226 Royal ImtUutmi, 



troductory discourse, in which he explained the principle 

 upon which it is proposed to new-model this institution. 

 The plan appears to be so judiciously adapted lo the cir- 

 cumstances of the establisliment, and holds out so fair a 

 promise of a successful prosecution of scientific researches, 

 that we entertain no doubt of its meeting with the general 

 approbation of the proprietary, and receiving that share of 

 public encouragement to which it is so eminently entitled. 

 After a concise historical survey of the origin and progress 

 "of the Institution, and of the important discoveries which 

 had repaid the liberality of its lonnders, Mr. Davy pro- 

 nounced a short and eloquent dissertation on the utility of 

 philosophical inquiries in general, and proceeded to explain 

 the nature of those improvements, which, he conceived, 

 were calculated to render the Institution a more efficient in- 

 struinent of public advantage. 



'• The funds of the Institution, he said, had been inade- 

 'quate to the expenses of the establishment ; and some in- 

 jury, had been sustained from the purchase and sale of the 

 proprietors' shares. It was not to be expected, that those 

 who could make an interest in a scientific institution, an 

 object of pecuniary profit, could ever feel a zealous soli- 

 citude for the advancement of science. It "was therefore 

 proposed that the shares, which originally conveyed an in- 

 terest in perpetuity, should be converted into shares which 

 conferred merely an unalienable interest for life. But lest 

 any of the present proprietors should conceive themselves 

 injured by the change, a fund was to be provided, by 

 a loan, for their indemnification. Thus none would con- 

 tinue to be proprietors, but. such as were animated by sen- 

 timents favourable to that description of patronage, from 

 the beneficial influence of which the objects of the Institu- 

 tion would be most effectually cherished and promoted. 



It might perhaps be a question, whether proprietors 

 should then be admitted indefinitely, or restricted to a 

 limited number, and appointed by election. Experience 

 had shown, that what every^one could attain, was scarcely 

 thought desirable by any. But where any difficulty pre- 

 sented itself, it produced a desire to surmount it. Hence, 

 if it became an object of some exertion to obtain the di- 

 stinction of a proprietor, a class of candidates would pro- 

 bably present themselves for election, consisting of indivi- 

 duals to whom the pursuits of science are of real ajkl in- 

 trinsic importance ; and from such patronage the best re-, 

 suits might be expected. 



In order that the proprietors and the public might d^r^ve 



every 



