FINANCE 177 



Professor. The bequest took effect in 1659, and in 1669 

 Convocation elected the first Professor, Dr. Morison, assigning 

 him the small stipend of ,40 a year. It is said that no 

 successor was elected by Convocation. 



In 1734, in compliance with a condition in Dr. Sherard's 

 will, an annual payment was made of ^150 for the main- 

 tenance of the Garden. 



In 1793 King George III. granted the sum of ^200 yearly, 

 which was reduced by fees of office to ^182, half to augment 

 the stipend of the Professor, and half towards the maintenance 

 of the Garden. This sum, since the remission of certain 

 stamp duties in 1855, ^ s P a ^ from the University Chest. 



After Lord Danby had bought out the original tenant, 

 Ellis by name, Magdalen College leased the Garden to the 

 University for the annual payment of the corn rent, the quit 

 rent, and a nominal fine at each renewal of the lease, which 

 took place every seven years. 



The original rent for the use of the Garden was 40*. per 

 annum, and from 1650 to 1697 the rents and fees continued 

 to average this sum. Later, the lease was for a period of forty 

 years, renewable every fourteen years at a small reserved rent. 



In 1855 the University paid to the College : 



s. d. 



Corn Rent . . . . . 3 18 o 



Quit Rent . . . ' . . I o 2 



"Old Rent" . . o 16 2 



5 14 4 



and the total rates and rent came to ^40 35-. 3^. 



Full accounts for 1870-1 were submitted by Professor Lawson 

 to the University Commission and were printed with theirReport. 



In 1876 Magdalen College granted and the University 

 accepted a new lease for sixty years at a rent of 30 per 

 annum, on three conditions : Firstly, that the University 

 should lay out ^5,580 on repairs and new buildings ; next, 



12 



