kept no proper audit can, in the opinion of the
Committee, be made.

The Committee understand that the debentures owned by the University
are in the custody of the Provincial Auditor and the Bursar. The Bursar
annually makes a return of debentures and mortgages owned by the University,
but these do not bilance with any account in his books. No ledger accounts
are therefore kept for the loans. A loan register, however, is kept in which
the particulars of all loans are recorded, interest being entered as it becomes
due, not as a book-keeping entry, but as a memorandum.

The Committee would recommend in connection with the loans that here-
after a black Hat be kept showing thn namea of borrowers in arrear for
principal or interest, which book should b) pluced upon the table at each
nieetiii},' of the Board of Trustees.

The Oomniittee would also recommend that Mr. W. I{. Cross be appointed
to assist the liirsar in opening a set of books in conformity with this report,
and in opening; books for the accounts in connection with the Hetirement
Fund; also th it a proper system of audit bo arranged. At the conclusion
of his labors Mr. Cross should make a report to the Board.

In connection with the loans made by way of mortgage, the Committee
find that the Bursar employs no regular valu>itor, and it is recommended that
the existing loaas of the University be re-examined by a competent valuator.
It is also recommended that the entire question of making loans by way of
mortgage be the subject of discussion by the Board of Trustees. In this con-
nection it will be well to consid* r whether, in view of the moderate volume of
capital at our command, loans should be made outside of the City oi Toronto.

The Committee have not considered the question as to whether an
improved system of book keeping will involve more work in the Bursar's
Department, preferring to leave that question for the discussioa of the Board
after Mr. Cross' report has been received.

Toronto, 31st December, 1891.

The recommendation of your Committee, that Mr. W. H. Cross, F.C.A.,
be employed to assist the Bursar in opening a set of books in conformity with

their report, was adopted. Nothing definite, however, could be accomplished

opening a new until the closing of the books for the fiscal year of the * University, ending
•etof BookB. 30th June, 1892. When the books were ready to be closed the following
letter was, with the approval of the Board, addressed to Mr. Cross :

Employment
of Mr. OroBB
to assist the
Bursar in

Mr. Walker's
letter of in-
Btruction to
Mr. Gross.

Toronto, 17th August, 1892.

Dear Mr. Cross, — The Bursar has about completed the closing of his
books to 30th June, and will be in a position in a few days to make the
entries in connection with the agreement between the Upper Canada College
and the Toronto University. The property map necessary for the valuation
of some of the assets of the University is now made and it is desired that the
set of books contemplated in the report of Messrs. Hoekin and Walker to the
Board of Trustees, dated 31st December, 1891, a copy of which is in your
hands, be at once prepared.

If there are any assets or liability accounts, accurate figures for which
cannot be at once reached, we would suggest that the opening of the books be
not delayed for that reason but that such accounts be added later. In this
manner, while a balance sheet taken at the moment of opening the books
would not exhibit a perfectly accurate state of the accounts of the University,
we may hope to have a complete set of books within a few months ; and in the
meantime the book-keeping will be carried on under the new system, with
proper arrangements for audit.

1. Debentures, etc.

The actual debentures should be compared with the Bursar's list and
entered in the new books at par.

The Upper Canada College debentures, now deposited with the bank as
the property of that body, should be transferred to the University.

* Throughout the report the
referred to aithe " University."

' University of Toronto and University College " are

e loans that here-
ers in arrear for
he table at each

roBS be appointed

with this report,

the Uetirenient

I the ooaclusion

e, the Oommittee
ecomtnended that
npetont valuator,
loans by way of
aes. In this con-
derate volume of
City of Toronto,
to whether an
in the Buraar'a
ton of the Board

I. Cross, F.CA ,
I conformity with
be accomplished
niversity, ending
led the following
Cross :

ugust, 1892.

he closing of his
ays to make the
r Canada College
for the valuation
I desired that the
id Walker to the
which is in your

Sgures for which
; of the books be
1 later. In this
ening the books
" the University,
iths ; and in the
ew system, with

ursar's list and

ith the bank as
Jrsity.

sity College" are

(

The Order-in Council ordering the entrien rognrding Upper Canada
College will contain the necessary authority to the bank.

2. MOHTUAOKS.

The mortgas;e8 are to he taken at their face value. It is stated that thnre
is a contingent fund and to it should be addtul any deduction made in taking
over tlie Upper Canadii College niortga^^es and lands. You should send out
notices to the mortga^^'ors stating the principiil and interest due, in order to
check the correctness of th« UurHar's books.

Interest matured but unpaid should be treated according to the practice
of well managed loan companies.

Hereafter the Biard of Trustees will have an investigation made as to the
value of the properties mortg^iged as security.

The black list referred to in our report should be prepired at on;e.

3. Lands under Lrasr.

These are to be valued at the capital represented by the rentals, on the
basis of money being worth live per cent, per annum. Thin rule cannot be
applied tn the educitional institutions, and the property iHased to them
should bo valued as follows :

Victoria College land . $ 1 00

Observatory land 1 00

Wyolifie College land 2,500 00

School of Science land 1 00

It has been agreed that the rental for the School of Science shall be fixed
by arbitration and when that is done an entry should be made adjusting this
valuation.

4. Lands Sold.

Purchase Money in Course of Payment.

The mortgages or contracts are to be taken at face value.
Hereafter an examination inuO the actual value of these contracts will
be made under instructions of the Board of Trustees.

5. Property held for Sale or Lease.

Queen'8 Park Property,

Herewith we hand you a memorandum by Messrs. H. J. & W. A. Brown
showing areas of land in Queen's Park. We also hand you a letter from the

Bursar giving the boundaries and the sum of money offered by — for

part of the Queen's Park property. A calculation attached to Messrs.

Brown's memorandum shows that .Vlr. 's offer was about 38 cents per

superficial foot. We desire this valuation to be a|)|)li^'d to the property
No. 1 [1,213,720 sup. ft] and No. 2 [200,790 sup. ft.] This covers all the
Queen's Park property held for sale or lease except the College street cfr
Irving Walker lot. This we desire you to value at the estimate made for the
Board of Trustees by Mr. Wads worth, given in the Bursar's letter.

Upper Canada College Block.

This is to be valued on th^ biiis of the offer referred to in the Bursar's
letter.

Olhttr Prop^rti^H.

The few remaining propertiflB held for Rain or InHse wh unilerntand to be
unimportant and these may he valued at tlie Bursar's eHtiinatP.

Part of the property [lots ft3, 60, 08 and 72] for which Mr. offered

is leaHehold and will, of course, fttll under No. 3.

After arriving at the value of property No. 1 [1,213,720 Rup. ft] it will
be necessary to deduct the amount lor which lotn Noi. 10, 1 1, 23, 26, 27 and
28 were 8olJ, the mortgages or contracts for which fall under No. 4.

6. UN1VIIK8ITY Land anh Kuildinqs,

The number of superficial feet contained in the block of Unl reserved for
Universitv purposes i>i given in the memoMndum of H. J ife W. A. Brown,
property No. 3 [1,341,920 su|». ft.]. W« dnsire this also to be valued at 38
cents per su|)erticial foot.

The buildings are to be taken at the ArchitHoi's valuHtion. This will be
easily aHCfrtained in the case of the Biological and Library buildings, but the
Main building presents some difBcultied. A recent valuation by Mr. Dick
seemed too high to the TruswCes. Consult Dr. Hoskin as to this,

7. University Library Books.

An official letter from Mr. Birwick or the Librarian should be obtained
giving the value. Perhaps the last letter to the Board of Trustees giving
value for insurance purposes will be sufficient.

8. University Apparatus and Furniturr Account.

The apparatus of the UiiiverHity represents a large outlay and doubtlesa
can only he valued by consulting the various professors. ThiH slmuld be done
but any delay in obtaining the information need not interfere with the early
opening of the books.

9. Insurancb.

We desire you to make a report as to th^) suffi.-iency or otherwiHe of the
insurance now carried on all the University properties.

10. Rbtirbmbnt Fund.

We expect you to see that the septrate ledger or other book, showing the
amount of the interest of each professor or other officer in the Retirement
Fund, is properly opened and carried on hereafter.

11. Audit.

You are in your report to suggest a complete system of audit.

12. Endowment Account.

The capital arising from the variouH assets to be valued as heretofore
mentioned, due allowance being made for all other assets and liabilities, will
constitute the Endowment Fund of the University. It will be well to con-

■ider, in making the finoal iitatement at the 30th June in each year, whether
It would not \>e well to divide the aueta ropregenting this Endowment Fund
ai follow! :

Ftndowmftnt Fund.

1 Invested in buildings, apparatus, land, etc., necessary for University
purpobes.

2. Ansets producing revenue.

3. Assets other than No. 1 not producing revenue,

13. Statement or Cash B;i..NCRfl.

We also hand you the ctish balances as at 30th Juno last. The Hcoounts
do not in any case seem to require instructions from the Oomraittoe.

We hope that you will be able to undertake the opening of the new
books at once, so that thoy will be in operation when the Ohancellor returns.
He sails we understand in a few days.

Yours truly,

For the Comiuittee,

B. E. WALKER,

W. H. Crosb. Esq., F.O.A,,

Toronto.

otherwise of the

On r2th October, 1892, Mr. Cross reported as follows :

To the Board of TruiteM of the University of Toronto :

Qbntlrmen, — I have the honor to inform you that the requirements of First report oi
the report of your Sub-oommittee, consisting of Dr. Hoskin, Q.C., and Mr. Mr. Grou.
Walker, adopted by you on 31st December last, have, with the advice and
assistance of the Bursar, been fulfilled.

Capital Accounts have been 0|)ened in the Bursar's books, and the form of
accounting has been adapted to show the additional information proposed to
be embraced in the yearly returns. The details of the Retirement Fund
authorized by the order of the Lieutenant Governor in Council, dated 20th
November, 1891, are separately accounted for. The details of lands from
which revenue is derived, or intended to be derived, separately appear, and the
details of securities other than land have likewise been separately recorded.
This plan of accbunt is simple, it will lessen rather than increase the office
work which has hitherto been necessary, and no special clerical training will
be called for. The office of fimt clerk has been vacant for some time, the
duties thereof having been done under a temporary arrangement after office
hours, and the work has neceHsarily been constantly in arrear. It is desir-
able that some permanent arrangement be at once made in order that daily
transactions may be recorded from day to day, and not until after the close
of the month in which they have taken place as heretofore.

The members of the Board would be able to execute their trust more
speedily and not less efficiently if recent and sufficient information awaited
them at each meeting. A series of progress reports during the year (quarterly
or monthly) would supply this information, and hereafter the receipts and
expenditures at the same date in the preceding year would show at a glance
the fin ncial situation.

The balance sheet submitted herewith sets forth, as on 30th June last, the
totals of the various funds administered by you on one side, and on the other
the assets of which they were composed. Such a balance sheet at the close
of each financial year will be an addition to the return made to the Minister
of Education, which heretofore has consisted of a statement of cash received
and expended.

Owing to the ..bsence of past records it has been necessary to value cer-
tain assets, particulars of the various methods, which in the judgment of your
Sub-committee have seemed best, are at your service. In several instances no
valuation has been attempted, a nominal amount having been entered in the
meantime. ^r\ certain minor respects, therefore, this balance sheet does not
exhibit the actual state of matters at the beginning of the current financial
year, and it will probably be some time before this defect is altogether over-
come.

Genbrat. Endowments Fond.

The main aim of the method of accounting now begun is that of exhibit-
ing the true state of this account, and the relations to it and to Income of all
receipts and expenditures. No other fund will be changed by the adjust-
ments above referred to, and when they shall have been made, this account
will be increased. It may also be said of other adjustments, which more
accurate future information may render necessary, that it is unlikely that
their effect will be to impair this fund in any instance. No change should be
made in this account without your approval, and with this object in view
before the closing entries of each yekr are made, a statement of all amounts
affecting this account should be prepared and submitted to the Board.

The fund has arisen in four ways : (1) Proceeds of Lands set apart by
the Crown for this purpose. — The latest return shows that of the original
grant of 225,497 acres, $1,446,363.31 had been realized as the proceeds of
220,279 acres, sold up to 30th June, 1877, an average price of $6.57 per
acre. Of the 5,218 acres unsold on 30th June, 1877, only 121 acres &re now
valued, the greater part of the remainder having been realized upon. A
residue of perhaps 1,000 acres has failed to yield anything. As soon as
office arrangements admit of it, the original list (embracing some 1,500
parcels) should be examined, and a statement of the lots and parts of lots
that have produced nothing should be prepared and submitted to you with
a report from the Bursar thereon.

(2) Unexpended Revenues — Using the description in its ordinarily
accepted sense, and also attaching to it a somewhat larger meaning so that it
may embrace the unreceived earnings of investments which have been per-
mitted to accumulate in the form of increased land values to the extent which
the same amount would have earned if employed at current rates of interest,
it appears that the contribution by the University to its Genq^ %l Endowment
exceeds in amount that from all other sources put together.

All revenues unexpended at the end of each financial year pass directly
under section 22 of the University Act (50 Vict. cap. 44) to this fund. The
additions in this way have been continuous and large. During the fifteen
years preceding June, 1843, when the University was opened for the pur-
poses of education, a large part of the net revenue was directly added to this
fund.

A portion of the large advances made to Upper Canada College before the
opening of the University, equal to the revenue for four years at that period,
has, under the recent arrangements with that institution, been restored to
this fund.

Indirectly by the purchaue of books, apparatus aad other equipment, and
by the erection of buildings out of moneys received as income, considerable
additions have been made to this fund.

Investments in debentures and municipal bonds bought below par have
added $43,480 to this account since 1881, it having been the rule to treat
only the actual interest received upon such securities as income.

By far the largest addition ,0 this fund has arisen from investments, in
land from which, as in the case of debenture investments, the rule has been
to carry to Income Account the bare rentals received. The land bought as a
site more than sixty-three years ago covered an area five times greater than
that now reserved as sufficient for the present and future needs of the foun-
dation. Until recently only a small part of the remaining four-fifths has
yielded anything, so that for a long term, during which other portions of the
Endowment Fund were returning from six to eight per cent, per annum, the
capital invested in these lands, and the interest thereon, came to be repre-
sented by an increased valuation of the subject matter of the investment.

Treating the purchase of the Queen's Park lands as an investment, the
interest upon which has been yearly re-invested, then this capital has yielded
a ratn of interest approaching seven per cent, per annum. Adopting six per
cent, as a basis, and asHuming that the small portion already sold has realized
its cost, the value of all these lands, as it appears in the balance sheet of 30th
June last, is $365,197 less than cost on that day.

(3) Increaaed Land Valuea. — Any increase beyond cost computed as above
would fall under this head. Some additions of this kind there are. The unpro-
ductive lt«nds in Queen's Park, for instance, are valued at a sum which is
$152,441 more than their cost upon a six per cent, basis, but this gain is
offset by losses upon other portions to the extent of $517,638 — the main
and only actual loss arising from the 48 acres leased to the City of
Toronto, the cost of which to the University on 30th June last was
$582,768. Having regard to the fact that in lieu of rental the amount yearly
to be received is fixed at $6,000, your sub-committee selected $120,000 (the
sum which at five per cent, would yield $6,000 per annum), as the true
measure of the value of this asset. The effect of this entirely sound valuation
is, that the General Endowments Fund is presented less to the extent of
$462,768, than it would have been bad the lands leased to the city been
vf.lued upon a basis of cost price.

Other valuations upon the basis of capitalized rentals under term leases
which show present loss are different in character, and the future promises
important recoveries to the fund.

(4) Bequests, Subscriptions or Gifts other than those for specific purposes
which otherwise appear. — These have been considerable in themselves, but the
recent large contributions have been so merged in the losses by the great fire
which called them forth, that their effect has been rather to preserve the fund
from impairment than to directly increase it.

Specific Endowment Funds.

With a single exception these accounts are brought forward from the
previous books where the capital sums have always appeared, the exception
being that in one instance a farm was bequeathed. This is leased until 1910,
and the capitrilized rental has been added to ihe account as it previously
appeared.

Departmental Funds.

These are brought forward from the previous books unchanged. All are
for definite University purposes, and when so applied the entire amount of
$85,137.30 will fall into the General Endowments.

t ■

Contingency Account.

This $24,620 consists of reservations from revenues in order to shield the
endowments from impairment in case of loss upon investments.

As no loss upon debentures, either principal or interest, has arisen during
the past half century, and as the losses upon lands sold, in case the remainder
of the purcbaHO money be not paid, cannot be large, it fol'ows that practi-
cally the whole of this amount is available as against the principal money of
loans secured by first mortgage upon real property. Several losses are
expected and unforeseen losses can hardly fail to occur from securities ot this
nature, however much care may be taken ; but in view of the smallness of
arrears in interest, the amount of this reservation seems quite sufficient for ita
intended purpose.

Abnormal Receipts.

This fund is diviHible into two parts, $4,164.77 brought unappropriated
from last year, and $2,834.39 unused appropriations to various departments
for apparatus, instruments and fittings. Should the entire amount be applied
to these or similar purposes, it is evident that in increasing the value of the
equipment of the University, this amount would fall into the General Endow-
ments.

Revenue Account.

The item of $2,475.15 consists of the unexpended portion of last year's
income.

The item of $36,739.81 consists of the computed earnings to 30th June
last (interest and rentals) and may be treated as a portion of this year's
actual receipts. The introduction of these upon both sides of the balance
sheet was necessary in order to show the true state of affairs in this respect
at the beginning of this financial year.

Liabilities.

Unlike tAl the aforenamed funds these six amounts aggregating $324,-
162.92 may be regarded as liabilities. The $212,227.42 uince paid on behalf
of Upper Canada College really reduced to that extent the bank balance
shown on the other side.

The Endowment Fund to be held for the benefit of Upper Canada College
under the provisions of sections 4 and 18 of 50 Vict., Cap. 44, is to bear
interest when certain assets are realized, and such interest as may be earned
by $100,000 of the amount so realized. It would seem to follow from these
provisions that specific portions of such realizations to that extent will fall to
be allocated, and the earnings thereof either carried as received to an account
to be kept for that purpose or paid over as received. No doubt you will pro-
vide as to the mode ot procedure in due time.

The Retirement Fund just begun will steadily increase. The computations
of interest will be examined at each annual audit. In addition to this you
may deem it proper to provide that each beneficiary should either be periodi-
cally notified of the state of his account or that the account itself should be
open to hill inspection.

Assets.

The value placed upon the lands, buildings and equipment needed by the
foundations as teaching institutions is $1,217,688 85. The value of the
Museum and also of the apparatus and instruments in use in the Biological,
Chemical, Physical and Psychological Departments is unascertained, and
pending the receipt of the necessary information a nominal sum has been

order to shield the
lents.

t, has arisen during
i case the remainder
follows that practi-
priucipal money of
Several losses are
>m securities ot this
o{ the smallness of
lite sufficient for its

;ht unappropriated
'arious departments
9 amount be applied
ig the value of the
bhe General Endow-

rtion of last year's

nings to 30th June
rtion of this year's
des of the balance
airs in this respect

aggregating $324,-

ince paid on behalf

the bank balance

ser Canada College
G!ap. 44, is to bear
i as may be earned
} follow from these
extent will fall to
lived to an account
iloubt you will pro-

The computations
ddition to this you
I eitder be periodi-
Qt itself should be

lent needed by the
The value of the
) in the Biological,
jnascertained, and
inal sum has been

entered in order to open the acciunta. The value of the Library wa-« at once
obtained from an accession catalogue kept by the Librarian in which the date
of receipt of each work and how acquired is duly entered. The proposed
yearly balance sheet will oblige thn K(ursar to state the actual value ot all
assets, and some adaptation to the circumstances of each department of the
plan adopted by the Librarian would be found useful. The list of the cm-
tents of the Museum now being prepared (involving much labor) may wall
form the basis of some permanent record.

Unproductive Lands.

The greater portion of these lands are valued up)n the basij of offers made
to you and declined. That for the lauds in Queen's Park was equal to cost

. and six and one-half p^r cent, per annum with yearly rests, leaving out of
consideration charges for maintenance and cost of management. The latter is

;^ an important omission since it appears that the aggregate of th)^ yearly outlay

I for management to the end of the year preceding the opening of the University

i exceeded the capital actually invested in the land.

'■ Leased Lands.

These have been valued at the capitalized rentals upon a five per cent basis,
; so that the values are rather those of the date at which each lease was executed

than of 30th June last. 1» is evident that very different values are thus given

to lands ininif diately adjacent to each other, but in the cas-e of renewabi • leases

the method provides for periodic adjustments.

The leases in Queen's Park (44 in number) bear dttes running from I5th

September, 1862, to Ist July, 1886. The earlier 23 leases having Ist July,
r, 1872, as a wean date yield ^ve per cent interest upon an amount equal to
~ $4,883 per acre, whilst after crediting ail earnings the land ban cost $6,700
i per acre.

I The later 21 leases having 1st July, 1885, as a mean date yield five per
I cent, interest upon $9,008 per acre, but the shorter period of the higher
: rentals leaves the cost $11,830 per acre. In other words, $100 in rentals from
fl 1st July, 1872, has proved as advantageous as $185 in rentals beginning
1 thirteen years later.

I As already shown the land leased to the City of Toronto yields somewhat
A more than one per cent, upon its cost price. To two parcels of land, some

three and one-third acres in all, occupied by the Crown for other purposes, a

nominal value has been given in the meantime.

Investments.

The amounts shown have been actuarially determined. The face amount of
debentures is given ; some were bought above and others b«low par ; the actual
cost has been somewhat less than the total shown.

The date to which interest on loans was paid has been ascertained and
each m irtgagor has been notified as t.) the principil moneys due by him and
as to the position of his interest account.

University College.

No distinction has been attempted as between the University and Univer-
sity College in the Capital Accounts. The original grant to these two oorpora-
itions was one common to both. It may be that some of the bequests or gifts
now forming part of the General Endowments were intended for one or other
of the instituii ms. In the futur.-, any additions of a limited cature will of
course bf* separately shojvn, but it would bo diffijultaocarately to adjust past
additions of this kind.

The Bursar lias not included in his yearly returns receipts and expendi-
tures of Residence moneyc. The Act seems to require the inclusion in his
returns of all monetary transactions. The Residence hasbeea self-sustaining,
and the officer who has been held personally responsible for the production of
this result has reported to the College Oouncil. The system has worked well
for many years.

Insurance.

1! !

i I

The Library building is uninsured ; the other buildings are insured to the
extent of nearly sixty per cent, of the amount at which they are v i' '1 in the
balance sheet herewith submitted. The contents of the liibrary are cove-ed to
the extent of ninety-four per cent, of the present value — a very high ratio.*

In the absence of information as to the value of the equipment of the other
buildings and its disposition, I am unable to report to you as to whether
$30,800 of total insurance upon these assets is sufficient, or if the said amount
is properly apportioned or not.

Audit.

Such a complete system of audit as is contemplated in Mr. Walker's letter
of 17th August, must rest upon past regulations as to payments and the
authority therefor and such future requirements as you juay make. The
yearly appropriations limit the amount which any department cin expend and
a large proportion of each departm^^nt's r^quiremimts is in the nature of tixnd
chargfs. Payments by way of investuent or re-investment will have the
authority of a minute of the Board.

The ai'dit of receipts will be assisted by the system now introduced, the
accounts of lands and investments being in a sense self-checking.

The fees and other receipts not directly paid to the Bursar have no such
check and the audit of them will fall to l)e made in connection with the
departmental rolls and the rolls of University College.

W. H. CROSS.

Toronto, 12th October, 1892.

Library books
and Univers-
ity equip-
ment.

This report was accompanied by the balance sheet of 30th June, 1 892
subsequently approved by the Board, and which your Committee believe to
be the first approximately correct balance sheet in the history of the Univer-
sity which disclosed its financial condition. It was, however, incomplete in
some respects for want of information and is not included in this report.

The books in the Library, owing to the systematic cataloguing since the
fire, hiid been valued, but the equipment in five departments of the University ■
had yet to be valued. With the approval of the Biard this information was
asked from the Professors in charge of the departments on 26th January,
1893.

Appointment On the 6th April, 1893, Mr. W. H. Cross, RCA, was appointed as
as AudSor*for ■^"<^''^or for the Board of Trustees, and the book-keeping being now carried on
the Board. under an entirely satisfactory system, the main object for which your Com- 1
mittee was appointed, was accomplished. It was, however, thought best by
the Board that the final report of your Committee should accompany the |
balance sheet taken from the books at the end of the first year under the new
system.

* Note.— The Library building wm at this time in the hands of the contractor. It it \
now insured. T)ie unusually high insurance on the books was effected whea they were
stored in a building not of fire-proof construction.

'I'hey have, therefore, great pleasure in now being able to lay before the Balance Sheet
oard a statement of the financial position of the University in the fortii of a il^^^ ''^"''®'
itlance sheet with appendices, the relative accounts having been properly
,udited, and the assttts and liabilities as clearly set forth as possible. The
etter of instruction from Mr. Walker to Mr. Cross and the tirst report of
r. OrosB, together with the footnotes to the appendices accompanying the
alance sheet, will, they hope, be sufficient to explain matters of detail.

In the Beport of the Commission^ m of Inquiry into the affairs of the

niversity, instituted in 1848, it is stated that " an entire new set of account

ooks, framed upon correct commercial principles, was considered by them as

ndispensable, alike for the purposes of their investigation and the future

lervice ot the University." Your Committee were informed by the Bursar

hat the system of bookkeeping in use until the present change came about

as that which had been in use before the inquiry of 1848, the set of books

pened by the accountants of the Commission not having been continued by

;be Bursar. It, perhaps, answered the purposes of the University when its

iffairs were of less scope than at present, but no balance sheet taken from

hese books pretended to disclose the financial position of the University. The

k keeping was simply the machinery necessary to enable the Bursar to

ransact his share of the business of the University, not to enable him or the

Trustees to readily and accurately ascertain its financial condition. The Defects of the

defects may be illustraied by stating that no one from the balance sheet could ^u^k**" **'

tell that the University owned any land, buildings or equipments ; no one

could tell what its interest-earning investments were. Its liabilities to the

general public and to special funds were correctly disclosed, but no one could

ascertain the extent of its Endowment. If a payment was received, say from

the sale of land, it was ci^dited to an account called " Capital Account,"

and if this amount was loaned out on mortgage it was debited to this

*' Capital Account," so that, while by searching the books the record of the

two transactions could be found, the balance sheet disclosed no change in the

accounts of the University.

f Before the fire, however, and the building schemes which preceded and The extent
followed it; the consequent depreciation of the interest earning assets ; and and nature of
TT . ii. v^xvv/wo. » the complications which made necessary the Committee who prepared tbs theUnlTerBity

^Beport on Revenues and Requirements, dated April 13th, 1891 ; the old system render it ,,
jhad become quite inadequate. It seemed to your Committee, therefore, even "1''^*^**'^ *°
more necessary than it was forty years ago, that the bookkeeping of the more modern
{University, however it might differ in detail, should be " framed upon correct Bystem of
icommercial principles," and their labors have been directed to providing the book-keeping,
{machinery necessary for an institution with assets valued at several millions
>f dollars.

Your Committee recognize that there is not a complete analogy between
)uoh an institution as the University and a commercial corporation. The
[University has no shareholders who would expect to receive annually a.
iatatement shewing that their capital was unimpaired and that a dividend had
[been earned. But the Trustees are required by the University Act to pre-
lerve the Endowment from being impaired by expenditures for maintenance on
[the one hand ; while on the other, the just claims for expenditure in order to
[make the work of the University efficient, demand that the sources of income
ihall be clearly understood, and that income shall not by imperfect book-
ceeping pass to the Endowment when imperatively needed for maintenance.
If the management of the Endowment for the purpose of earning an income
is considered it will be seen that the University has interest-bearing invest-
lents amounting to about $1,400,000 ; while if the unproductive lands had
)en sold during the recent period of high prices, the sum to be administered
|<rould be about $2,500,000. Clearly the Board cannot afford to have book-
keeping less efficient than that of our loan companies.

receipts and expendi-

the inclusion in his

IS been self-sustaining,

for the production of

rstem has worked well

ngs are insured to the
they are v,il'i''f1 in the
Library are cove-ed to
—a very high ratio.*
quipment of the other
to you as to whether
or if the said amount

in Mr. Walker's letter
to payments and the
you may make. The

rtmeut cin expend and
in the nature of fixnd

ustment will liavt^ the

n noiv introdujed, the
-checking.

) Bursar have no such
a connection with the

et of 30th June, 1892
* Committee believe to

history of the Univer-
lowever, incomplete in
ed in this report.

cataloguing since the
nents of the University
d this information was
nts on 26th January,

!.A, was appointed as
ig being now carried on
5 for which your Oom-
ever, thought best by
should accompany the
rat year under the new

li of the contractor. It ia
I effected whea they were

Valuation of
the Assets of
the Univer-
sity.

Buildings and
equipment.

Unproductive
lands.

Leased lands.

Victoria

University.

Observatory.

Queen's Park
and the
Avenues.

Claim for
compensation
for use of site
of Parliament
Buildings.

Park Hospital
lands.

Lands leased
for re-
sidential and
business pur-
poses.

In valuing the asae's of the University your Committee have not found it
ensy or ndviHable to follow entirely the custom of a commercial corporation
having capital stock. The valuations of Ixiildini^s and equipment are rather
calculated to show what has been invested therein than to indicate the actual
value.

The valuations of the unproductive lands are bised, for all but a few small
properties, upon offers made for pioperties which the Board of Trustees were
unwilling to recommend the Government to ace ipt. These lands now valued
at $1,029,677 are referred to in the Report of the Ooramiitee on Revenues and
Requirements, p 3 as worth "' from one and a quarter lo one and a half
millions of dollars." Your Committee recognizing that in the present condition
of the real estate market any valuation is arbitrary, have selected a basis
which they feel is directly warranted by the action of the Board of Trustees.

The valuations most open to criticism are those placed upon the leased
lands.

The lands leased to Victoria University, and to the Dominion Government
for an Observatory, are entered at a nominal value, because as long as the
present relations between the University and the respective lessees exist, these
lands have no value to the University, but under certain contingencies,
probably remote, they would again become important assets.

The forty-eight acres or thereabout, leased to the city for 999 years from
Ist January, 1859, are entered at $120,000 which is the capital repi^seuted,
on the basis of money being worth 5% per annum, by the $6,000 per annum
paid by the city for the use of this land as a park. Mr. Gross has shown
that this forty eight acres cost the University at 30th June, 1892, taking the
original cost sixty-three yeais before and adding six per cent, interest, as
much as $582,768. The valuation of the unleased lands which are less
favorably situated shows that the increment during this period has exceeded
six per cent, per annum, in fact approaches seven pir cent. It may be urged
that inasmuch as the object which induced the authorities of the University
to give up conti'ol of this superb property was that it might be used partly as
a park and partly for avenues, the valuation is not sound, if by any breach of
the agreement the property is used partly for another purpose, and a claim
for compensation thus exists. In answer to this your Oommittee can only say
that they have not overlooked the claim upon the Province of Ontario in
respect to the land under the Parliament Buildings, which is referred to in
the Report of the Oommittee on Revenues and Requirements, 13th April,1891,
p. 3., but they are unable to suggest a value to be put on this claim.

Your Committee are also in doubt as to the true method of valuing the
property for which a lease was executed to the Park Hospital Trustees Ag
the land on which the old Wycliffe College building stands is nominally
subject to the payment of the same ground rent as was paid by Wycliffe
College during its tenancy, that parcel is valued at $2,500, although as a
matter of fact no rent has been paid. The remainder of the property leased
to the Park Hospital Trustees, being lots 8 and 9 north of College Avenue,
has been valued along with the other unproductive lands of the University.
As it is, however, encumbered with a lease which for the moment makes it
impossible either to sell or lease it for a money rental, the valuation is open to
question.

There remain the lands in Queen's Park and in the business portion of
Toronto leased for residential and business purposes, and Wycliffe College.
These are valued, as in the case of the land leased to the city, at the capital
represented by the annual rental, money being considered worth five per cent,
per annum. If the assets of the University were regarded in the same light
as those of a commercial company this system of valuing would be quite
unsound, because these leases are subject to readjustment of rent at the

have not found it
lercial corporation
lipment are rather
ndicate the actual

Eill hut a few amall

I of Tru8t«'e3 were

lands now valued

e on Revenues and

one and a half
^. present condition
ve selected a basis
ioard of Trustees.

1 upon the leased

linion Government
se as long as the
lessees exist, these
ain contingencies,

For 999 years from
tpital repQBseuted,
S6,000 per annum
Gross has shown
), 1892, taking the
cent, interest, as
Is which are less
eriod has exceeded
Et may be urged
j of the University
p be used partly as
E by any breach of
rpoje, and a claim
uittee can only say
nee of Ontario in
ih is referred to in
1, 13tb April,1891,
bis claim.

hod of valuing the
ital Trustees As
mds is nominally
paid by Wycliffe
00, although as a
le property leased
I College Avenue,
of the University,
moment makes it
aluation is open to

iisinesa portion of
Wycliffe College.
;ity, at the capital
rorth five per cent,
in the same light
g would be quite
nt of rent at the

«xpiration of fixed periods, and it is abundantly clear that these properties,
renting in the aggregate for $11,800, are worth verv much more than $236,-
080. An illustration may be serviceable. A |iroperty having a frontage
of about 107 feet and a depth of 264 feet is rented for $100 per annum for
forty two years from 1863. Thus this property is valued at $2,000. During
the recent activity in real estate its value would have been more accurately
represented by about $20,000 wiih some deduction ()erhaps for the remainder
of the present term of leasehold. It in desirable that the balance sheet should
give a reasonably accurate idea of the wealth of the University and a very
large amount of wealth is certainly hidden in the item of Leased Lands. But
your Committee were not authorized to incur the considerable expense of valuing
all these properties ; and, as long as the University owns so much unproductive
land, it seems desirable not to increase the disparity between assets and
income, alieady very large. The nominal rental paid by Wycliffe College
being $125 per annum that property is valued at $2,500.

No attempt has been made to value the right of the University to permit
owners of certain properties a. utting on one or the other of the two avenues

« leased by the University to the city, to have the privilege of entry between
their properties and the adjoining avenue. As the Board know, an important
sum was added to the Endowment this year from that source^ and large pay-
ments from tre.npassers as well as from others who have not vet sought access
to the avenues may be expected in the near future.

The Board will be able to understand from the foregoing some of the
difficulties your Committee have had to deal with in attempting to value the
assets of the University, and, in order to ensure as much accuracy as possible
in future, they suggest :

Ist. That the books, apparatus, furniture and other movable property of
the University, be re-valued at intervals of five years, or at any lesser interval
IS determined by the Board.

2nd. That the site lands reserved for University purposes and the build-
ngs thereon, the leased and unproductive lands and all other fixed properties,
e re-valued at intervals of ten years, or at any lesser interval as determined
ly the Board.

During the years 1884, 1885, 1886, 1888, 1889, 1890 and 1892 various
urns aggregating $25,000 were reserved " from revenues in order to shield
he Endowments from impairment in case of loss upon investments." No sums
ere reserved in the years 1887, 1891 and 1893. When the investments for
.ccount of Upper Canada College were taken over an allowance for losses was
ade amounting to $3,789.73, miking the total credits to Contingent Fund
28,789.73. At the close of the last fiscal year the balance of the fund
mounted to $21,898.56, loss(!S amounting to $6,891.17 having been charged
the account. Your Committee are quite in accord with the statement made
n the Report of the Committee on Revenues and Requirements, 13th April,
891, p. 4, as follows :

•' Prudence requires the retention of a yearly sum for the formation of a

contingent fund to meet possible losses on investments. To this purpose

$20,000 has already been appropriated in the course of former years ; and

' $5,000 a year should, if possible, be appropriated fpr some years to come,

I' subject to increase as the mortgage investments increase, until a full

' guaranty fund is accumulated."

The Board have before them the report of the separate committee who
Examined the interest-bearing investments of the University, and from this
feport it is quite clear that the University has not as yet nearly accumulated
[he " full guaranty " contemplated in the report referred to above — such a
luaranty, for instance, as would cover the contingency of a complete collapse
real estate values. It is also evident that the losses made since the Con-

Wyoliffe Col-
lege.

Frontage
rights on
Avenues.

Periodical
revaluation
of the Asaets
of the Univer-
sity.

Investments.

Contingent

Fund.

y^.

tingent Fund was opened largely exceed the sum shown above. This is partly
due to interest having been left out of account because of the imperfect
system of book-keeping. The further building up of this fund will depend
upon the condition of the revenues, a matter beyond the control of the Board
of Trustees. In years of redundant revenues liberal appropriations should be
made, but in years when the revenues cnn only with the greatest ditficulty be
made to meet the expenditures, the Board clearly cannot do more than
make appropriations to cover the losses which are reasonably certain.

Your Committee regret that they have been unable to place a value upon

the lease of the School of Practical Science, the rental not having yet been

arranged by the Board of Trustees and the Minister of Education ; and upon

P*y^^°j^]o»l the apparatus of the Psychological Department, owing to the resignation of

Professor Baldwin, whose successor has not yet been appointed.

Sohool of
Prootical
Science.

Apparatus.

APPENDIX 1.

Balance Sheet, June 30th, 1893.

See Funds.

2.' General Endowments Fund $3,462,681 68

3 Specific Endowment Funds 66,557 38

4. Trust Funds 67,952 75

5. Revenue Reservations 62,021 29

83,649,213 10!

Liabilitiea.

•. Upper Canada College Endowment Fund $100,000 00

7. Canadian Bink of Commerce 107,660 89

$207,660 89 1

$3,856,873 99|
Assets.

8. Site Lands $475,361 40

8. Buildings 711,647 07

8. Furniture 5,996 00

8. Equipment 135,961 93

$1,328,966 40|

9. Unproductive Lands .- $1,029,677 72

10. Leased Lands 370,591 77

11. Investments 1,] 25,907 48

$2,526,176 97|

12. Fees past due 1^30 621

$3,856,873 9^

>ove. Thia is partly
e of the imperfect
fund will depend
control of the Board
apriations should be
reatest ditficulty be
lot do more than
)ly certain,

place a value upon
■)t having yet been
ducation ; and upon
the reaig nation of
linted.

i81

152
>21

75
29
23 649 213 10

00 00

60 89

V«vt,vvw wv

$3,856,873 99

J61

547 07
J96 00
)61 93

jfil ^^R t^RR 4.0

577

591

J07

«<) KOA 17« 07

1.730 di

$3,866,873 99

APPENDIX 2.

Obneral Endowments Fund.

Amount at credit, June 30th, 1892

Additions, clerical in their nature, adjusting the then existing accounts

.$3,353,818 70
1,717 37

83,355,631 07

Addition to capitalized value of Latham property, upon renewal

of lease $20,000 00

Amount received for frontage license, Yonge street avenue. . . . 1,160 00

Balance of subscriptions to Library Restoration Fund 6 09

Amount transferred from Library Insurance Fund 1,313 50

Amount transferred from Main Building Restoration Fund .... 26,31 1 25

Interest on last three items 2,886 00

Subscriptions to Gymnasium Fund 2,402 23

Gymnasium fees paid by students 2,158 77

Interest on last two items 208 29

Addition to valuation as shown by Library Account Catalogue

during year 9,529 48

Addition to valuation of Chemical Laboratory Equipment .... 4 999 00
Addition to valuation of Museum and Biological Department

Equipment 14,063 00

Addition to valuation of Mathematical Department Equipment. 379 00

Addition to valuation of Physical Department Equipment. . . . 11,734 00

Additions— years 1892-93 $97,150 61

Amount at credit, 30th Jun«, 1893 $3,462,681 68

NoTS. —General Endowments Fund. The history of this fund is very clearly set forth in Mr. Orosi
report of 12th October. 1892, under the headinn^ " General Eadowments Fund," and the four sub-headings.

The additions to the fund during the year ending 30th June, 1893, may require a few words of explana-
tion. The first item arose from the renewal of a le.iHo, the rental being advanced $1,009 per annum, which
under the plan adopted represents an addition to capital of $20,000. The second represents a payment
made for the license to eater property fa 'Cg oa one (»f the avdnuei owned by the University and leased to
the city. The next seven items are additions to the Endowment arising from expenditures on University
property which were paid out of the variouii trust funds mentioned. The last five items result from the
valuation of the Library Book-t and the Equipment of the various departments referred to in the report.

B. E. W.

2 (U.A.)

APPENDIX 3.

Specific Endowment Funds, 30th June, 1893.

Scholarahipa :

Blake Matriculation $15,463 21

Blake Political Science 3,7fi0 00 j

Moss Classics 2.000 00

Daniel Wilson, Natural Science 2,000 00

William Mulook, Classics and Mathematics 2,000 00

Mary Mulock, Classics 2,686 30

George Brown, Modern Languages 1,121 08

do Medical Science 6,389 36

W. Ramsay, Political Economy 1,009 42

Julius Rossin, German 1,000 00

Bankers, Political Science 1,200 00

John Macdonald, Philosophy 2,030 00

Physics 2,360 00

Prince of Wales Prize 960 00

Mackenzie Memorial (application unseleoted) 16,689 2fi

A. T. Fulton do 3,106 00

Other Funds:

Starr Bequest (Farm in Caradoo Township and earnings) 3,886 96

Lyle Medal 137 80

866,567 38

NoTK. —Apart from the Starr farm the interest allowed on the above accounts, in order to provide the
Scholarships and MedalB, is at the rate of six per cent, iter annum with one exception, which is at a hif^her
rate. The average return from the investments of the University is now somewhat less than six per cent,
per annum.

B. E. W.

916,453 21
3,7fiO 00
2.000 00
2,000 00
2.000 00
2,686 30
1,121 08
5,389 36
1,009 42
1,000 00
1,200 00
2,030 00
2,360 00
960 00

16,689 2»
3,106 00

3,886 96
137 80

866,557 38

n order to provide the
n, which ia at a higher
less than Bix per ci-nt.

B. E. W.

APPENDIX 4.

Trust Funds, 30tii Junk, 1893.

Retirement Fund *6,691 31

Residoncn ExtenBion 736 13

Library Instirance Fund $47,550 89

Library Heatoration Bookn 3,648 79

Library Special German Aooount 68 68

Library Special French Account 45 00

61,313 36

Museum Restoration 3,143 71

Geological Museum 81 16

Gymnasium Outfit 210 00

Bacteriological Laboratory .. 31 71

Biological Laboratory, students' supply 82 12

Medical Faculty, Surplus Account $4,181 91

do Anatomical 709 63

do Pathological 116 01

do Therapeutical 6191

do Sanitary Science 55 00

6,123 46

Daniel Wilson Memorial 424 28

Vice-Chancellor Special Account 1 1 5 62

$67,962 76

APPENDIX 5a.

Revbnub Reservations.
Accrued Revenues :

Unpaid on 30th June, 1892, as shown in balance sheet of that date. . 336,739 81

Contingent Fund :

Amount of fund on 30th June, 1892 $24,620 00

Charget, 1892-8 :

Loss on Bidwell sale $2,000 00

do Kirkland sale 500 00

Law costs 221 44

2,721 44

21,898 66

Sevenue Account, 1892-S :

Excess of Receipti over Expenditures , 3,382 92

$62,021 29

APPENDIX 6b.

RiVBNUK, 1892-3.

ToUli of working! shown in detailed •Uteroenta.

Appropriaiiont.

Original, against current revenue 91 10,049 &9

Supplementary, do 14,769 73

Original, against abnormal receipts 5,982 85

$130,792 17

Contra.

Estimated Normal Revenue (see page four of printed report). |1 1 7,666 24

Excess in actual results 3,81 1 27

Unused appropriations :

1892-3 Ourrent Revenue $2,126 26

Against Abnormal Revenue. 1,208 01

3,333 27

Balance of Abnormal Receipt Account, June 30tb, 1893,. . . 6,999 16

Balance of Revenue, 1891-92 Account 2,476 16

$134,176 09

Amount of surplus carried to Revenue Reservations $3,382 92

APPENDIX no.

Revenue, 189 2-3.

ReeeipU.

Estimate. Actual

Page 4 of Report. Revenue.
Interest on purchase moneys :

Devonshire Place Sales 1,0G2 40 $824 1 1

Old Sales 938 56 1,10192

Interest on loans 37,880 33 39,497 02

Interest on debentures 20,052 87 19,060 63

Rents other than Park 3,493 00 5,108 72

Rents University Park 8,300 00 8,413 13

Allowance by Medical Faculty :

Rent and Maintenance Biological building 1,900 00 1,900 00

Fees— University and College 35,175 00 36,612 89

City of Toronto, payment 6,000 00 6,000 00

Transfer Fees 50 00 J8 60

Earnings of Btnk Stock 24 50 30 62

Interest on advance to U. C. College 2,679 68 2,679 58

Sundry Earnings Land 1,100 49

$117,556 24 $121,367 61

B9
73
85
— $130,792 17

— 1134,176 09
13,382 92

Actual

Revenue.

0824 11

1,101 92

39,497 02

19,060 63

6,108 72

8,413 13

1,900 00

36,612 89

6,000 00

18 60

30 62

2,679 68

1,100 49

1121,367 61

APPENDIX lid.
RiviN UB, 1 8 9 2-3.

£<»l)enditur«$.

Uriffinftl HupplamenUrjr
Appropriktions, Appropriations.

8»Urie« 881,782 89

Pouiioni • 1,144 00.

Burgar'i Office 900 00

LwwCobU 700 00.

General InoidentaU 300 00

Examiuera 6,264 70

Library Current Account 2,600 00 .

Library Building, Maintenance 926 00 .

Telephones 146 00 .

Insurances 600 00

Main Building Maintenance 4,260 00

•' " Registrar's Office 76 00

Grounds 2,200 00 .

Chemical Ddpartraent Maintenance 608 00 .

Biological Building Maintenance 1,670 00

401 98

205 84
1,708 43

102 66
666 14
176 00

3 03

340 10

270 44

27 22

64 00

Bioloi^icnl Department 425 00 .

Biological Students' Supply Fund 762 00

Physical Department Maintenance 326 00 .

Mineralo^ical and Oeological Maintenance 200 00 .

Psychological Department Maintenance 10 00.

Stationery, University 900 00

Printing. " 2,600 00

Advertising * 200 00

Incidentals " 150 00 .

Stationery, University College 126 00 .

Printing, " " 100 00

Advertising, " " 100 00

Incidentals " •' 100 00

Political Science Department 25 00

Classical Department 37 00

French Department 31 00

German Department 35 00

Italian and Spanish Department 36 00

Oriental Department 85 00

Interest on Special Funds 5,667 07

Interest on Bank Balances 6,045 33

Convocation Expenses 62 00

Special advertising 40 50

Senate Elections 200 00

Original Appropriations $110.049 59

Supplementary "

Appropriations Unused

UnuMd.

$637 47

24 00

8 41

160

771

79 73

20 82

64 06

24 89

36 00

3 01

$14,759 73

$2,126 86

Add

APPENDIX be.

Abnormal Receipts.
Amount at credit, 30th June, 1892 86,999 16

Balance at credit of Revenue Account 30th June, 1892, transferred
to this Account $2,476 15

Balances unused of Appropriations as under transferred to
this Account :

Main Building, Furniture $227 71

Chemical Laboratory, Apparatus 408 61

Physiological Department 181 76

Mathematical do , 375 15

English do 14 88

1,208 01

3,683 16

Deduct

Appropriations made as under :

Library, current account $1,039 88

Main Building, Registrar's Office 50 00

" Furnishings 887 25

Grounds 322 12

Chemical Laboratory, Apparatus 408 51

Biological Building, Maintenance 165 00

'• Department 470 00

Physiological Department, Apparatus 800 00

Mineralogical Department, Instruments 350 00

Philosophical Department, Mdntenance 585 93

" Laboratory, Instruments 180 79

Mathematical Department 704 37

English Department 1 9 00

Amount at credit 30th June, 1893

Carried back to Revenue Account

$10,682 32

5,982 85
$t,699 47
$4,699 47

86,999 16

- 3,683 16

$10,682 32

—

5,982 85

$t,699 47

$4,699 47

APPENDIX 8a.

Site Lands, Building and Contents. — June 30th, 1893.

I Area of land in use by, and set apart for use of, University, 1,302,360
square feet '■

Buildings.
Main Building and Residence $450,000 00

Museum Building 73,085 42

Biological Building 56,659 88

I Library 104,245 93

[ Chemical Laboratory 182 00

j Gymnasium 26,472 84

Y. M. 0. A. Hall 1 00

I South Lodge 1,000 00

Library, total valuation as appearing from Accession Catalogue

June 30th, 1893 $103,331 93

Museum and Biological Apparatus 14,064 00

Chemical Apparatus 5,000 00

Mineralogical and Geological Apparatus 1,450 00

Physical Apparatus 11,735 GO

Psychological Apparatus 1 00

Mathematical Apparatus 380 00

Main Building Furniture 4,000 00

Residence Furniture 1.996 00

711,647 07

135,961 93

5,996 00
$1,328,966 40

APPENDIX 86.
Insurance.

^„gtg Valuation. Policies.

Main Building and Residence $450,000 00 $256,000 00

Biological Building and Museum 129,745 30 95,866 67

Library Building and Fixtures 104.245 93 61,666 66

Gymnasium 26,472 84 16,666 67

Library (books, etc) 103.331 93 77,200 00

Main Building, Furnirure ^.000 00 1,500 00

Residence, Furniture 1.996 00 1,500 00

Biological Library and Museum 14.064 00 5,800 Oa

Departmental. Apparatus _18,5_66_0_0 _17,000_0^

$852,422 00 $533,200 00

Buildings on U. 0. Block not separately va'ued 21.5 00

Total of Policies ^"^^00 00

APPENDIX 9.

Unproductive Lands.

Unsold portion of Hoskin Avenue and Devonshire Place Survey $156,694 11

Unsurveyed block north and east of above, 596,322 square feet 217,657 53

Six registered lots, Nos. 51, 52, 64, 69, 70 and 71, west of North Drive. 91,273 50
Unsurveyed block east of North Drive and north of Czar Street,

200,790 square feet 90,351 00

Five registered lots, Nos. 3, 6, 8, 9 and 22, North of College Avenue . . 70,029 00

Upper Canada College block, between King and Adelaide Streets 392,679 58

Surveyed lots in Town of Port Hope 9,090 00

Surveyed lots near City of Belleville 1,903 00

«l,029,677 72

APPENDIX 10.
Leased Lands.

Victoria College, 220,627 square feet

Wycliffo College, 43,560 square feet

48 acres leased to the City of Toronto, valued at the rental

capitalized upon a 5 per cent, basis 120,000

1,163,875 square feet Park lands, valued as above 166,480

102,942 square feet, leased for an Observatory 1

Site of School of Science, area needed not yet ascertained

nor rent fixed 1 00

Business properties in City of Toronto 69,600 00

$ 1 00
2,600 00

00
00
00

Farm in Caradoc Township .

2,000 00

Park Ground Rents :

Past due $1,185

Ac.Tued but not yet due

City of Toionto payment

Business properties— ground rents :

Past due

Accrued but not yet due

ei,185 41

5360,583 00

4,176 00

1,600 00

300 00

2,848 36

10,008 77

$370,591 77

$156,694 11

217,657 53

91,273 50

90,351 00

70,029 00

392,679 58

9,090 00

1,903 00

$1,029,677 72

t)0

OO
00
00

00
00
00

— $360,583 00

00
00

00
36

— 10,008 77

$370,591 77

APPENDIX 11.

Imvebtuemts, 30th June, 1893.

Debentures and Municipal Bonds $351,738 68

Interest thereon past due 47 66

Accrued interest not yet due 9,301 95

Loans secured by first mortgages on real property $711,390 01

Advanced as premiums of Insurance 155 48

Interest past due 5,257 82

Accrued interest not yet due 14,402 61

Unpaid purchase money on lands sold $31,843 39

Interest past due 261 05

Accrued interest not yet due 1,508 93

$361,088 If

$731,205 92

$33,613 37

$1,125,907 48

APPENDIX 12o.

Medical Faculty: FsRS, 1892-3.

1891-2. Collections $1,700 00

1892-3. OoUectioDs 18,893 00

1892-3. Not collected 2,785 00

Less Arts Instruction portion —

65 first year $910 00

74 second year 1,110 00

$23,378 00

2,020 00

Art$ :

1892-3. Collections $8,440 00

1892 3. " 1,990 00

1892-.3. Not collected

40 00

$21,358 00

10,470 00
285 00
3,453 75
140 00
1,154 00

Law 1892-3. Collections

Medicine "

Engineering, etc "

Pharmacy "

University College. Collections 14,685 00

Library. Collections 1,468 00

Dentibtry —

1892-3. Collections $470 00

1892-3. Not collected
Music :

1892-3. Collections

1892-3. Not collected . . .

20 00

Agriculture :

1890-1. Not collected
1891-2 "

1892-3 ••

$61 00

$1,156 77

249

269

490 00

86 00

1,675 62

$.56,266 37

Year 1892-3 $52,153 85

Earlier 3,106 52

$56,265 37

APPENDIX 126.

Fees, 1892-3.

Arts .

Receipts.

Matriculation

Examination

Degree

Ad Eundem

Dispensation

Honor Certificates . .
Biological supply . . . .
Mineralogical supply
Physical supply ....
Psychological supply
Chemical supply . . . .

Law .

Matriculation
Examination
Degre«<

Medicine :

Matriculation

Examination

Practical Examination

Degree

Chemical supply

Biological supply

Dentistry :

Matriculation
I^xamination .
Degree

$210 00

5,642 00

1,47* 00

18 00

92 00

59 00

612 00

148 00

182 on

27 00
176 00

45 00

60 00

180 00

100 00

1,495 00

85 50

1,080 GO

402 00

291 25

75 00

95 00

300 00

Engineering and Applied Science

Mtuie :

Examination

Degree

Ad Eundem

Pharmacy :

Matriculation

Examination

Practical Examination .
Degree

36 00

20 00

6 00

265 00
265 00
104 00
520 00

Medical Faculty :
Total collections

University College :
Registiation . . . ,
Library . ,

J,440 00

286 00

3,453 75

470 00
140 00

61 00

14,685 00
1,468 00

1,164 00
20,593 00

16,153 CO

Actual Receipts $50,749 76

.'v.

30
[)0
QO
00
00
00
00
00
00
00
00
— $8,440 00

00
00
00
285 00

00
00
50
00
00
25

— 3,453 75

00
00
00

470 00

140 00

. 00
» 00
\ 00

61 00

) 00
) 00
I 00
) 00
1,164 00

. . . . 20,693 00

5 00
8 00
16,163 CO

....$60,749 76

APPENDIX 126.

Actual receiiits brought for>vard $50,740 76

Fees Accrued but not Paid,
Medical Faculty :

Third year $2,635 00

Second year 150 00

$2,785 00

ArtH :

Degree 10 00

Dentistry :

Degree 20 00

Music :

Degree $20 00

Examination 5 00

25 00

Agriculture :

Degree $269 10

" 1891 2 249 75

1890 1 1,156 77

1,675 62

— $4,515 62

Total Fees as above $55,265 37

The inatruotions originally given to your Com uittee were subsequently Enlarged in-
enlarged, they being requested to take into consideration paragraph 13, page c^miUee"
10, of the Report of the Standing Committee on Finance, 1891-2, which
reads as follows :

" 13. In this connection the Committee suggest that it ia worthy of con-
"aideration whether a plan should not be adopted showing in detail the
" fluctuations in, and totals of, the liquid capital of the University from year
" to year, and its condition at the close of each year, commencing at latest in
" the year 1880 and continuing the account for the future."

Your Committee have not been able to increase materially the information Comparative
aflbrded in the Report on Revenues and Requirements, 13th April, 1891, R^ei|^t^and
further than to bring it down to date and make a few additions in detail. Expenditures
They have, however, tried to recast the figures in a form which they hope 1881 to 1893,
will enable the growth of the University and the relation of its revenues to "^elusive,
its expenditures to be understood at a glance. This statement, in conformity
with the Request of the Committee on Revenues and Requirements should, in
its present or any improved form it may assume in future, be made an
ap endix to the annual ba'ance sheet.

UNIVERSITY
Statement showing Income and Expenditure

Income.

1881.

1882.

1883.

1884.

1886.

1. Interest, after deducting interest paid

2. Bents, ordinary

9 c.

54,952 60

6,316 ir

8 0.

68,126 45
6,592 60

$ c.

60,846 90

6,728 71

8 0.

1 60,166 88
6,246 76

8 c.

61,621 08
7,324 00

3. " grant from city

4. Fees (not including fees reserved for
use by Medical Faoulty)

6,596 50
423 39

6,578 50
241 78

10,761 87

10.373 08

11,673 96

6. Sundry receipt*

219 6o| 330 50

372 66

Total income

68.288 66

71,639 23

78,567 08

77,117 21

80,891 69

Note.— Amount of investments in mort-
gages, including mortgages on Park

lands sold

Amount of investments in deben-
tures

177,511 17
794,656 61

212,936 91
772,740 61
985,677 52

2.H2,767 98
749,802 61

260,298 87
751,664 61

409,520 86
626.947 61

Total as at 30th June each year ....

972,167 78

982,570 59

1,011,963 48

936,468 47

Expenditure.

1. Salaries (exclusive of Bursar's Office),
Pensions, Scholarships, Prizes, Ex-
aminers' Fees

$ c.

49,908 68

15.648 98

3,761 30

8 c.

49,498 13

14,016 31

3,380 41

8 c.

53,394 11

13,172 35

3,100 93

8 G.

64,360 11

12,016 30

3,210 31

2,500 00

8 0.

63,911 87

15,412 60

4,115 04

2,500 00

2. Maintenance, University and Univer-
sity College

8. Cost of Bursar's Office and adminis-
tration of investments

4. Additions to Contingent Fund

Total expenditure

69,218 86

66,894 85

69,667 39

72,085 72

76.939 61

NOTK.— Number of Student*, Arts

do do Medicine . .

347 i 342

320

322

348

Total number of Students

347

342

320 322 348

Cost of salaries, etc. (item No. 1) per
Student '.*.

S c.

143 82

44 80

8 0.
144 73

40 98

8 c. $ CI 8 c.
166 85 'Xio °-> '"^'f <>i

Cost of maintenance p«r Student

Cost of instruction in Art subjects per
Student

41 16
208 01

1
37 31' 44 28

188 62

185 71

wta iQ

199 19

Paid out of fees

Paid out of revenue from endowment . . .

19 01
169 61

19 23
166 48
185 71

...

33 63

174 38

32 21
173 92

33 64
165 66

188 62

208 01

206 13

199 19

NIVERSITY
1 Expenditure

OF TORONTO.

for thirteen years, ending 30th June, 1893.

17 21

98 87
i64 61

163 48

1886.

• c.

36 88

61,521 08

16 75

7,324 00

73 08

11,673 96

30 50

372 65

80,891 69

409,520 86
626.947 61

936,468 47

1 c.

9 0.

160 11

53,911 87

)15 30

16,412 60

!10 31

4,116 04

»0 00
)85 72

2,500 00

75,939 61

348

1 •

348

CI $ 0.

168 82 164 91

87 31

44 28

206 13

32 21

173 92

199 19

33 64

166 65

206 13

199 19

Income.

1886.

1887.

1888.

1889.

1
1890.

1891.

1892.

1893.

1 0.

9 0.

9 c.

9 0.

9 c.

9 0.

66,609 29

59,404 01

68.336 42

64,696 66

61,068 82

62,576 72

61,040 91

62,660 76

26,213 49

15,421 86

6,998 36

6,000 00

1,600 00

7,070 30

8,493 67

10,672 33

10,733 54

10,662 12

11,761 64

11,673 57

6,000 00

11,965 04

13,431 00

12,503 63

12,764 21

17,616 84

22,274 89

23,006 26

36,612 89

244 68

870 41

220 03

365 60

319 71

264 16

290 14

1,179 61

74,889 21

81,699 09

81,702 41

88,558 91

95,666 49

102,867 SO

102,009 87

110,766 11
144,476 96

661,211 79

675,308 10

680,496 36

688,841 43

662,101 64

631,606 16

677,632 41

744,468 01

467,353 85

442,316 19

441,068 72

430,121 93

386,812 38

392,965 24

372,156 27

361,738 58

1,018,566 14

1,017,623 29

1,021,665 07

1,018,963 36

947,913 92

1,024,471 39 1,049,788 68

1,096,196 69

Expenditure.

9 0.

$ 0.

9 0.

8 c.

9 0.

9 c.

64,631 43

63,574 14

57,664 95

62,076 15

63,740 62

71,012 80

78,662 64

86,978 66

16,766 38

13,057 91

17,036 06

18,461 43

15,961 06

14,204 30

23,756 69

24,118 64

4,413 50

3,517 77

8,683 11

4,575 04

5,053 60

3,116 38

3,979 20

6,769 41

5,000 00

2,600 00
80,884 12

2,500 00
87,611 62

5,000 00
89,766 17

88,332 48

5,000 00
111,288 43

79,701 31

70,149 82

116,856 60

336

387

381

437

601

672

679

852

237

258
695

263

285

286

280

336

387

9 c

138 43

618

764

857

965

1,132

9 c.
162 29

9 c.
93 30

$ c.
89 32

9 c.
83 43

S c.
82 86

$ c.
81 40

8 c.
76 83

46 89

33 74

27 56

26 56

20 89

16 57

24 61

21 30'

209 18

172 17

120 86

115 88

104 32

99 43

106 01

98 13

35 61

34 70

20 23

18 36

22 92

25 99

23 83

31 46

173 67

137 47

100 63

97 52

81 40

73 44

82 18

66 67

209 18

172 17

120 86

115 88

104 32

99 43

106 01

98 IS

Interest and
Rents,

Fees.

Maintenance,

BuFrtar's office.

Cost of admin-
istration per
student and
source from
which paid.

"Cost of
salaries and
maintenance
iper student.

The fluctuations in the interest and rent from 1881 to 1892 inclusive are
somewhat misleading because owing to the old system of book-keeping the
figures shown are not what was earned by the investments held during the
particular year, but such interest and rents as happened to be received during
the year. Your Committee have not worked out the percentage of interest
earned because the figures presented by the Bursar's books do not enable
them to do so.

For the same reason the first figures entered under the year 1893 opposite
interest and rent represent the actual receipts, while the second figures repre-
sent the arrears and the interest and rent accrued but not due, this adjust-
ment being necessary in order that the revenue accounts may hereafter be
pr< sented on the basis of actual earnings.

The disparity between 1892 and 1893 in interest receipts is more apparent
than real, the receipts of the first year being in excess of, and of the second year
being below, the actual earnings. During the building operations which
followed the fire the interest account gained through the Trustees having in their
hands moneys derived from insurance, subscriptions, etc., subsequently paid
out to contractors. The inequalities arising from this are not likely to appear
again.

The increase in receipts from rents in 1893 as compared with 1892 does
not represent increased earnings. The actual earnings for 1892 and 1893
were about the same, viz., about $13,500 per annum, including that received
from the Medical Faculty.

The increase in fees received in 1 883, notwithstanding a decline in the
number of students, was due to an enlargement in the scale of fees. In 1 893
there is an extraordinary advance, partly due to growth in number ci students
and partly to a readjustment of fees which is fully expUined at pp. 6 and 7,
Report of Standing Committee on Finance, 1892-3. The attention of the
Board is called to the fact that while in 1881 the fees C9mprisel only about
one tenth, in 1893 they comprise one-third of the income of the University.

While the new buildings and enlarged scope of University work have
naturally added to the cost of maintenance, a considerable part of th'^ increase
in 1892 and 1893 is due to unusual expenditure for apparatus and building
construction. In 1892 the expenditure for apparatus was about $3,700, and
1893 about $3,500. In 1892 there was also charged to one of the revenue
accounts an expenditure on the Museum building amounting to over $4,000
which could not be taken from the Endowment.

The cost of administering the Bursar's otEce for 1893 appears unusually
large because the sum of $1,140.49 due by the Upper Canada College for
its share of Bursar's services had not been paid at the close of the fiscal
year.

Your Committee have added to the comparative statements of Income and
Expenditure a note showing the increase in number of students during the
years covered by the comparison, together with the cost of administration per
student and the sources from which the cost is derived. The results of these
calculations are so interesting that it appeared to your Committee of very
great importance that such facts should be accessible to the Standing com-
mittee on Finance from year to year, either in the present or an improved
form.

It will be seen that nowithstanding the increase in salaries and other
items included under No. 1 of Expenditure, of nearly seventy-five per cent.,
the cost per student is reduced from $143.82 to $76.83. The cost of main-
tenance is reduced from $44.80 to $21.30 and the total cost from $188.62 to
$98.13.

inclusive are
[-keeping the
id during the
ceived during
];e of interest
lo not enable

1893 opposite
figures repre-

e, this adjust-
hereafter be

more apparent
he second year
rations whitii
laving in their
equently paid
kely to appear

ith 1892 doea
892 and 1893
that received

decline in the
fees. In 1 ^93
jer ci students
it pp. 6 and 7,
tention of the
se 1 only about
le University,
ity work have
of thM increase
s and building
ut $3,700, and
of the revenue
to over $4,000

BATS unusually
da College for
>a<i of the fiscal

of Income and
nta during the
kinistration per
'esults of these
mittee of very
Standing com-
an improved

ies and other
■five per cent.,
J cost of main-
•om $188.62 to

Your Committee desire to draw the attention of the Board specially to the Proportion of
still more striking results as to the sources from which the cost of administra- dentX«-fved
tiou is met. If the revenue from the Grown property forming the Endow- from Erdow-
ment is regardt-d as the proportion paid by the public towards the instruction ""•"' income
of the students, it must be gratifying to learn that 1,132 students received *" '""" ®**'
instruction in Art subjects in 1893 at a cost of $66.67 per student, as compared
with 347 students in 1881 at a cost of 8169.61 per student. It must be
equally gratifying to find that the proportion borne by the fees has advanced
from $19.01 in 1881 to ig31.46 in 1893.

Your Committee are aware that the basis of these calculations is open to
oriticinm in some respects. The fees as shown in 1893, and as far as ascer-
tainable for previous years, cover those paid not only for Lectures, but for
Examinations, Degrees, Matriculation, use of Library, Laboratory, etc., and the
aggregate is the result of payments by a greater number of individuals than
those appearing on the rolls of the University. Examination and Degree fees
in Dentistry, Pharmacy, Engineering and Applied Sciences, Music and Agri-
culture, are included, although those paying the fees are not enrolled as stu-
dents at the University. This does not, however, materially 1« ssen the value
of the calculations made.

A more important fact is the difference in the extent of the Art instruc-
tion of some of the students now as compared with 1881. The roll of 347
students in 1881 represents about that number taking the full course in Art
subjects. In 1893 the 1,132 students were composed as follows:

Students taking the complete or partial Arts course

and paying Lecture and other fees 661

Students of Federating University receiving a lesser pro-
portion of Art instruction, some of whom paid
Laboratory, Library, Ex.imination and Degree fees
but none of whom paid Lecture fees 128

Occasional students, varying in extent of instruction and

fees paid therefor 63

Medical students receiving a comparatively small propor-
tion of instruction in Art subjects, and this only by
1st and 2nd yfar students, number 155 280

Total roll for 1893 1,132

In addition to the above there were 84 students of the School of Practical
Science who received instruction in Art subjects from the Faculty of the Uni-
versity but who were not entered upon the rolls.

This complicated condition makes it evident that an exact comparison
between 1881 and 1893 is not possible. It was not, however, the purpose of
your Committee to do more than indicate in a general way that, notwithstand-
ing the great increase in the ag£;regate of expenditure for administration, the
cost of instruction per student has enormously decreased, while the propor-
tion of thac decreased cost paid by the students has greatly increased although
the fees are still so much below those of other high class universities.

Your Committee, in concluding their labors, have very great pleasure in
expressing their obligation to Mr. Cross and their sense of his intelligent and
zealous interest in the University. The thanks of the Committee are also due
to the Bursar and bis staff for information at all times promptly communicated.

For the Committee,

B. E. WALKER.