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SALARIES OF SECRETARIES AND TREASURER.

The Special Committee, to whom was referred the matter of compensation for the services of Secretaries and Treasurer of the Board, recommend that, for services to this date, there be allowed To the Treasurer, the sum of.......

..$600 00 To the Recording Secretary...

325 00 To the Corresponding Secretary

100 00 To Vr Scroggs, as Secretary of the Executive Committee

15 00 And that warrants be drawn in their favor for the several amounts. (Signed)

H. C. BURCHARD. The report was adopted.

REGENTS REPORT RESUMED.

The REGENT then offered the following resolution: Resolved, That John A, Warder, of Cincinnati, be and hereby is appointed as Lecturer upon the subject of Pomology. His term of service to commence with the college year in September next.

Dr. Warder was elected unanimously. By a similar resolution, Mr. Edward Eggleston, of Evanston, was elected unanimously as Lecturer on English Literature. His term of service to commence with the College year.

Professor John W. Powell, of Normal, Ill., was also unanimonsly elected to the Professorship of Natural History, his term of service to commence at such time as may be agreed upon between himself and the Committee on Faculty and Courses of Study.

REGENT offered the following recommendations, viz:

Prof. J. B. Turner, of Jacksonville, Ill., as Lecturer upon such subjects connected with Agriculture as he may select. Also, Dr. J. A. Sewall, of Normal, Ill., as Professor of Chemistry, and S. A. Peabody, of Chicago, as Profesor of Mechanical Science and Engineering.

The names of Prof. Turner, Sewall and Peabody were referred back to the committee, with power to act.

REPORT OF AUDITING COMMITTEE.

The Auditing Committee, to wbom was referred the report and accounts of the Treasurer and Regent; also, certain unpaid bills and accounts, respectfully represent that they have examined the books of the Treasurer and the accounts of war. rants paid by him, and find that he has paid the warrants drawn by the Regent and Recording Secretary, to the amount of $34,713 70, being warrants from No. 1 to No. 153, inclusive, except warrants Nos. 16, 34, 68, 106, 14B, 151 and 153, which have been issued, but have not been, as yet presented, amounting to $363 20; which, added to the amount of the warrants paid by him, makes a total of $35,076 90, and agrees with the detailed statement of warrants issued and submitted to the Board by the Regent.

The Committee further report, that they have examined the list of warrants issued by the Regent since the last meeting of the Board, and find the same to have been authorized by the Board for the objects specified, and that the accounts of the Regent are correct.

There has been expended of the $1500 drawn by the Regent, pursuant to the order of the Board, with warrant No. 98, the sum of $1073 45, as per vouchers and detailed statement furnished by the Regent, leaving a balance in his hands of $426 55; which will be needed for general incidental expenses and liabilities already incurred.

Your Committee further report, that they have examined, and recommend the allowance of the following bills and accounts against the University, submitted to them, and that warrants be issued on the Treasurer for the several amounts of the

same.

J. M, Gregory, for balance of expenses in procuring the Library.... $18 67 M. C. Goltra, for services in locating scrip...

200 00 J. C. Larned & Co., furniture.....

63 60 Robert Peacock, lumber....

126 84 Bradler & Brother

182 73 Porter, Thayer & Co......

136 00 Walker, Lepman & Co.....

23 44 Joseph McCorkle.

29 21 Dopan & Hodges.

79 29 George K. Hosford...

6 85 Flynn & Scroggs.

48 50 Walker & Bro's.

218 32 Prairie Farmer Co....

107 25 J. C, Cunningham, insurance and incidentals..

177 00 (Signed)

H. C. BORCHARD,

0. B. GALUSHA. The report was adopted.

The REGENT stated that Prof. Atherton's term of service commenced with the month of February last, and that there was no provision, as yet, for his payment for said month, whereupon;

Mr. Hayes moved that the Regent be authorized to draw a warrant on the Treasurer, in favor of Prof. Atherton, for the month of February last.

Which was agreed to.

ANNUAL REPORT OF FINANCE COMMITTEE.

Mr. COBB, Chairman of the Finance Committee, presented his annual report, as follows, viz:

To the Board of Trustees of the Illinois Industrial University:

GENTLEMEN—The Finance Committee, in accordance with our by-laws, would submit the following report:

At our November meeting we gave a detailed statement of the expenses up to that time, which appears fully in the published proceedings of that meeting.

In making up our exhibit for the past year, we give the gross expenditures according to the November statement

.$25,622 35 Warrants drawn since that time..

9,454 55

Making the total of expenditures. ..

.$35,076 90 The Treasurer's report shows the receipts, as follows: Sale of Champaign county Bonds, as per order of the Board

. $40,000 00 Interest on Illinois Bonds.....

3,750 00 Rents of farm

1,500 00

$45,250 00

Vaking the balance in Treasurer's hands $10,173 10.

LAND SCRIP.

Prior to our November meeting we had disposed of 280,000 acres of scrip, realizing therefor $162,192 41.

At our November meeting we made a further sale of 100,000 acres, at 90 cents, or for $90,000. Making the total amount received for land scrip $250,192 41.

The Treasurer, according to the terms of the last sale, does not get the total proceeds until about the first of May, there being about $50,000 back at the present time.

Your Committee, in conjunction with the Treasurer, have deemed it wise to put the proceeds of the land scrip in Illinois bonds, as fast as they could be obtained, at par and interest, thereby having our funds in such form that we could, from time to time, re-invest in securities bearing a larger rate of interest, when good and safe investments of that kind presented themselves.

We hope to put the most of the fund in such securities in a very short time.

By referring to the minutes of the November meeting you will also see that under various resolutions, this Committee had located 25,000 acres of land scrip. We passed a resolution at that meeting to locate 25,000 additional acres. This has not been done as yet. We would ask further instructions in regard to this.

We now have on hand 50,000 acres of scrip unprovided for by entry or sale.

ESTIMATES FOR THE COMING YEAR.

Receipts :

Interest on Champaign County Bonds....
Interest on Land Scrip Fund
Tuition and Matriculation fees, Spring Term.
Tuition and Matriculation fees, Fall Term
Balance on hand, as per Treasurer's report

$10,000 00 10,500 00 1,200 00 1,500 00 10,173 10

$33,373 10

Expenses :

Salaries of Regent, Professors, Head Farmer, Lecturers, etc..... $17,600 00 For farm.....

1,500 00 Board meetings........

1,000 00 Use of Corresponding Secretary...

500 00 Library

2,700 00 Unpaid bills.....

1,500 00 Portico, roof, bell, etc

950 00 Landscape gardening...

500 00 Salaries unpaid-Secretary, etc

1,045 00 Other salaries and incidentale, which cannot be enumerated or foreseen

1,000 00

$28,295 00

Recapitulation :

Receipts...
Expenses

Leaving a balance of...

$33,373 10 28,298 00

$5,078 10

It would seem prudent by your Committee, that said sum should remain in the hands of the Treasurer, subject to the order of this Board, or of the Executive Committee, to meet demands that it is now quite impossible for us to anticipate.

We feel that under the present economical administration of our affairs, as evinced and insisted upon by one and all, that we shall not have to further disturb our Champaign County Bonds, and that by pursuing this course we shall be able to go to our next Legislature and confidently ask sufficient aid to construct our necessary farm buildings. All of which is respectfully submitted. [Signed]

EMORY COBB,
J. O. CUNNINGHAM,
GEORGE HARDING,
0. B. GALUSHA.

Mr. BLACKBURN moved to so amend the report that the unexpended balance of funds shall be invested by the Finance Committee. Carried.

ORDER TOR WARRANTS.

Mr. BURCHARD moved that the REGENT be instructed to draw warrants on the Treasurer, in favor of the several persons, for the several amounts due to them, as reported by the Auditing Committee. The motion prevailed.

Mr. BURROUGHS presented the following resolution, moving its adoption, viz:

Resolved, That the Finance Committee be instructed to employ a competent accountant, and to see that a set of books is opened in double entry, including distinct accounts of the leading sources of income and expenditure ; and the said accountant to present a proper balance sheet at each meeting of the Board, and the books to be at all times open to the inspection of the Trustees of the University. And the said accountant also to be subject to the call of the Regent for any clerical services he (the Regent) may find necessary.

Mr. BLACKBURN offered the following as a substitute for the resolution of Mr. BURROUGHS:

Resolved, that the Regent be authorized to employ sueh clerical aid as he may Deed, to keep the accounts of this Board and the University.

This resolution was adopted.

REPORT OF COMMITTEE ON NOMINATIONS.

Mr. CUNNINGHAM, Chairman of the Committee on Nominations, reported as follows:

For Recording Secretary.—Jonathan Periam.

Executive Committee.-Messrs. Hayes, Pullen, Harding, Goltra, Cobb, VanOsdel, Mahan and Quick.

Auditing Committee.—Messrs. Lawrence, Edwards, Galusha, Burchard and A. M. Brown.

Finance Committee.—Messrs. Cobb, Pickrell, Cunningham, Burchard and Harding.

Faculty and Course of Study.Messrs. the Regont, Brayman, Hayes, Flagg and Bateman.

Buildings and Grounds.—Messrs, Goltra, Cunningham, VanOsdel, Johnson and McConnell.

Agricultural Department. — Messrs. Quick, Pickrell, Allen, Blackburn and McMurray. Horticultural Department.—Messrs. Pullen, Dunlap, Flagg and Galusha.

Mechanical Department.—Messrs. Scroggs, Goltra, Brown of Chicago, and VanOsdel.

Military Department.—Messrs. Brayman, Quick, Lawrence and Dunlap.

Library and Cabinets.—The Regent, W. C. Flagg, N. Bateman, A. M. Brown, J. S. Johnson. By-Laws.-Mahan, Blackburn and A. M. Brown.

Mr. Hayes was, at his request, excused from nomination as a member of the Executive Committee, and Mr. CUNNINGHAM was substituted.

Mr. BURROUGHS was also excused, at his own request, from nomination on the Committee on Library and Cabinets, and the REGENT substituted.

Thus altered, the report was adopted.

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