UA-R-GC-1914-01-01-1941-11-14_Page-082

220 The University has held for several years $122,122.62 in notes of the Duquesne Slag Products Company, now bearing interest at 4%. On October 1, 1941 the interest amounting to $2442.45 was paid as usual, and $18,318.39 repre-senting a 15% payment on the principal was paid on the same date. The note was renewed until December 1, .1941 when a further payment on principal has been promised. The reduced note will then be renewed for a period of twelve months. The negotiations have been carried out through the able cooperation of Mr. Robert J. Dodds as the representative of the Finance Committee. The Committee desires to present the following resolution prepared by Dr. Robert S. McClenahan .Ln appreciation of the services rendered ay Misrahy Pasha as solicitor for the University in Egypt: WHEREAS the Board has noted with deepest appreciation during the past twenty years the efficient, cordial and distinguished services tu the cause of the American University at Cairo on the part of Maitre Emanuel Misrahy .pasha in dealing with the legal and financial problems of the Universit-, WHEREAS the counsels of Misrahy Pasha have constantly proven to be for the highest interests of the cause and service of the University, pro-viding as they have a sense of confidence on the part of the Egyptian people in all circles from the Palace and the Ministries to the rank and file of citizens of the country. WHEREAS Misrahy Pasha has manifested in all these happy relationships his own confidence and a spirit of fellowship and cooperation in the services of the American University at Cairo and the public welfare of the nation of Egypt, THEREFORE BE IT RESOLVED THAT the Board of Trustees hereby extend to Misrahy Pasha their pro-found appreciation and gratitude, trusting that his distinguished services in the welfare of the public and the uplift of the Near East may continue to be, as always, valued and efficient, gratifying and fruitful in many years of continued happiness and prosperity. The Committee desires to présent the following resolutions: THAT the Budget for 1941-42 be approved, totaling 496,317.67 of which $73,505 represents the requirements for Egypt, $20,670 ExpénSes in America, and $2,142.67 Suburban Property Maintenance and Interest account. THAT the report of the Bursar for 1940-41, audited by Price, Water-house, Peat and Co., Certified Public Accountants of Cairo, Egypt, and the Treasurer's Report for 1940-41 audited by Barrow, Wade, Guthrie and Co., Certified Public Accountants of Phila, Pa., be received and filed. THAT Price,Waterhouse, Peat and Co., Certified Public Accountants of Cairo, Egypt, be appointed to 'audit the books of the Bursar in Egypt for the year 1941-42; and Barrow, Wade, Guthrie and Co., Certified Public Accountants of Philadelphia, Pa., be appointed to audit the books of the Treasurer in America for the year 1941-42 for a sum not to exceed 4250