Ashbury College - Ashburian Yearbook (Ottawa, Ontario Canada)

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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.

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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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4 THE ASHBURIAN All educational Institutions that have attained to national importance have been assisted by the financial generosity of those who wish them well. Some of the great schools of to-day in Can- ada and in other parts of the English-speaking world owe their endowments, their new buildings, their increased facilities for sports, their scientific equipments etc., very largely to the gifts of individual supporters. It is believed that the future of Ash- bury will show that she is not, in this respect, behind other in- stitutions, and that now she is on a firm basis as a Trust Foun- dation, ' ' other supporters, who have been blessed with worldly wealth, will follow the generous example set by Mr. J. B. Fraser and by those others whose names appear in the sub-joined list, and will still further promote the growth and efficiency of the School by from time to time donating additions and improve- ments. Ashbury has sent a very large proportion of her Old Boys to the front, and of these many have given their lives for their Empire ' s safety. To any Parents who are thinking of a Memo- rial for their fallen sons, it is suggested that an additional building or some new equipment for the School would serve to keep their sons ' memory constantly before the Ashbury boys, and would at the same time increase for other boys the efficiency of that train- ing which helped to mould a young life that did such great things. H.M. © © © LIST OF FOUNDERS. His Excellency The Duke of Devonshire Ottawa. T. Ahearn, Esq Ottawa. J. Roberts Allen, Esq Ottawa. D. Forbes-Angus, Esq Montreal. Mrs. Ami Ottawa. Estate of the Late Sir Henry Bate Ottawa. Mrs. F. A. Bate Ottawa. F. N. Beardmore, Esq. Montreal. Geo. F. Benson, Esq Montreal. Mrs. Robert Blackburn Ottawa. J. R. Booth, Esq Ottawa. The Hon. George Bryson Fort Coulonge, P.Q. J. F. Burstall, Esq Quebec.