48 ROYAL SOCIETY OF CANADA 



council once more resumed its meetings, it is evident that the question of 

 finance had assumed an aspect of such difficult}-, as to prevent further 

 progress; and in April, 1839, they found themselves face to face with 

 the inabilit}' of the bursar to produce or account for the moneys in his 

 hands. 



In the meantime, another event took place destined to exert a most 

 important influence on the future of the university. This "was the com- 

 ing to the province of a young graduate of Trinity College, Dublin, the 

 Eev. John McCaul, M.A., as Principal of Upper Canada College. Mr. 

 McCaul, who was now about thirty years of age, had filled for some time 

 the position of classical tutor and examiner at Trinity College, Dublin ; 

 he was already an author of repute in classical literature, and his advent 

 to the country at i;his time was of great importance to its future scholar- 

 ship. He was also a polished and eloquent speaker, and a man of com- 

 manding personality. Ten years later when the leadership and policy of 

 Dr. Strachan as director of the university were terminated by the Act 

 of 1849, Dr. McCaul stepped to the front as the presiding genius of the 

 university during the second period of its active history. 



Early in 1839, the Legislature once more directed its attention to 

 the affairs of the university, and called for returns of income, expendi- 

 ture and investments of the endowments of King's College. When these 

 returns came into the hands of the Lieutenant Governor, he was aston- 

 ished at the serious inroads which had already been made on the en- 

 dowment. From this reportait appeared that of the original grant of 

 225,944 acres of land, 99,737 had already been sold; that from these sales 

 £82,729 17s 5d. had been realized, of which £54,925 19s 8d had been 

 expended, leaving in the bursar's hands or in investments £27,805 17s 

 9d. Of this amount £10,340 was invested in government debentures and 

 Bank of Upper Canada stock, £4,312 10s had been lent to the president, 

 and £13,137 7s 9d. were in the hands of the bursar, being nearly one- 

 half of the available funds. In addition to the balance as above, the 

 assets of the university were estimated as follows : — 



£ 8 d 



Purchiise monej's overdue 14 895 14 8 



Interest on these 6,018 17 fi 



Purchase moneys not yet due 33,495 2 3 



Interest on mone3's not yet due 7.765 6 3 



Lands yet unsold (estimate) 137,849 7 6 



Total 200,li!5 8 2 



The current income from all sources at this date was £3,803 12s 8d, 

 against which were fixed items of expenditures of £3,168 Os 6d., leaving 



