Biography of King William III
William III and II (1650-1702), Prince of Orange, became King of England, Scotland and Ireland in 1689, ruling jointly with his wife Mary II until her death in 1694.
In 1693 the Crown granted the University an annual revenue of £300 sterling for the maintenance of a Professor of Theology and ten bursars. In 1695 a deed stipulated that only £70 of that sum should be used for bursaries and the remaining £230 should be used primarily to settle the University's debts, and then to other uses. It was originally intended that the sums would be derived from the grant of a portion of the revenues from the dioceses of Glasgow and Galloway, but in 1698 the University obtained instead a tack (lease) of the Archbishopric of Glasgow. The tack was continued by King William's successors and, until 1825, was one of the University's most important financial resources.