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ing to visitors. In the hands of this Council of Governors the complete control and discipline of the Nelson College will, for the future, vest, subject of course to all their regulations being within the terms of the fundamental statutes, as expressed in the Deed of Foundation. These statutes, as agreed to by the Trustees, form an appendix to their report; and from these the general outlines of the institution founded by them, and the composition and mode of succession and powers of the governing body, will be readily gathered. For the support of the institution, the Trustees have by Trust Deed conveyed to the Council of Governors a sum of £20,000, of which not more than £8,000 is to be laid out on buildings, the remainder to constitute a permanent endowment for the College. They have also conveyed to them the acre and buildings at present occupied by the College.

In taking these steps, the Trustees earnestly trust that they have established the Nelson College upon a sound and lasting foundation. Their object has been to secure an institution which should afford the means of cultivating the highest faculties of man, and without which the standard of intellectual acquirement would sink to a low and injurious level; to secure, in short, to our community, the benefits of one of those institutions which in every part of the world are recognised as among the first wants and adjuncts of civilization. And although there are persons who may maintain (some acted upon by this influence, some by that), that all such moneys would be more beneficially applied to the support of common schools, the Trustees nevertheless believe that were the opportunity allowed to lapse which now offers itself of establishing a College, an opportunity which it might be very difficult to recal, that the time is not very far distant when such would be generally felt to be a serious loss and disgrace to the Province.

In appointing the first Council of Governors, the Trustees have sought to nominate none but persons who have taken an interest in education, and who at the same time possess the confidence of their fellow-citizens: and they have endeavoured to constitute them and provide for their succession in such a manner as to give to them a sufficient degree of permanence, and at the same time bring them under the control of public opinion. It is the earnest hope of the Trustees that they leave the question of the Nelson College in such a condition that there is a fair expectation of its realizing the long-deferred wishes of the founders of the Nelson Settlement, and becoming one of the distinguishing and most attractive features of our Province.

It only remains to notice that an application to borrow the sum of £3,000 for the promotion of education generally, having been made by the Government, has been willingly acceded to by the Trustees, on the sole condition that it should be repaid by ten annual instalments, and that this sum, although not yet applied for, still remains applicable for the purpose intended.

Subjoined is the annual financial statement for the year ending the 1st December, 1857.

By order of the Board of Trustees,
A. G. JENKINS,
Secretary.

Trust Funds Office, Nelson,
21st December, 1857.

ABSTRACT of the ACCOUNTS of the NELSON TRUST FUNDS, for the Year ended the 1st December, 1857.

COLLEGE