Ashbury College - Ashburian Yearbook (Ottawa, Ontario Canada)

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2 THE ASHBURIAN The Editor invites boyi to send in any article they may write; all will receive his caiVful attention. For the notes on the doi s of Old Boys we are indebted to Mr. H. R. Morgan of Brockvfie who must have taken consider- able time and trouble in collecVng them. We trust he will long continue to supply us with newaof old boys, as this always forms one of the most interesting features of this magazine. At a meeting of last years coburs Frank Valleau was elected Captain of the football club for mis year. We wish him every success in the coming season. Since the above paragraph s written, the epidemic has wrought havoc with our football futures. One hopes, however, that it is not yet too late to play or some of the games. We call particular attention toWn interesting article on the change in the school constitution. 1 shows how Ashbury, aided by the great generosity of its suppoKors, has been able to reach its present high standing amongst tlk schools of Canada. At the same time it should not e forgotten what a great part in the history of Ashbury has beenVlayed by the Headmaster himself. It remains for us to do our share bigiving him our heartiest and loyal support. @ © © CHANGE IN THE SCHOOL CdNSTITUTION As is known to most of our readers, th school has since the year 1900 been a Limited Liability Compdky. The amount of Stock originally subscribe was comparatively small; but in 1909, when it was decided ti erect the present buildings, the issue of Stock was largely increased, and in addition some $50,000 was secured by the sale of Firs Mortgage Bonds. To enable the new buildings to be satisfaaorily finished and equipped a further large sum of money was loaned to the Company by Mr. J. B. Fraser. The new School was therefore built entirely by means of borrowed money. Within a few years after the opening of thenew buildings, it became increasingly evident to the School auiiorities that it would be almost an impossibility for the Schooljto pay yearly the interest on the money borrowed in the abovtlways, and at

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EDITORIAL STAFF Editor-in-Chief— W. R. Hutchinson. Assistant Editors — A. G. Henderson, E. T. Gill. Business Manager and Treasurer — Mr. A. W. Darnill EDITORIAL. This issue of the Ashburian is the first of the present school year and makes its appearance under an entirely new Editorial Staff. The Editor has tried to maintain its former excellence and hopes it will prove as interesting and acceptable as in former years. Should it fail to do this, it will be through lack of ex- perience and not from want of attention or care. Any suggestions for the improvement of the Ashburian will always be given careful consideration. The School has started this term with every promise of a successful year. The number of boarders has increased and would have been greater had there been more accomodation. The great question now before the authorities is to provide suf- ficient room for the ever-increasing number of boys who wish to receive their education at Ashbury. The Staff is better than it has been for many years. We welcome Dr. Voorhis back as Dean of Residence, and Mr. Thomas as Senior Mathematical Master. We also welcome to Ashbury Mr. DeBrisay and Miss Carver. The school may well be proud of the results of the last R.M.C examination. All the candidates sent in from Ashbury were successful. We take this opportunity of offering them our con- gratulations. Owing to the increased cost of paper and printing materials the Ashburian staff has been compelled to make a change in the cover and quality of paper used. It is hoped that this change will be only a temporary one. However it is the duty of the Editorial Staff j to see that the magazine pays its own way as far as possible, f

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THE ASHBURIAN 3 the same time to meet its heavy current expenses, and particu- larly so if it was to maintain its high standard of efficiency. Consequently some two years ago the directors decided to adopt the plan already carried out by several well-known educational institutions in Canada and to induce the Bond and Stock holders to surrender their holdings as revenue producing investments and allow them to become the Capital of a Trust Foundation. An appeal therefore, was made to all the Bond and Stock holders in the Company, with the result that 90 per cent of them willingly surrendered their holdings and agreed to become Founders of the School under the new constitution. In order to buy out (not of course at par value) the interests of those who for certain reasons were unable to surrender their holdings, and at the same time to wipe out all indebtedness on the capital account of the school, a Foundation Fund was insti- tuted, and donations were asked from those supporters of the School who were not already Bond or Stock holders. To this Fund a number of very generous donations were made; and when some two or three thousand dollars are added to it, the whole of the financial liabilities of Ashbury will be wiped off the slate. All donors to this Fund become Founders of the School and have the same privileges as the late Bond and Share holders. Mr. J. B. Fraser has most generously donated to the Fund a sum that practically clears off the debt owed to him by the School. Counting in his surrendered Bonds and Stock his gift to the School amounts to over $50,000. The necessary legal details are now very nearly completed, and the School has now been placed upon a foundation on which ca n be built up a really efficient and permanent Institution. Under the new Constitution the interests of the School will be controlled by a Board of Governors who will be elected by the general body of Founders . A provision has been made in the new charter whereby in the event of Ashbury going out of existence as an educational Institution, its assets shall be divided among the Founders or their heirs in proportion to the various amounts they have sub- scribed or donated. Donors therefore, whether past or future, are by this clause assured that their gifts will be devoted to the cause of education, or will be returned to themselves or to their heirs-at-law.