Besides the income stated above, the following sums are invested in Government securities :

1st. A sum amounting to about 10,000l., the interest of which is appropriated by will of Mrs. Williams to the improvement of our small livings.

2nd. A sum amounting to about 20,0007. on Domus Account, being the aggregate of sums reserved from rents. But of this, about 5000l. arises from coal-mines in Northumberland; the proceeds from which have not been divided by the Society, but have been reserved with a view to future improvements. The balance, about 15,000l., has been funded and left to accumulate, by its own interest and by further yearly allocations, as specified above, for the benefit of Domus.

3rd. There is an annual income of about 907. arising from Caution monies, and this is likewise allowed to accumulate.

4th. There is also an annual income of about 50%., besides the allocations mentioned in the above statement, arising in part from payments of members of the College and appropriated to the Library, and a similar annual income arising wholly from payments of members of the College appropriated to the Chapel.

2.-Revenues of Merton College, Oxford.*

The property of the College consists principally of manors, of freehold lands and houses, and of tithes, or tithe-rent charges.

The freehold lands and tithes are, for the most part, let on leases for terms of 21 years, reserving rents in corn and

* Evidence, p. 318.

money, and renewable every seven years on payment of fines.

The freehold house property is similarly dealt with, except only that in such cases the terms are 40 years, and the period of renewal after the expiration of 14.

The fines on renewal are set on the principle of the College taking, in the case of lands or tithes, renewed for 21 years after the lapse of 7, one year and three-quarters' purchase, and in the case of houses, renewed for 40 years after the lapse of 14, one year and one-quarter's purchase, of the estimated rack-rent value of the estate, after deducting the amount of the reserved rent.

The remainder of the freehold lands and houses are let at rack-rent, and the remainder of the tithes are in the hands of the College, with the exception of such portions of the latter as, being customarily granted in augmentation of ecclesiastical benefices, form no addition to the disposable income of the College.

The copyhold property, held under the College as lords of its several manors, is either of inheritance, on lives, or for terms of years, and fines and heriots are payable according to the custom of each manor on death or alienation, and on renewal of lives or terms of years. Small annual quit-rents are also paid.

The College possesses also some sums of money in the funds, the produce of sales of land effected under railway or other Acts of Parliament, and invested either under the direction of the Court of Chancery or in the names of Trustees. It derives also a small income from the rent of its rooms in College, and it reserves the timber upon its landed estates, the produce of which, however, has of late been wholly applied to the repair and improvement of the farm buildings upon them.

The disposable annual income of the College (calculated on an average of the last seven years) is, therefore, as follows:

It should, however, be observed that, from the operation of various causes, such as the Tithe Commutation Act, Railway and Enclosure Acts, the repeal of the Corn Laws, and the non-renewal of some of its leases, the proceeds of the landed estates of the College have been subject to more than ordinary fluctuations during the period from which the above-mentioned averages are taken. The amounts stated, therefore, must be taken only as the nearest approximation to the present actual income of the College, which it is in its power to make without entering into elaborate calculations and a troublesome minuteness of detail.

The annual expenditure of the College is mainly as follows:

Expenses of establishment, including repairs and
insurance of buildings, rates and taxes, ser-
vants and tradesmen

Applied to the use of unincorporated members
Law agency and surveying expenses

£. s. d.

2,000 0 0

860 0 0

500 0 0

400 0

1,050 0 0

Fellows (average 22) at 1507.

Stipends of College officers

A comparison of the foregoing estimates of receipts and expenditure shows an excess of the latter over the former, amounting to nearly 12007. per annum. This has arisen wholly from the non-payment of fines in certain cases (espe

cially of tithes) where the leases have not been renewed, and are in the course of running out; and the deficiency has been supplied, without disturbing the customary administration of the College, out of a previously accumulated fund. That fund is now exhausted, but the leases alluded to being also on the eve of expiration, it is obvious that the increased income to arise from the rack-rent value of those estates, when in possession, will still enable the College to pursue the same beneficial system in future, and probably at an accelerated rate.

The unincorporated Members of the College consist of 2 Chaplains, 14 Postmasters, 4 Scholars, and 2 Bible Clerks. The Chaplaincies are held for life, and are worth 557. and 50l. a-year respectively.

The Postmasterships (except two, to which the Provosts of Eton College and King's College, Cambridge, present) are awarded annually to the successful competitors in an examination, classical and mathematical. All persons between 17 and 19 years of age are admissible as Candidates. Three of them, selected from the rest by merit, receive 607. each per annum; the remaining 11 receive 407.

The Scholarships are bestowed, after examination, upon such Undergraduate Members of the College, not being Postmasters, as appear to the Electors to be the fittest and best qualified. They receive 247. per annum each.

The Bible Clerkships are worth, in money, 187. each per annum, besides other incidental advantages and immunities. The nomination to them is vested in the Warden.

The period of tenure in each of the three last-mentioned cases is from three to four years.

3.-Revenues of Lincoln College, Oxford.*

From the Rev. F. METCALFE, M.A., Fellow and Bursar of Lincoln College, Oxford, on behalf of the Rector and Fellows.

Lincoln College, Oxford, June 27, 1851.

1. The amount of your corporate revenues and their specific applications.

1. The total amount of the Corporate Revenues of Lincoln College is 23531. 7s. 84d., which revenues are applied to the use of the Rector and Fellows, and to the increase of the salary of the Chaplains of St. Michael's and All Saints, Oxford, and to various charitable purposes.

2. The sources from which each portion of the income is derived, and the amount arising from each source.

2. Revenues derived from real estates.

£1877 18 21

37 19 6 437 10 0

3. The proportion of your corporate property which is let at rackrent, and on lives, or for terms of years; and the principle on which fines are set.

3. Revenues derived from rack-rent estates £1545 10 812 leasehold estates 332 7 6 The property held on lives is very trifling. The fines are calculated, for land, on the 6 per cent. tables, and for houses on the 7 per cent. tables, and it has been the custom of late years, on renewals, to increase the ground-rent and reduce the fine in proportion.

4. The emoluments of the Headship, of the several Fellowships, Studentships, Scholarships, Demyships, or the like.

4. The emoluments of the Headship are, a double Fellowship, and the income of the impropriate Rectory of

* Evidence, p. 325.