ible beginnings_ of either
Harvard, or Yale. Until the present time, moreover, there has been only
a preparatory school. The first college class, and that a small one,
commences the present year. A number of young men, once at Punahou, who
would perhaps have been in the College had there been one, are at
Williams, Yale, or some other of our American Colleges. Some have
completed their preparations for life's business, and are preachers,
missionaries, merchants, or connected with the government of the
Islands.

_The Endowment._

The cost of living at the Sandwich Islands has been materially increased
by the settlement and mines of California. Just at present, it may not
be easy to bring the expenses of a family at Punahou within the bounds
recommended for the salaries of the officers of College. The arrangement
for salaries should be based, however, on what we know to be the general
course of things in the world. Fifteen hundred dollars, with the use of
a house, is thought not to be too large a salary for the President of
the Oahu College; and twelve hundred dollars, with the use of a house,
for a Professor. The American Board will pay these two salaries for the
years 1856 and 1857.

The Trustees propose to raise the sum of _fifty thousand dollars_. This
is not too large a beginning. Of this sum the Hawaiian government
engages to give ten thousand dollars, or one fifth part; on condition
that the remaining forty thousand dollars be raised before July 6, 1858,
and that the King have the right of nominating two of the twelve
trustees of the College. The Prudential Committee have voted to
subscribe five thousand dollars towards the endowment, on behalf of the
American Board, payable in the year 1858.

It should be understood that, excepting the duty of approval or
disapproval in respect to the election of members on the Board of
Trustees, laid upon the American Board by the Charter for the space of
twenty years, that Board has no connection whatever with the College,
or control of its proceedings. The College is an independent
institution, sustaining no other relation to the Board, than it does to
every other benefactor.

* * * * *

The Colleges of New England had generally some benevolent patron
provided for them by Divine Providence;--a Harvard, a Yale, a Dartmouth,
a Brown, a Bowdoin, a Williams; and the Colleges very properly took and
embalmed their names in memory of an enlighte