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6. The sum set apart by the Governors from attendance fees remitted by them now amounts to £800. It is intended immediately to devote the annual interest of this sum in some way not yet determined to the benefit of the College, probably by the establishment of a scholarship or scholarships in modern languages. 7. It may not be generally known that a by-law of long standing limits the aggregate annual holidays of the College to ten weeks. In view of the common tendency to the undue multiplication of holidays, the Governors deemed it not inappropriate to direct the attention of the new Principal on his entering on his duties to this rule. 8. A balance amounting to £550 accruing under the Education Loan Act of the Province of Nelson, which had become due to the College, has during the past year been handed over by the General Government, and, as will be seen from the balance-sheet, has been added to the College endowment. 9. The exterior lining of the fabric of the College has, so far as found necessary, now been replaced ; and the Governors have at an outlay of about £250 effected such repairs to the structure as they hope will render it fairly tenantable for many years. 10. The Governors, after due consideration of a communication from the Chancellor of tho University of New Zealand, inquiring what steps, if any, had been taken by them to establish a School of Medicine in connection with the College, have replied that they did not contemplate taking any action in that direction at present.

List of Scholarships and Holders.

Abstract of the Eeceipts and Expenditure of Nelson College for the Tear ending the 31st December, 1877.

Scholarships. Tenable for Amount. Obtained. Name. Expires Vewcome tichmond Stafford ?ell foundation —1st Classical ,j 2nd „ „ 3rd „ 1st Mathematical... „ 2nd „ „ 3rd „ Provincial —Town 3 years 2 „ 3 „ 3 „ 2 ", 2 „ 2 „ 2 „ 2 „ 2 „ 2 „ 2 „ £ s. d. 24 0 0 24 0 0 20 0 0 16 0 0 20 0 0 10 0 0 5 0 0 20 0 0 10 0 0 5 0 0 12 10 0 12 10 0 52 10 0 52 10 0 52 10 0 52 10 0 52 10 0 52 10 0 Christmas, 1877 ," 1876 11 -> 1877 n >i it a a n ii ii Atkinson I Fleming ... Harkness... Harkness... Mclvor I... Lowe Wither III Watson ... Evans Buckeridge Barltrop ... Allen Hoult ... Thompson Bullard ... Kelling ... Mclvor ... Emerson ... Christmas, 1880 1879 !, 1878 M .) )I JJ it n 11 11 j) .) ii n "„ 18.9 ,, Country ... ',', 18.6 ", 1878 ,, ,, jj jj ',', 1877 " 1879 ,, ,, „ Marlborough ',', 1876 1877 " 1878 1879 ,, „ R. Pollock, Secretary.

Receipts. Expenditure. £ s. d. £ s. d. interest on loans ... ... 810 7 0 leceived from endowment property 392 15 0 1,203 2 0 Boarding Receipts — First quarter, 41 boarders ,..~) 3 day „ Second ,, 46 boarders _., " A H ay 't '• I- ... 2,130 14 0 Third „ 45 boarders 7 day „ Fourth „ 46 boarders 6 day „ ...J Cuition Fees — First quarter, 71 pupils ...") Second „ 78 „ ... f sfi , ,, „ Third „ 81 „ ...f - 863 13 6 Fourth „ 81 „ ...) N\B. —There are nine free scholars in addition to above. £ s. d. Boarding expenses ... ... ... 1,935 12 0 Principal and Masters'salaries and fees ... 1,395 10 C Physical science and lectures ... ... 90 0 C Drill Instructor ... ... ... 21 0 C Books and stationery ... ... ... 59 17 11 Repairs and upkeep of College property and furniture ... ... ... ... 377 13 5 General and Incidental — Insurance ... ... £46 16 3 Audit expenses ... ... 6 6 0 Advertising and printing ... 46 19 6 Examination fee ... ... 10 10 0 Secretary ... ... ...160 0 0 Office rent ... ... ... 15 0 0 Water rate and Fire Brigade ... 19 3 0 College sports and Cricket Club 10 0 0 Inspection and valuation of damage by floods ... ... 4 4 0 Sundries, stamps, &_. ... 10 6 3 Town rates... ... ... 11 10 0 Stationery receipts ... ... ... 35 0 0 Set receipts from scientific lectures ... 18 6 4 Subsidy from New Zealand University from December, 1874, to August, 1877 ... 790 13 7 Amount to credit, 1st January, 1877 ... 199 12 6 340 15 C Foundation scholarships ... ... 65 0 C Endowed scholarships ... ... ... 72 0 C Exhibitions ... ... ... ... 247 10 C Balance to credit of 1878 ... ... 636 3 7 Total ... ... ... £5,241 1 11 Total ... ... £5,241 1 1] We hereby certify that we have examined the above acci thereto, and find the same correct. mts, and compared them with the several vouchers relating H. C. Daniell, 1 . __.. J. T. Catlsy, j Audltor8'