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SAPIENTIA ET DOCTRINA STABILITAS

of the College have for twenty three years been assisted in their
efforts to diffuse a knowledge of Literature, Science and Arts
in accordance with one of the designs for which the Royal
Charter was obtained. That this grant, which since 1859 has
been the sum of $5000 a year, has always formed an import-
ant part of the revenue of the College, and since the loss occa-
sioned by the suspension of the Commercial Bank it has been
found necessary, even with the this aid, to strain the finances of
the Institution to the very utmost in order to meet the expenses of
the Faculty of Arts, to which the grant has ever been exclusively ap-
plied."

"That it has become manifest to the Trustees that it
is impossible to continue the Arts Faculty in its present
state of efficiency unless a sum equivalent to the grant
now refused by the Legislature of Ontario be annually
placed at their disposal, for, in their opinion, no material
reduction in the efficiency of the Institution can take place
with the view of diminishing expenses, without seriously
impairing its status and usefulness, and that therefore im-
mediate steps must be taken either to raise an adequate
endowment, which, in the opinion of the Trustees,
would be the right thing to do, or to discontinue the

1868-1869