section_path: History/Foundations of the university
section_name: Foundations of the university
paragraph_text: Foundations of the university
  
  The University of Melbourne was established following a proposal by the Hugh Childers, the Auditor-General and Finance Minister, in his first Budget Speech on 4 November 1852, who set aside a sum of £10,000 for the establishment of a university. The university was established by Act of Incorporation on 22 January 1853, with power to confer degrees in arts, medicine, laws and music. The act provided for an annual endowment of £9,001, while a special grant of £20,000 was made for buildings that year. The foundation stone was laid on 3 July 1854, and on the same day the foundation stone for the State Library. Classes commenced in 1855 with three professors, all of whom, like the founding University Chancellor, Redmond Barry, were from Ireland. There were sixteen students; of this body of students only four graduated. The original buildings were officially opened by the Lieutenant Governor of the Colony of Victoria, Sir Charles Hotham, on 3 October 1855.
  
  A law school was established in 1857 at the Parkville campus, following which a Faculty of Engineering and School of Medicine were established in 1861 and 1862 respectively. The university's residential colleges were first opened on the northern aspect of the campus in 1872, divided between the four main Christian denominations.
  
  The first chancellor, Redmond Barry (later Sir Redmond), held the position until his death in 1880. The inauguration of the university was made possible by the wealth resulting from Victoria's gold rush. The institution was designed to be a "civilising influence" at a time of rapid settlement and commercial growth. In 1881, the admission of women was seen as a victory over the more conservative ruling council. Julia 'Bella' Guerin graduated with a Bachelor of Arts in 1883, and became the first woman to graduate from an Australian University.