The gross revenue available to the College in 1849 was £494, made up of £70 from the rent of Burnside House, £274 from rents of building lots and other lands, and £150 from the rent of a large stone building known as the King's Arms or Mack's Hotel, situated on Jacques Cartier Square, formerly Nelson's Market. The rent of this latter building was first £250 a year, but from depreciation in value because of the removal of the Market it had decreased by £100. After deducting the amounts required for insurance, etc., the net revenue was only about £440. Only thirteen students were in attendance; two of these had obtained exhibitions and were admitted free, and the income derived from the fees of the remaining eleven was £110. The salaries, which, however, were several months in arrears, amounted to £292 a year. The Principal received no remuneration. The salary of the Rev. W. T. Leach, Vice-Principal and Professor of Classical Literature, was supposed to be £100; that of T. Guerin, Lecturer in Mathematics and Natural Philosophy, £50; the Hon. W. Badgley, Lecturer in Law, received no stated reward, but he was entitled to a fee of £2 per term from each student attending his lectures; the Rev. J. Abbott, Registrar, Bursar, Secretary, and Lecturer in Ancient and Modern History, Geography and Logic, was supposed to receive a salary of £100, and in addition several small fees from students, which amounted the previous year to only £4 5s.; L. D. Montier, Lecturer in French, received £30 a year, and the Beadle, F. Hewitt, was given £12; the Lecturer in Hebrew, the Rev. A. De Sola, received no salary. Later in the year a lecturer in Botany was appointed "without remuneration for the present." The Board of the Royal Institution endeavoured earnestly to relieve the financial situation of the College, and they requested the Receiver-General to make all possible payments to the Governors. But the liabilities far exceeded the assets. In January, 1850, the College officers urgently pleaded for their overdue salaries. It was decided to pay them 2s. 9d. in the pound. Accordingly, Vice-Principal Leach received £55 of the £404 in arrears; L. D. Montier, the Lecturer in French, was given £4 of the £34 due him, and the others were paid very small amounts in proportion for a year or, as in the case of the Vice-Principal, several years of work. A grant of £25 was asked for by the College authorities to purchase books for students, but it was of necessity refused. The supply of fuel for the year was reduced to "ten cords of maple wood," and altogether the outlook of the College was not promising.