ism. It will not condemn the uses and properties of a machine, because of the little good, or even because of the great evil, that may have been done by it when put into the hands of an unfit or incompetent workman, as if the way to mend the matter was to destroy the machine, instead of providing it with a rightly qualified operator. We do hope, that, in its capacity as a reformer, it will ever prefer to the policy of a mere destructionist, the policy of a purifier, and so a preserver. More especially will it know how to make distinction between the bursars, and that the way to procure for us the benefit of such endowments, or to make it good, that what otherwise would be a bane, shall prove a great blessing to our Free Church College, is not to abolish or discontinue its good bursaries, but to be as conscientious and careful as hitherto in the appointment of good bursars. If two ingredients of some given combination be indispensable to a good result, and one of them should prove awanting, the way to repair the mischief is, not to cancel and do away the other ingredient also-the style in which our destructionists would proceed to remodel the institutions of society. The more excellent way is, to make sure that the second ingredient shall be as good as the first one, and look out for it accordingly, a method comporting in all its designs and characters with that calm, and wise, and comprehensive policy, the object of which is to strengthen and ameliorate, and not to destroy.

“But let us hasten to make the application of these general views to our present subject. It is well known that, three years ago, an inestimable service was done to the Free Church by Mr Hog, the Convener of our Bursary Committee, who, chiefly through his own personal exertions, obtained no less than fifty bursaries, from about as many subscribers, to last for a period of four years. In most instances, these bursaries were awarded to their present holders by comparative trial, though in some instances, the appointment was reserved by the subscriber ; but in both ways we can vouch for the beneficial subserviency of such grants, to the encouragement both of piety and professional learning among our aspirants to the ministry of the gospel. Altogether, we regard the continuing of such a system to be of essential importance to the well-being of our College; and so, it will at once be seen that it must be of vital importance

if

to the future well-being of our Church. If our Institution were more adverted to as occupying the position of a fountainhead, or if it were more regarded, like the seeds in agriculture, as a thing of germinating quality,-in either of these aspects, its claims, if steadily reflected on, were sure to obtain a high place in the public estimation. There is no method, in fact, by which, at comparatively so small a cost or sacrifice, a service of such vitality and magnitude can be rendered to our Church; and we do hope, therefore, that whether by the continuance of our present subscriptions, or the replacement of these by others in their room, our system of bursaries will not only be upheld, but extended with every new experience of the benefits conferred by it on that best and highest of all educations, the education of a pious and learned ministry for the service of the Church, both in the present and future generations."

REPORT

BY THE

COLLEGE BUILDING COMMITTEE.

THE Committee beg to report, that the works are progressing rapidly and satisfactorily. Every exertion will be made to have them completed within the period stipulated in the contract, although this is somewhat doubtful, owing to the time lost in consequence of the foundation of the principal front requiring to be carried much deeper than was originally contemplated. At the time the contract was entered into, the possibility of such a contingency was foreseen and provided for; the contractors being bound to carry down the foundations to a certain specified depth, under a stipulation, that should it turn out to be necessary to go deeper, they should be paid extra for the excess at certain specified rates. The architect thought it necessary to carry down the foundation to the rock, which has been done. The extra cost of this has not been precisely calculated, but it will be very considerable. A practical difficulty in going on with the works presented itself from the state of the funds at the command of the Committee, partly owing to the unliquidated balance of the price paid for the site, referred to in former Reports, and partly to the instalments payable to the contractors becoming due before the instalments by the contributors were paid in. To meet this difficulty, the Convener of the Building Committee was instructed to make an effort to obtain an accommodation from the banks; or in some other way, to obtain such an advance of money as might be

necessary to carry on the building operations, in terms of the following minute:

"Mr Monteith reported, that he had experienced considerable difficulties in discharging the duty imposed upon him by the Committee, of raising the sum necessary in the mean time to carry on the building operations. He found that, in the present depressed state of the money market, banks were unwilling to grant cash credits at the usual rate of interest, while capitalists were averse to lending money as a matter of business on the security of unfinished buildings. He had, however, succeeded in obtaining the co-operation of several friends interested in the cause, who, with the view to relieve the Building Committee from their difficulties,-to obviate the great loss and disadvantage that would result from even the temporary sacrifice of the building operations, had agreed to advance the sum of £5000 in shares of £250 each, to be repaid with 5 per cent. interest at the end of two years, from the term of Whitsunday 1848, on condition that they should have security over the ground, and building to be erected upon it, for their repayment. That these individuals did not require the Committee to incur the expense of heritable bonds, but were willing to advance the money on obligation of repayment to be issued by the Secretary, together with a declaration, to be made under the sanction of the General Assembly, by the Trustees in whom the property was formally vested, that it should be held primo loco for repayment of the said loan. The Committee cordially approved of this arrangement, and resolved to apply to the General Assembly to sanction it, and in the event of that sanction being obtained, authorised their Secretary to grant the necessary obligations, and appoint the money to be deposited in bank in the joint names of Dr Cunningham, Mr Monteith, and Mr Bonar, on behalf of the Building Committee."

The Committee earnestly recommend that the Assembly should sanction this arrangement.

The balance of the price of the ground referred to in former Reports still remains to a considerable extent unliquidated; but the Committee are sanguine in the expectation of disposing of the surplus ground not required for College purposes, on such terms as will relieve them from any ultimate difficulties, and

supersede the necessity of making any appeal to the liberality of the Church at large in behalf of the College Building Fund. Should it eventually turn out, however, to be necessary to make such an appeal, it can only be to a very limited extent, and the Committee feel assured that it will be readily responded to.