and Literature, 1881; and Natural Philosophy, 1884. As the annual revenue from the trust has now probably reached its highest limit, or nearly so, there is little or no prospect of any addition being made for some considerable time to the number of chairs already instituted. Very full information regarding the Otago Presbyterian Church Fund is supplied by the Rev. W. Gillies, of Timaru, in a "Historical Narrative" published by him some years ago.
The following balance-sheet was submitted to the Synod at its annual meeting in October, 1888:—
Education Fund.
For twelve months ending 30th September, 1888.
| Dr. | |||||||
| December 31st, 1887. | |||||||
| To Cash paid— | |||||||
| Professors' salaries | £1800 | 0 | 0 | ||||
| Assessment, Synod expenses | 100 | 0 | 0 | ||||
| Insurance premiums | 2 | 14 | 3 | ||||
| Commission, 5 per cent. on £589 9s 1d | 29 | 9 | 6 | ||||
| £1932 | 3 | 9 | |||||
| {{{1}}}„ | Balance | 11,960 | 9 | 0 | |||
| £13,892 | 12 | 9 | |||||
| Cr. | |||||||
| December 31st, 1886. | |||||||
| By Balance | £11,738 | 5 | 6 | ||||
| December 31st, 1887. | |||||||
| {{{1}}}„ | One-third net revenue | £1564 | 18 | 2 | |||
| {{{1}}}„ | Interest on investments | 589 | 9 | 1 | |||
| 2154 | 7 | 3 | |||||
| £13,892 | 12 | 9 | |||||
| Memo. of Balance. | |||||||
| December 31st, 1887— | |||||||
| Loans on mortgage | £8767 | 10 | 0 | ||||
| Fixed deposit | 2000 | 0 | 0 | ||||
| Debentures | 300 | 0 | 0 | ||||
| Cash in Bank | 892 | 19 | 0 | ||||
| £11,960 | 9 | 0 | |||||
THE FIRST SCHOOL AND TEACHER.
Among those who arrived in the ship "Philip Laing," in April, 1848, along with the Rev. Thomas Burns and other immigrants, was Mr. James Blackie, whom the Otago Association had
