* * * * *

*FINANCIAL.*

Our receipts for the nine months ending June 30 are $214,434.40, an
increase of $10,913.66, as compared with the corresponding months of
last year. The increase of receipts from legacies is only $184.81,
showing that almost the entire increase is from collections, and this
we regard as the genuine test of the confidence of our patrons in the
work of the Association. On the other hand, a large part of this
increase is for special objects, and does not aid us in meeting
regular appropriations. We must add, also, that our expenditures
during the last nine months have been $21,828.95 greater than for the
same months last year. These facts point inevitably to the
trilemma--debt, curtailment or increased receipts.

It is easy to say "retrench," and if it is the unmistakable call of
the churches, we must do it. But we wish to present another aspect of
the subject. In a case where enlargement in the way of new or
improved buildings is imperatively demanded to ensure the usefulness
of the school, and where there comes to us Providentially, and
without solicitation on our part, the proffer of the money to make
those enlargements, is it our duty to refuse that money? If our
constituents have the facts before them, we, as their agents, will
cheerfully abide their decision. To this end will be found below the
sketch of a conversation, not imaginary, but which actually occurred,
and which will present some of these facts. We ask our patrons to
read it and then to decide whether our action in these cases was
right, and, if so, whether it should be a guide for the future.