The Report of the Secretary to the Regents of the University of California, year ending June 30, 1906 noted, "The Bancroft Library, incomparably superior to any other existing collection as a mine of primary historical material for all western America, a collection which could not even remotely be imitated, at no matter what cost, was acquired by the University on November 24, 1905, at a cost of $250,000. Of this amount Mr. H. H. Bancroft, whose ingenuity, perseverance and skill created this collection, donated $100,000. Of the remaining $150,000. $50,000 was paid by the Regents on November 24, 1905; $50,000 is to be paid November 24, 1906, and the remaining $50,000 in November 1907." On June 11. 1907, the regents of the University approved the Constitution of the Academy of Pacific Coast History, submitted by the Bancroft Library Commission, thus making the Library itself "the indispensable nucleus of a great research library, like that of the British Museum," which has for its object "the promotion of the study of the political, social, commercial, and the industrial history, and the ethnology, geography, and literature of the Pacific Coast of America, and the publication of monographs, historical documents, and other historical material relating thereto.