Repository: UIHistories Project: Board of Trustees Minutes - 1871 [PAGE 72]

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64 The estimated income for next year, from all sources, is $41,426.80. The estimates for the current expenditures have been placed in the hands of the Finance Committee, and will be reported by that committee with such modifications as they inay deem necessary. A considerable increase of the appropriation for the expense of instruction will be needed, to meet the expected increase in the number of the Faculty. A large amount of our funds has remained invested in six per cent. State bonds. This amount can be quite safely invested in good county bonds yielding ten per cent. I submit whether the increase of the wants and expenses of the University do not require an immediate change to be made in these investments. The increase of the taxes on our lands in Minnesota and Nebraska will be noticed as &n indication of the increasing value of these lands. Information received from private sources confirms this inference, and the time is approaching when active measures should be taken to bring them into market. It will be recollected rhat we have still on hand scrip for 25,000 acres to be located or sold. A new effort ought to be made this season to secure the location of this scrip. The progress of the new Pacific Railroads will open some very desirable lands for location. The inventory prepared by the Bookkeeper gives the present gross assets of the University to be as follows:

Real estate Personal property, including all apparatus Wild lands located with scrip Funds invested $139,150 65,600

I suggest that the funds for the several practical departments—as the Agricultural, the Horticultural and the Mechanical—be charged directly with all salaries and expenses attending them, and credited with all proceeds coming from them; and that no amounts be appropriated to them from the general fund, except to meet deficiencies. Their accounts will then show, constantly, the actual profit and cost of each department, and will induce an economy not at all promoted by our present form of accounts.

AGRICULTURAL DEPARTMENT.

The work in this department was under the charge of Prof. Bliss till the first of September, when his resignation took effect. The crops were generally fair and some of them excellent, though the excessive dryness lessened the yield in many cases. A statement of crops raised and harvested will be appended to this report.