The first account-book of the new College covers the civil year 1547, but only certain selected items of income and expenditure appear therein. It shows total receipts of £786. 16s. 7d. and total payments of £799. 11s. 1½d. Most of the income is said to have come from the "Tower." I conjecture that rents, etc. were paid to the master who kept the college moneys in the treasury in the Tower, and the bursar in his book accounted only for such portion of it as was handed to him: of other sums received or paid on account of the Society, we have no particulars. In most cases the commons (though not the stipends or wages) paid to officers are set out, but up to Lady-Day instead of giving full details there is an entry of £52. 6s. 10d. paid to fellows and scholars for "the first quarter after the erection, besides stipends and wages." The account-book for the next year, 1548, is better kept. It shows total receipts of £531. 13s. 11½d. and total payments of £528. 12s. 8½d. In the accounts of this year are mentioned a master, fifty graduate fellows (of whom thirteen were bachelors), ten dialectici, forty-two grammarians, and eight bible-clerks. Entries appear of payments for commons to six former members of King's Hall and Michael-House, but of these only three seem to have been in regular residence. An examination of the early account-books allows us to see something of the development of the College, but a description of this would hardly come within the purview of this paper. [Footnote 1: _Cambridge Documents_ issued by the Royal Commissioners, London, 1852, vol. III, pp. 365-410.] [Footnote 2: This was true some years ago when this paper was written, but since then I have given part of the story in a booklet on the King's Scholars and King's Hall which, at the request of the College, I wrote in 1917 for the meeting held to celebrate the six-hundredth anniversary of the execution by Edward II of the writ establishing those scholars in the University of Cambridge.] [Footnote 3: 37 Henry VIII, cap. 4.] [Footnote 4: _Correspondence of M. Parker_, Cambridge, 1852, p. 34.] [Footnote 5: _Life of T. Smith_ by J. Strype, Oxford, 1820, pp. 29-30.] [Footnote 6: _State Papers_, Domestic, 1546, vol. XXI, part i, no. 68. See also J. Lamb's _Documents_, London, 1838, pp. 58-59; _Correspondence of M. Parker_, Cambridge, 1852, p. 34.] [Footnote 7: _State Papers_, Domestic, 1546, part i, nos. 203, 204.] [Footnote 8: _Ecclesiastical Memorials_ by J. Strype, Oxford, 1882, vol. XI, part i, pp. 207-208; _Correspondence of M. Parker_, p. 36.] [Footnote 9: _Cambridge Documents_, vol. I, pp. 105-294.] [Footnote 10: _Correspondence of M. Parker_, pp. 35-36; J. Lamb's _Documents_, p. 59.] [Footnote 11: _State Papers_, Domestic, Edward VI, May 1549.] [Footnote 12: Senior undergraduates were then commonly termed dialectici.] [Footnote 13: _State Papers_, Domestic, 1546, no. 647 (25).]