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    The Committee regrets the necessity which will compel the Board in future to withhold the appropriations which have usually been made, for the purchase of Books and Apparatus, and even then anticipate some difficulty in bringing the expenditures within the receipts as the following estimate will show.
    Permanent income
    Tuition $6000.00
    Dividends 8000.00
    Total $12000.00

    Permanent Expenditures
    President Salary 2200.00
    4 Professors 5600.00
    2 Tutors 1400.00
    2 ... Gr. School 1600.00
    Secretary + Treasurer 650.00
    College Servants 125.00
    aggregate $11575.00
    leaving a balance of $425 only to meet contingencies and appropriations for chemical agents and tests and scientific periodical works.
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