such losses.

      The item of $26,466.7o shown as income for the University

Press, consists in part of chsrzes to the departmental accounts of

the University; so handled in order to credit the Press and charge

the departments with their expense of printing,As the intention is

to charge only nonial prices for the printing, and not to make much

of a profit on the operations of the printing plant, none of this is

income applicable to the general educational purposes of the Univer

sity.

      In making up the Statement of legal indebtedness, we have

assumed the Peabody gift of $40,000.00 to be a trust fund, on which

only the interest is available for current exnenses.