several educational funds and the interest and principal of the State debt, forms the Primary School Interest Fund, the entire amount of which, that may be on hand at the time, is apportioned to the school districts of the State semi-annually, between the first and tenth days of May and November in each year. The condition of these funds for the fiscal year ending September 30, 1887, is shown by the following statement: Interest paid by the State on 7 per cent. fund.. $253,907 54 Total interest on 7 per cent. fund............ Interest paid by the State on 5 per cent. fund.... Total income from both funds.. Surplus of specific taxes transferred.. Paid by trespassers on school lands. Total Primary School Interest Fund... THE UNIVERSITY Fund. 20,058 12 $273,965 66 21,918 09 $295,883 75 360,870 37 1.00 305 66 $657,060 78 This fund is derived from the sale of lands granted to the State by the General Government for the support of a University, and draws interest at the rate of seven per cent. The amount to the credit of this fund September 30, 1887, together with the income derived from the same, is as follows: In the hands of the State..... Due from purchasers of lands.. Total fund.. $506,035 80 39,267 38 $545,303 18 This fund, derived from the sale of lands granted by the State and by the General Government for the support of the College, draws seven per cent. interest. The state of the fund at the close of the last fiscal year was as follows: This fund, bearing six per cent. interest, is derived from the sale of salt spring lands, granted by the State for the support of a Normal School. The condition of this fund and its income at the close of the fiscal year was as follows: |