APPENDIX A 



A CRITICISM OF THE FINANCIAL OPERATIONS OF 

 THE CARNEGIE TRUST FOR THE UNIVERSITIES 

 OF SCOTLAND. 1 



MR ANDREW CARNEGIE, on 7th July 1901, signed a 

 trust deed bequeathing 2,000,000 to the Scottish Uni- 

 versities, which was recorded in the Books of Council 

 of Session on gth July 1901. The Trust Deed opens 

 as follows : 



" I, Andrew Carnegie, of New York, and of Skibo, 

 in the County of Sutherland, having retired from active 

 business, and deeming it to be my duty and one of my 

 highest privileges to administer the wealth which has 

 come to me as a trustee on behalf of others, and entertain- 

 ing the confident belief that one of the best means of my 

 discharging that trust is by providing funds for improving 

 and extending the opportunities for scientific study and 

 research in the Universities of Scotland, my native land, 

 and by rendering attendance at these Universities and 

 the enjoyment of their advantages more available to the 

 deserving and qualified youth of that country to whom 

 the payment of fees might act as a barrier to the enjoy- 

 ment of these advantages ; and having full confidence 

 in the Noblemen and Gentlemen afternamed, . . ." 



A list of Trustees follows, to whom the donor under- 

 takes to entrust "Bonds of the United States Steel 

 Corporation of the aggregate value of Ten Million Dollars, 

 bearing interest at 5 per cent, per annum, and having 

 a currency of fifty years." 



It is only with the first of these objects, the improve- 

 1 Published in Science Progress, January 1917. 



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