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among the active trustees of the Board. The Acting Secretary was requested to prepare for the next meeting a By Law which would make clear this status of Hon-orary Life Trustees. 524. DR. WATSON'S As President during 1944-45 and as retiring President, REPORT Dr. Watson first reported upon the year 1944-45 and then reviewed the first quarter century and founding of the University. For 1944-45 he commented on the po-litical administration of the Nokrachi Government, the development within each of the four departments of the University, the excess of students but shortage of teachers and the gratification of all that the Trustees had been able to close the year balancing their books. He then reviewed the founding of the University and the difficult problems that had to be solved: the problems of organizing a Board of Trustees, then a faculty in Egypt, then the gathering of students,find-ing a proper place for the University in the thinking of the Government, of the British, of the people of Egypt, even of the missionaries. Then followed the Christian character of the University. Finally he showed how ready we now were for an advance movement with new buildings, a new President, and a new and ex-pectant era in the life of Egypt. The Chairman then expressed the satisfaction of the Trustees and their pride in a superior institution located at one of the "natural capitals of the world". Dr. VTatson's Report for 1944-45 (Appendix A) was, on motion, accepted as typed and circulated and was ordered filed. 525. REPORT OF THE The Report of the Finance Committee (Appendix B) was FINANCE COMMITTEE presented by Mr. Harbison, Chairman of the Committee and was adopted and ordered filed. He presented much in-formation concerning the year's financial activities, re-ferred to Mr. Lum's regrettable illness and indicated that some of the Committee's activities had gone beyond financial matters because these items could not be as-signed to any other committee. The Committee had its chief center in Pittsburgh but had kept in touch with distant members by its typed Minutes. He then pre-sented the following resolutions all of which,. on motion, were adopted: 1. THAT Barrow, Wade, Guthrie and Co., Certified Public Accountants of Phlb.delphia, Pa., who have been auditing the books of the Treasurer annually at a fee of $300, be allowed a fee of $400 for 1944-45 and the same amount for 1945-46. 2. THAT the University's Cairo Budget in future years. be in the hands of the Finance Committee in America by May 1st; that changes in said budget be made known to the Cairo Council before the financial year starts, thus enabling them to make adjustments before July first, the beginning of the new financial year. 3. THAT the University budget for 1945-46 be fixed at $116,671.64 of which $92,560 be for the regular budget: $2,194.64 for the Suburban Property Main-tenance Account; and $21,917 for expenses in America. It is to be noted that the amount for the Egypt account is $5000 less than their asking, but $8,555 additional to last year. 4. THAT the expenses of Dr. Watson for freight and travel approved a year ago and for salary for full time Campaign worker and Acting Secretary at the Philadelphia office, be taken from the Philadelphia Account and%or the Buildings Campaign Fund as may be proper