The Work of Engineering and Research the Department Metallurgy, Ontario Foundation

Introduction During the month of September, 1928 enough money had. been promised by private individuals and corporations to comply with the Research ?Foundation Act 1928 (Chapter 57, 18 George V) of the Province of Ontario. The Ontario Research Foundation (referred to below as O.R.F.) may be said to 1iave come into being at that time. Under the terms of this Act, the Treasurer of the Province was empowered to match dollar for dollar of the sums subscribed by private .corporations and individuals up to a limit of $1,000,000. However, the response to the appeal for this by the Premier of the Province, the Honourable Mr. G. Howard Ferg uson, was so exceptional that the Act was amended in 1929 so as to empower the Treasurer to increase the maximum contribution on the part of the Province to $2,500,000. In March, 1933, the Chairman of the Foundation, Sir Joseph Flaville, Bart., was able to report that, in the interval between the Premier's appeal and December 1st, 1932, private enterprise had paid ?into the treasury of the Foundation $1,670,050, and that the Provincial Treasurer had assumed responsibility for a like sum. The endownment Fund of the Foundation was, therefore. $3,340,100. This sum was ?invested a lm~ s t entirely in Government securities, in securities guar. anteed by the Government, and in 1mmicipal securities. Sir Joseph Flavelle remarked at that time that "The payment of $1,670,050 to the Endowment of the Foundation by private persons and corporations is a somewhat remarkable performance when it is remembered that for three of the five years the business of the country has been suffering from a severe depression". Since that time it has been the consistent policy of O.R.F. to live within the income derived (1) from the investment of its Endowment Fund and (2) from fees collected for services rendered.