The absence of the two oldest members of the Board, viz., Bishop John Early and D'Arcy Paul, Esq., on account of age and feebleness, were noted by suitable resolutions. [Illustration: LIBRARY HALL.--Built by the Washington and Franklin Societies 1872.] President Duncan, in his annual report, said: "It is specially gratifying that I can congratulate the Board on the plan of fiscal management adopted at your last meeting. The experience of the last twelve months has demonstrated the wisdom of your action, and the same illustrating your good fortune in securing an officer whose efficiency in a most laborious task merits your high commendation.... The large number of students have been generally studious and well behaved, a large proportion of them are Christians, and thirty-two are candidates for the ministry. During the year the reputation of the College has extended, and its patronage steadily increased. Both the patronizing Conferences manifest increasing interest in the College." The degree of A. M., on recommendation of the Faculty, was conferred on Charles Carroll, of North Carolina. Mr. Jordan W. Lambert, on behalf of the Building Committee of the Literary Societies, reported the Hall building as completed, at a cost of $12,954.40, on which the committee had raised $7,093.30, leaving a balance still due, $5,861.10. A committee appointed to consider this report submitted the following: "Your committee, after a full conference with the committee of the two Societies, submit a proposition made by them to secure from the Board of Trustees the necessary amount to discharge the existing obligations of the Societies, which proposition is made the basis of this report, and is most heartily recommended to the favorable consideration of the Board. "It may be proper to state, in connection with this report, that the committee submitted in detail the accounts with the various persons from whom they had secured material, both by donation and purchase, and also the correspondence with various friends of education both North and South, all of which was most gratifying to your committee, as they exhibited on their face the evidence of great energy, system, and tact, which not only reflects credit on themselves, but also on the Societies represented by the committee as well as the College itself. "In consideration of the foregoing facts, we offer for adoption the following resolution: "_Resolved_, That the proper officers of the College proceed at once to raise $5,700, and if it be necessary, they be authorized to create a lien upon the property referred to, to secure the payment of principal and interest, and the Financial Secretary be instructed to pass over the amount thus raised to the Building Committee, to be used by them in liquidating the obligations created in the erection of the hall." Accompanying this report was the following paper: "ASHLAND, VA., _June 27, 1872_.