August 18th, 1850. At the first Meeting of the Endowment Board of the University of Toronto, at which the Honourable Francis Hincks, Chairman, presided, it was :—

Ordered that a classified list of all applications for purchase, lease, or otherwise (of University Lands) be prepared for the Endowment Board by its next Meeting.

Ordered, That the Bursar do lay before the Board a statement of all moneys in the Bank, or in his Office, by the next meeting, with Bank Books, and other Books and Documents.

Ordered, That the Bursar lay before the Board, at its next Meeting, a Statement of moneys received for and paid on account of Upper Canada College, between the time of passing of the University Act, (30th of May, 1849,) and the first day of January last.

August 15th. 1850.
August 19th, 1850.

At this Meeting no business of public interest was transacted.

A Statute from the Council of Upper Canada College was read by the Chairman, the same giving to this Board the general charge, management and superintendence of the property and effects of the said College.

The Board proceeded to the consideration of applications for Deeds of Property appertaining to Upper Canada College, and ordered that the various Deeds be executed.

Ordered, That an account be open with the Bank of Upper Canada, for Upper Canada College, and that the sum of Seventy-five pounds, Fifteen shillings and Three pence, (£75. 15 3) being the amount of a balance which appears at foot of account, now rendered by the Bursar, of moneys received by him between the passing of the University Act, on the thirtieth day of May, 1849. and the first day of January 1850, be placed to credit that account.

Ordered, That an account be laid before the Board of all moneys received by the Bursar, on account of Upper Canada College since the first of January 1850, to the present time, distinguishing the amount of principal and interest and rent, and any payments that may have been paid by him on account of the same.

Ordered, That Joseph C. Morrison, Esquire, one of the Members of this Board, do prepare a draft of Deeds and Contracts for the sale for Upper Canada College Lands, and that he get two hundred and fifty copies of such Deeds printed, and five-hundred of "Contracts of Sale."

August 22nd, 1850.-A statement of moneys received and paid by the Bursar since the first of January, 1850, to the Twentieth of August, 1850, for account of Upper Canada College, was laid before the Board by the Bursar.

Ordered. That the balance of receipts and disbursements of Upper Canada College amounting to Six Hundred and fifteen pounds, thirteen shillings and ten pence (£615.13.10.) be placed in the Bank of Upper Canada to the credit of the said College, and that the Chairman do give his cheque, or order, to the Bursar to draw such amount from wherever it may be, and so place it; and that a like order be given by the Chairman for the balance of Seventy-five pounds, fifteen shillings and three pence, (£75.15 3,) due to Upper Canada College, as per statement rendered by the Bursar at the last Meeting.

Ordered, That the account to be opened in the Bank of Upper Canada shall be in the name of the Principal, Masters and Scholars of Upper Canada College and Royal Grammar School." Mr. Joseph C. Morrison laid on the Table the printed form of Deeds for the conveyance of the Lands, etcetera, of Upper Canada College, and the same was approved by the Board.

August 26th, 1850. The Bursar stated, with reference to this Board's order to place the sum of £615 13s. 10 to credit of Upper Canada College in the Bank of Upper Canada. that he had been directed by the Chancellor of the University to defer so doing, until the Senate decided the question, on his laying the order before them. .

August 29th, 1850-Ordered, (on a Letter to the Bursar from the Assistant Provincial Secretary) that the Bursar do receive and acquit the Warrant for the sum of £1,111 2 2 voted to Upper Canada College by the Legislature, and place the same to the credit of Upper Canada College in the Bank of Upper Canada.

The Bursar submitted a Letter from the Cashier of the Bank of Upper Canada, dated the 23d of August, Instant, relative to Debentures to the amount of Nine Thousand Eight Hundred pounds, (£9,800,) and it was

Ordered, That the amount of the said Debentures be received by the Bank and placed to the credit of the "Chancellor, Masters and Scholars of the University of Toronto," in an account to be opened under that head.

Ordered, That the Bursar do write to the Commissioner of Crown Lands, to ascertain whether descriptions will be issued from his Department for lots of Land belonging to the University of Toronto and Upper Canada College, as they may be required by this Board.

September 2nd, 1850. The Bursar submitted a Letter from the Cashier of the Bank of Upper Canada, on the subject of certain Debentures therein mentioned, referred to this Board by the Senate, on the 31st ultimo, and it was, thereupon:

Ordered, That the Bursar do forthwith act upon the order of this Board, passed in relation thereto at the last Meeting.

Ordered, That the Bursar do write to the Council of Upper Canada College, requesting that the Council have copies to the Case submitted to Counsel on behalf of the College, on the subject of the sums claimed to be due to the College, and also the duties of the Endowment Board, with the opinions thereon, transmitted for the use of this Board.

September 5th, 1850. No business of public interest was transacted at this Meeting.

September 9th, 1850-Ordered, That all charges for the joint management of the Property of the University of Toronto and Upper Canada College, be paid, in the first instance, out of the funds of the University, and subsequently apportioned, (as shall be hereafter determined,) between the University and Upper Canada College.

Ordered, That a Book be procured by the Bursar, to be called " 'Authority Book," in which shall be entered all Statutes, Rules, and Orders passed and adopted by the Senate of the University of Toronto, or the Council of Upper Canada College, for the direction of the Endowment Board, as the same shall be, from time to time, passed and adopted.

The acting Chairman laid on the Table a Communication from Upper Canada College Council, enclosing copies of the Case submitted to Counsel and their Opinions thereon, as requested by this Board.

September 12th, 1850. No business of public importance was transacted at this Meeting, September 16th, 1850. The Statute authorizing payment to the Clerks of the Commissioners of Inquiry was laid on the Table by the Bursar, with the Certificate from the Chairman of the Commission, that £110 was due to the Clerks. which sum, under the authority of the said Statute, was ordered to be paid and be charged to the Joint Management Account.

Ordered, That the balance standing in the Books of the Bank of Upper Canada to the credit of the Council of King's College be transferred to the account of the Chancellor, Masters and Scholars of the University of Toronto," and that the Bursar do forthwith communicate this order to the Bank, and that the Chairman and the Bursar do sign all cheques to be drawn on this account.

Ordered, That the Bursar do lay before the Board a de'ailed Statement of the payments made to the Officers of King's College by the Commission of Inquiry, with the vouchers authorizing such payments, and the receipts therefor.

September 19th, 1850. Ordered, That that the Bursar do transmit to the Commission of Inquiry, the list of payments made to the Commission, with the request that the Commission will furnish this Board with a memorandum opposite to each item of the purpose for which the money was applied, in order that the Board may credit, and allow the same, in accordance with a Statute of the Senate of the University of Toronto.

A Communication was received and read from the Principal of Upper Canada College, on the subject of the claim of Upper Canada College on the University for rent for the Upper Canada College Boarding House, expressing the willingness of the Council that the question should be submitted to arbitration.

September 23rd 1850. Ordered, That the amount required for the payment of the salaries due on the first of October to the Professors of the University of Toronto and Principal and Masters of Upper Canada College, be laid on the Table with the authority for the same.

Ordered. That the Senate be requested to transmit tor the use of this Board, the opinions of Counsel on the Case submitted, in reference to the claim of Upper Canada College and of the powers of the Endowment Board.

Ordered, That the Solicitor be directed to apply to Mr. J. E. Small, the late Solicitor, for all Papers and Documents in his hands connected with the late University of King's College, and for a Statement of Account between him and the University up to the period of his resignation, and that the Solicitor do communicate the result to this Board, as early as possible.

Ordered, That all payments of costs that may be made hereafter on account of the University, or Upper Canada College, be paid through the Solicitor of those Institutions respectively.

September 26th 1850. It was resolved that, in the opinion of this Board, the Lot on the corner of Church and Adelaide streets, Toronto, would be a most suitable one, on which to erect a Building for the Offices of the University and Upper Canada College, and the Board, strongly recommend to the Senate of the University to appropriate a sum of money not to exceed One Thousand pounds, (£1,000), to be expended on the erection of a Building, upon Upper Canada College giving the Lot in question for the purpose.

September 30th, 1850. The Bursar laid on the Table a certified detailed Statement of the expenses and amounts paid on account of the Commission of Inquiry which was audited and allowed, except the sum of One Hundred and Twenty-five pounds, (£125), paid to

the late Mr. John Wetenhall, one of the Commissioners. The accounts was ordered to be charged to the Joint Management Account.

The subject of the transfer of the balance due by the University to Upper Canada College, having been taken into consideration, it was resolved that such balance be at once transferred, without prejudice to the claims of the University, either in Law, or in Equity, to such money, or any other moneys arising from the same sources.

October 3rd, 1850. No business of public interest was transacted at this Meeting.

October 7th, 1850. Ordered, That the Bursar lay before the Board the names of the Gentlemen and others employed in his Office, with a Statement of the amount of their Salaries and Allowances, with the dates of their appointments and by whom made.

Ordered, That the Bursar lay on the Table a Statement of the amount (and the resources) of the University, Annual Income for next year, with the charges against the same. October 10th, 1850. The Chairman called the attention of the Board to the Order of the Board, that Twelve Thousand, Five Hundred pounds, (£12,500,) should be invested in Government Securities,-action on which had been deferred to enable him to make enquiry regarding the Montreal Harbour Debentures. These Debentures he had ascertained were payable in London, and the price asked was 85, payable in currency at 12 per cent. exchange.

The Board, being of opinion that it was not expedient to purchase on these terms it was, Ordered That the Chairman sign a cheque for the £12.500, in favour of the Receiver General, with a request to him that Debentures to that amount, payable in ten years, in sums of £500, each, with interest at 6 per cent., with coupons, as authorized by the Act of last Session for raising £30,000, on the credit of the Upper Canada Building fund.

Ordered, That the Bursar prepare a list of the Mortgages held on account of the University, with the arrears of interest due thereon, and also a list of the property purchased on account of the University, with a Statement shewing what portion thereof is under rent and what arrears of rent are now due.

October 14th, 1850. Ordered that the Bursar do obtain from the Receiver General a Debenture for £500, of a similar character to those ordered for investment for the University for investment, for Upper Canada College, and that a cheque be issued for the same.

October 17th, 1850. The Bursar informed the Board that he had received from the Receiver General, under the orders of the Board. Debentures on the Upper Canada Building Fund for £12,500, for investment for the University, and £500 for Upper Canada College, which he had lodged with the Bank of Upper Canada.

Ordered, That the Solicitor be instructed to take proceedings against Mr. J. E. Small, the late Solicitor, to recover any amount that he may have collected for the University, and that remain unpaid, should he not be able to obtain from that Gentleman a satisfactory account and settlement of the claims of the University.

October 21st, 1850. The Bursar laid on the Table the Opinions of Counsel, by order of the Senate. No other business of public interest was transacted at this meeting of the Board. October 28th, 1850. No business of public importance was transacted at this Meeting. November 4th, 1850. No business of public interest was transacted at this Meeting. November 11th, 1850. Read a communication from the Secretary of the Senate, enclosing the Endowment Statute No. 10, which regulates the business and proceedings of the Board. Ordered, That the Solicitor be requested by the Bursar to lay before the Board of Endowment a Draft of the Bond to be executed by the Members of the Endowment Board.

November 14th, 1850. Ordered, That the Communication from the Treasurer of the Law Society, with the instrument enclosed be sent to the Solicitor, and that he be directed to report thereon to the Senate of the University, and that the Bursar do communicate this Resolution to the Secretary of the Senate, and also that it is the opinion of the Board that it would be advisable for it to open a negotiation with the Law Society for the purchase of a right of way to the University Grounds.

The Bursar laid on the Table a Schedule of the Investments of the University property. He was directed to write to the various parties from whom rents, or interest, are due, requiring payment of all arrears of rent and interest, by the first of February next; and that, if not then paid, any instalments, or principal money, due will be also required.

November 18th, 1850. No business of public interest was transacted at this Meeting. November 21st, 1850. No business of public interest was transacted at this Meeting. December 2nd, 1850. The Draft of Bond to be executed by the Members of the Board was considered and sanctioned; and, it was,

Ordered, That the names of the Sureties of each Member be submitted to the Board for the purpose of being communicated to the Senate.

December 5th, 1850. The Bursar, having laid on the Table a Statement of Principal, Interest and Rents due on Block D, the property of Upper Canada College*

Ordered, That the Bursar do write to the several parties in arrears of Interest and Rent, and require the payment of the amount due, by the Seventeenth of February next, otherwise proceedings will be taken against them.

December 9th, 1850 Read a Communication from J. Lukin Robinson, Esquire, proposing to give up certain rights of way into the College Avenue on the consent of the University being obtained to the continuation and opening of Park Lane into the Eastern College Avenue. It was

Ordered, That the Letter be transmitted to the Senate, with the recommendation of the Board that the same be acceded to.

The Board received a Statute from the Senate, respecting the resignation of, and a gratuity to the Bursar.

Ordered, That the Bursar do furnish the Board with the several dates when his accounts were audited by the late Council of King's College, and the Resolutions passing such accounts, and that he preface his accounts from the first of January, 1848, for examination and audit by this Board.

December 11th, 1850. No business of public interest was transacted at this Meeting. December 18th, 1850. No business of public interest was transacted at this Meeting. December 19th, 1850. Read the Report of the Solicitor on the subject of the accounts of Mr. J. E. Small, the late Solicitor. The Report was allowed to stand over, until information be obtained, in reference to certain accounts relating to Upper Canada College, which the Bursar is directed to apply for.

December 23rd, 1850. There being no quorum present, no business was transacted.

December 26th. 1850. A letter was read from the Secretary of the Commission of Visitation, requiring information as to the probable amount of the Income fund of the University that remains after paying all salaries and appropriations for the present year. After examination, the Board estimated the amount at £2.500,0,0, and directed the Bursar to write to the Commission to that effect.

December 27th 1850. The examination of the Bursar's accounts was completed, and the following Report was adopted by the Board and directed to be transmitted by the Bursar in time for the next Meeting of the Senate :

The Board of Endowment, in pursuance of the directions conveyed to the Board under Statute, Number Sixteen, passed by the Senate of the University of Toronto, have made a careful examination of the account of Henry Boys, Esquire, Bursar with King's College, Upper Canada College and the present University, and submit the following Report for the consideration of the Senate:

On the examination of the Books of King's College they found that the accounts of the Bursar had, from time to time, been audited by various Committees of its Council, and that such audit had been carried down to the end of the year 1847, and the accounts approved of. This Board, therefore, did not consider it necessary to make a further investigation of the accounts, extending over the same period, as the competent authorities of King's College had pronounced upon those accounts and given them their sanction and approval. The Board, therefore, commenced the examination with the month of January 1848, and have carefully gone through all the cash accounts down to the present time, and have found them to be uniformly correct, the balances have all been tested, the Bank Books examined and Vouchers produced for all items of expenditure, and the Board are enabled to report to the Senate that the accounts are perfectly correct and satisfactory.

TORONTO December 27th, 1850.

J. HILLYARD CAMERON.

JOSEPH C. MORRISON.
GEORGE P. RIDOUT.

December 30th, 1850. The Bursar laid on the Table a Resolution from the Senate that the Report of this Board respecting the Bursar's accounts was received and that the statement therein contained was satisfactory. At the same time was read a Letter from the Bursar, resigning his office. Whereupon, the Board accepted his resignation, and ordered the payment of £750 to him.

Ordered, That Alan Cameron, Esquire, be appointed Bursar, and Secretary of this Board, in the room of Doctor Henry Boys resigned.

Ordered, That security to be given by Mr. Cameron, be as follows:-to Upper Canada College, himself in £1,000 and two sureties in £500 each ;-to the University, himself in £1,000, and two sureties in £500 each,

....

December, 31st, 1850. The Secretary brought before the Board, a Letter from the Provincial Secretary, informing the Board of the allowance of two Statutes by the Governor General, passed by the Commissioners of Visitation for the University of Toronto and Upper Canada

*Block D was that portion of land lying north of St. James' Cathedral. See pages 30, 31 and page 212 of the Third Volume of this Documentary History.

College, and transmitting copies of the Statutes which provided for compensation to certain Professors, and affixed the salaries of the Masters and Officers of Upper Canada College.

Read a Communication from Upper Canada College Council, with copy of Resolution of the Council, affixing the sums to be paid to certain Masters and Officers in accordance with the Statutes passed by the Commissioners of Visitation.

NOTE. Reports were also prepared by the Caput and by the Visitation Committee of the University of Toronto; but, as these Reports embody in substance that which has already been included in the preceding Reports of the Senate and Endowment Board of the University, they are not reproduced here.

CHAPTER X.

REPORT OF THE COMMISSION OF INQUIRY INTO THE
AFFAIRS OF KING'S COLLEGE, 1850.*

The Commissioners, in that portion of their " Final Report into the Affairs of King's College University and Upper Canada College " relating to 1850 and later, say :

As it was found that the system of annual balances, instituted at the commencement, and carried out until the end of the first period of inquiry, 1828-1839, (say for twelve and a half years), had now become inexpedient from the great increase in the number of accounts in existence, and the length of time required for the transcriptions and additions, the precautionary checkings for the avoidance of errors, and subsequent tedious and harassing searchings for trivial discrepancies, added to the fact, that the King's College accounts for each year were interlocked with those of other years, antecedent, or following, so that the exhibition of them in separate annual periods could not be regarded as a reliable exposition of the affairs of the Institution for the particular portion of time which they purported to represent, the Commissioners, with a view to the more early completion of their inquiry, already protracted beyond their expectations... decided upon embracing the whole of the second period, extending from Colonel Wells' retirement to the 1st January, 1850, nearly ten and a half years, in one general account, to be completed in one balance; intending to append to it, for the information of the University authorities, a general summary, which, for all purposes of fiscal administration, would meet their requirements.

It is with much regret that the Commissioners, in giving the present detail of the general course of their proceedings, find themselves called upon to complain of the serious obstructions cast in their way by the University Senate, on two occasions, by which not only the progress of the inquiry has been retarded, but the very continuance and completion of it, rendered almost impracticable. . . .†

From an examination of the Statute of Appointment, it will be perceived that no provision was therein made for the defraying of the current expenditure of the Commission. This defect in the Statute proceeded from an imperfect apprehension of the extent and character of the labour devolved upon the Commissioners, it can be regarded only as proof of the imperfect knowledge which the King's College Council had of the real state of the accounts; and, so far from this misapprehension, as to the formidable extent of the work, and consequent large expenditure in its completion, being entitled to consideration, as a legitimate reason for the discontinuance of the inquiry, the Commissioners have regarded it as a most conclusive proof of the very contrary.

* See Chapters I and XI of the Eighth Volume of this Documentary History, (pages 1 and 202).

+ See Chapter VIII of this Volume, page 122.