INDIRECT ENDOWMENT 203 



University finds a difficulty in retaining many of its 

 abler teachers. At the beginning of 1904 it was esti- 

 mated that over two hundred professors and lecturers 

 at other Universities (as distinct from University 

 colleges) in the United Kingdom had been educated at 

 Cambridge, and, though that is by no means a matter 

 for regret, yet it is not too much to say that, in supply- 

 ing this demand for teachers, the University has done 

 a great national work for which she is poorly requited 

 by her difficulty in retaining a sufficient staff for her- 

 self. Fortunately, when all other funds are exhausted, 

 the fund of patriotism remains inexhaustible. It is 

 not known how many fellows, possessed of some 

 private means, and attached to the University through 

 sheer love of their work, return their stipends to their 

 colleges to be employed for the general good ; such 

 men are always anxious that their names should be 

 concealed, but the present writers know of three in 

 the restricted circle of their immediate personal 

 friends. The special correspondent of the Times 

 writes, on the occasion of the royal visit in 1904: 



' I may be permitted to say, as the result of my personal 

 inquiries, that the amount of work done either gratuitously 

 or for very inadequate remuneration by professors, readers, 

 lecturers, demonstrators, and other teachers in many depart- 

 ments of study and instruction, really constitutes a very sub- 

 stantial endowment, freely contributed by men who have no 

 worldly goods to give, but who give lavishly of their time, 

 their energy, their intellectual capacity, their acquired know- 

 ledge, and their disinterested devotion to the advancement of 

 learning. If this asset were evaluated in pounds, shillings, 

 and pence, the University balance-sheet would wear a very 

 different aspect.' 



On a consideration of the analysis just made, and of 

 the additional facts that the Reserve Fund set aside 

 by the University for building and equipment during 

 the years of her development is now exhausted, and 



