IN the hope of encouraging subscriptions, and more especially as an appeal for ready payments of the amounts already promised to Mr. Harwood, I beg to submit some explanation of the finances of the University Boat Club. For a series of years the system of expenses has been simply an arrangement of debts, so that the beginning of each year has of necessity presented a call for help to free the club from old obligations rather than make any provision for the wants of the new season. Beginning in 1874 with a debt of some $2,500, the club has been carried forward, each year keeping a representation at the Regatta, and the last year laboring under the unusual expense of two races, each requiring different boats and arrangements. The boat-builder's bills alone were nearly $2,000. Since then many changes have been made, greatly to the interest of the club, noticeable among them being the transfer of the boat-house property. At this time the management takes perhaps a justifiable pride in presenting the following statement, showing the club to be to-day:-

Dr.

To Balance due T. Fearon $75.00

To Balance due J. Blakey 272.50

To Amount due William Bond & Son 44.00

To Advance Rent due the University 405.99

------------

$797.49

Cr.

By Amount due from rent of rests $175.00

By Amount due from Class '79 75.00

By Amount due from Pawtucket Boat Club 75.00

By Cash on hand 87.99

By Net debt due to-day 384.45

------------

$797.44

The last item credited as net debt is provided for by unpaid subscriptions to the amount of $1,347.50, as shown by the Treasurer's list; thus showing a balance of assets over all present liabilities of $963.05, which amount properly should stand to-day as cash in the Treasurer's hands. The probable expense for the coming race with Yale may be put down as $1,500, which should cover all the cost of boats, training, &c., for the crew themselves show a determination to the strictest economy. To meet this outlay of some $600 we have the promise of theatricals and some little help from graduates. It remains now largely with the gentlemen whose names are still held on the subscription-lists individually to come forward with their payments, and by such help enable us to close the boating season with the club not only free from any debt, but with a balance in its treasury for another year's beginning. This is a position perhaps never held before, but now very easily within its grasp.

GEORGE F. ROBERTS,Treasurer H. U. B. C.