The University Factors were responsible for receiving all rents and revenues belonging to the University. The Commission of Visitation of 1726 ruled in 1727 that there was only to be one Factor, who could not be the Principal or a professor or a relative of either nearer than cousin-german. The factor was to keep an exact cash book, journal and ledger that were to be open at all times for the inspection of the university masters. The accounts also had to be submitted and then approved by the Faculty. From 1785, when James Hill, writer, was appointed Factor, Hill & Hoggan, the legal firm, held the appointment of Factor to the University. By 1920, the senior partner of the firm, James A McCallum, was giving the University financial advice and at times of class and examination enrolments a clerk from the firm attended the University to collect the cash. By 1945, it was recognised that the financial system of the University was out of date but there was to be no change during the active life of Dr McCallum. The University Court decided that the factorship should be terminated at the end of his association with Hill & Hoggan. A Finance Officer was appointed in 1947 to ensure a smooth transfer of the work. After the death of Dr McCallum, the University Court agreed on 13 May 1948 that the finance work should be transferred to the University as far as possible with effect from 1 August 1948. Thereafter many of the responsibilities previously belonging to the Factor came under the remit of the new Finance Office.