UA-R-GC-1914-01-01-1920-10-26_Page-002

October 26, 1920 CIRCULAR Actions of March 8, 1920 Authorizing Issuance of Annuity Bonds. RESOLVED, That the Chairman and the Treasurer be authorized to sign and issue Annuity Bonds in behalf of the University to persons contribut-ing upon this plan, the rates of interest to be allowed as stated in the action of the Trustees at their meeting of October 3, 1919; and that this authorization date back to January 1, 1920, covering Annuity Bonds issued since that time. Regulations of the British Government. RESCLVED, That the following Minute (See Appendix A) be adopted as requiredby the regulations of the British Government for permission to carry on missionary work within any of its territories, and as recommended by the Foreign Missions Conference of North America and the Conuaittee of Reference and Counsel. Currency for Payment of Salaries. RESOLVED, That all salaries described in the By-Laws for American teachers and agents of the University be payable in American dollars when the parties concerned are in America, and in Egyptian currency, at the rate of Five Dollars per Egyptian Pount (the rate of exchange which was ,•egarded as normal before the War) while the parties concerned are in Egypt. Expenses of Cooperation with Denominational or Inter-Church Campaigns. RESOLVED, That legitimate or pro rata expenses incurred in the Inter- C'urch Campaigns in connection with the inclusion of the University for certain sums in the inter-denominational or Inter-Church budgets, be authorized, subject to approval by the Finance Committee. 24. POWER OF ATTORNEY It was voted to rescind the Power of Attorney REVOKED. granted to Mr. Hoyman under the Circular action of January 5, inasmuch as the need for this power of Attorney had ceased with the transfer of the University borrow-ing from Egypt to America. The document was ordered to be returned. 25. NCMINATING COMMITTEE In accordance with the provision of the By- ArPCINTED. Laws a Nominating Committee was appointed as follows: W. H. S. Demarest, Geo. Innes, C. R. Watson. 26. INTERMISSION. The Board took a brief recess for luncheon. 27. DR WATSONS Dr. Watson reported on the progress made during REFC1{T the year and especially upon his trip to Egypt touching upon the following point: The outstand-ing fact to be noted is that the University has been launched. It opened October 5, cabled report giving the enrollment as 110. Dr. Watson dwelt at length upon the enlarged opportunit7 created by the Milner Report and its offer of independence to Egypt, thus accentuating the need for leadership and causing public opinion.in Egypt to become eager for jus