THE forty-sixth annual report of the Carnegie Trust for the Universities of Scotland, Dunfermline, covers the academic year 1946–47 and again includes as appendix the new scheme for the award of fellowships and scholarships which came into effect on October 1, 1947. Grants made under the eighth quinquennial distribution for the period October 1, 1947, to September 30, 1952, and detailed in an appendix, include £33,650 to the University of St. Andrews, £13,350 to University College, Dundee, £70,000 towards the erection of the final portion of the Chemistry Institute at the University of Glasgow, £47,000 towards the cost of the new Chemistry Department at the University of Aberdeen, £23,000 for library expenditure and £25,000 for capital expenditure on the university schemes on the Bush and Dryden estates at Edinburgh, the grand total being £234,000 to the universities and £36,000 to extra-mural colleges. Special attention is directed to the observations in the report on assistance to students. The Executive Committee, examining the new situation created by Circular 106 of the Scottish Education Department, considered that until the amount of the bursary awarded by the education authorities had been ascertained for each individual applicant to the Trust, it Would be premature to make any extensive alterations in the system adopted for the award of Carnegie Trust grants. Nevertheless, the Executive Committee expected that a turning point in the administration of the Carnegie Trust, so far as half its annual income is concerned, may have been reached, and that very considerable sums at present absorbed in assistance with class fees will be liberated for new projects. The amount disbursed for this purpose during 1946–47 was £51,072 to 3,068 beneficiaries, as against £55,109 to 3,250 beneficiaries in 1945–46.