When the academic year 1893-94 opened, the Corporation found themselves in face of a deficit of $25,181.26 in the University, College and Library account, these three departments being really dependent on the College proper. Moreover there had been a deficit of $6,432.88 in the same account for the year 1891-92. The other departments gave no occasion for special anxiety; but it was obviously necessary to curtail expenses in the departments dependent on the College. Salaries could not be reduced either in number or amount; for all engagements with teachers annually appointed had been made in the preceding spring or early summer. Indeed, the total of salaries in the University, College and Library account was larger in 1893-94 than it was in 1892-93 by the sum of $14,687.75. The Corporation immediately addressed themselves to the reduction of expenses, selecting those ways which were least likely to impair the efficiency of the institution. The success with which the needed reduction was effected may be seen in the Treasurer's Statement given below. "After adding the income of the Stock Account to its capital to make good in part former deficits, there has been a deficit for 1893-94 of only $518.54." The main items in which the reduction was effected were University expenses, repairs of College edifices, general College expenses, summer schools, and Library expenses. In these items alone the reduction amounted to more than $24,000. In spite of the prevailing depression of business during the year, the income of the University from invested funds declined only very slightly, and there was considerable increase of tuition fees. This increase in the College alone amounted to nearly $14,000. The reductions were felt by the instructors in three directions: Most of the appropriations for collections and laboratories were reduced by 20 per cent; the amount of printing done for the benefit of their classes were sensibly reduced; and the amount paid for assistants to instructors, outside the salary list, was diminished by 40 per cent.
Interest on Funds for '93-94. '92-93.
University Salaries and Expenses, $32,431.67 $39,970.69
Library Salaries and Expenses (not books) 26,236.54 25.764.20
College Salaries and Expenses 41,686.21 39,208.65
College Term Bills 319,728.18 306,442.52
Sundry receipts, as follows: -
Gifts for Salaries and Expenses $4,875.00 $4,250.00
Use of buildings (not University houses and lands) 2,217.00 1,478.83
Laboratory and other fees 29,073.70 23,882.21
Sales of catalogues, pamphlets, etc. 2,345.36 2,518.95
Unexpended appropriation returned 33.50