Next followed particulars of the sums that might be borrowed and those to whom they might be advanced, always on condition that a pledge of equal or greater value was first deposited by the borrower. The term within which the pledge might be redeemed was specified, as also the time at which an unredeemed pledge was to be sold after due notice had been given by public proclamation. It was usual to appoint as guardians a North and a South countryman, so as to obviate any complaints as to the allocation of the funds, and provision was made for the registration of loans and the audit of the accounts. The last chest to be founded--this was in the latter half of the sixteenth century--placed at the disposal of the University a sum raising the total amount to not less than two thousand marks; and the capital, not merely the interest, was available for the relief of embarrassed scholars. The pledges were valued by the sworn stationer of the University, and that they were expected to exceed in value the amount of the loan is shown by the terms of ordinances, in some of which the guardians are required to submit to the auditors an account of the capital and increase. In spite of precaution, however, cases of peculation were not unknown, for, on more than one occasion, guardians were accused of embezzlement, and there are statutes complaining of the "marvellous disappearance" of funds, the property of the University, and safeguarding their future administration. The chests were divided into two categories--the "Summer" and the "Winter." This distinction seems to have been due to the date of the election of the guardians. In this matter, however, there was considerable variation, and in later ages the stipulations of the ordinances, in which the bequests were embodied, ceased to be observed. Another circumstance which deserves notice is that in the reforms instituted in the time of Archbishop Laud nearly all traces of this benevolent system were obliterated, and the names of founders--John Pontysera, Bishop of Winchester, Gilbert Routhbury, Philip Turville, John Langton, W. de Seltone, Dame Joan Danvers, etc.--consigned to the shades of academic oblivion. During the period when the funds were employed in conformity with the testator's design, the authorities, in their wisdom, ignored limitations of age, birth, and neighbourhood, and thus any member of the University, sophist or questionist, bachelor or master, was entitled to a share of the benefit. This wide charity cannot have met with unanimous approval. Large as the fund was, it would hardly have sufficed for the needs of every ill-clothed and ill-fed scholar; and, in the distribution of the money, it would be only in accord with common experience of human nature if an enterprising official, whose eagerness had outstripped his resources, should be preferred to some pinched, obscure stripling, and receive a wholly disproportionate share of the eleemosynary grant.