The annual report of the Financial Secretary was not so satisfactory as to current receipts, the number of students at the College having fallen down to 215, instead of 235. There had been deficiencies in other items. All these deficiences were caused, in the main, by the financial condition of the country, which was so sadly affected by the panic of 1873. There were some cheering signs, however, to offset these deficiencies. The largest donation ever made to the College up to this time had been received the past year. This was made by Mr. James B. Pace, of Richmond, Va., viz., $10,000 in Virginia State bonds. This was given to build the Pace Lecture Hall, a building so much needed, and which is now, and will be for years to come, a monument to the liberal donor. [Illustration: JAMES B. PACE, _Trustee, and Founder of Pace Hall._] [Illustration: RANDOLPH-MACON COLLEGE, 1880 to 1886.] [Illustration: PACE HALL.] Another donation of $5,000 was made by the old and fast friend of the College, Thomas Branch, president of the Board; by others, $808.50--total, $15,808.50. The financial statement for this year is given in the comparative statement furnished by the Financial Secretary in his annual report: Assets. Liabilities. Balance. 1872, . . $58,729 65 $23,216 49 $35,513 16 1873, . . 74.611 13 26,377 14 48,233 99 1874, . . 72,496 47 31,538 12 50,958 35 1875, . . .91,660 78 20,974 36 70,686 42 Increase, 99-1/4 per cent. The degree of Master of Arts was conferred on John W. Redd, of Virginia. Rev. A. G. Brown reported the building by him as a private enterprise of the hotel near the southwest corner of the campus. This was a much-needed improvement. Notwithstanding the increase in assets during the year, the current receipts were not sufficient to meet current expenses. At this meeting Rev. John C. Granbery, who had served the Board faithfully as secretary since 1868, resigned the position, on account of his having accepted a professorship at the Vanderbilt University. He also resigned his place as Trustee of the College. Rev. Paul Whitehead was elected to succeed him as trustee and secretary, and he has been secretary of the Board from that meeting to the present time (1898). [Illustration: JOHN B. WARDLAW, _Of Georgia; Sutherlin Medalist, 1874._] At a called meeting of the Board in October, 1875, President Duncan informed the Board that the condition of his health was such that he felt unable to do the heavy work devolved on him. An arrangement was therefore made to lighten his duties, and he was requested to travel as much as practicable in the interest of the College. [Illustration: JOHN W. REDD, A. M., 1875. _Prof. Centre College, Ky._] At an adjourned meeting of the Board, held November, 1875, Rev. A. G. Brown, Financial Secretary, tendered his resignation. A portion of his letter is here given, partly as history, and in justice to him: