The site of this the first property held by the University for educational purposes[15] is now included in the front, the noisy, over-decorated front, of Brasenose College. It was called, naturally enough, first the Hall of the University and afterwards the little Hall of the University. A second purchase was made in 1255, when a tenement called Drogheda Hall, the then first house in the High Street on the north side, was bought. It stands almost opposite to the present Western Gate of the College. Brasenose Hall was the next purchase under William's bequest (1262), and (1270) a quit rent of fifteen shillings, charged on two houses in S. Peter's parish, was the last. William of Durham had not founded a College. There is nothing to show that the purchase of houses by the University was originally made with any other object than that of securing a sound investment of the trust money. There is nothing to show, that is, either that the houses were bought originally and specifically as habitations for the pensioned masters (though they _may_ have lodged there), or that it was originally intended, either by the University or the founder, that they should form a community. Statutes were not granted to the masters admitted to the benefits of this foundation until the year 1280, and by that time a precedent had been created. From the year 1280, then, may be dated the incorporation of what is now known as University College. A very small society of poor masters were, according to the revised plan, to live together on the bounty of William of Durham and devote themselves to the study of theology. And this idea of association was evidently adopted from the rule for Merton Hall laid down by Merton six years before. The revenue from the fund increased rapidly, so that by 1292, the society was increased from "four poor masters" to one consisting of two classes of scholars, the seniors receiving six and eightpence a year more than the juniors, and having authority over them. Other clerks of good character, not on the foundation, were permitted to hire lodgings in the Hall, prototypes of the modern commoner. Funds and benefactions accrued to the Hall. A library was built, and the society gradually enlarged. Members of it were enjoined to live like Saints and to speak Latin. In the election of new Fellows a preference was given to those "born nearest to the parts of Durham." And a graduated fine was imposed, according to which a scholar who insulted another in private was to pay a shilling, before his fellows two shillings, and if in the street, in church or recreation ground, six and eightpence. For the administration of the College funds a bursar was annually appointed, whose accounts were subsequently approved and signed by the Chancellor. This practice of University supervision was maintained till 1722.