THE COUNCIL. 13 



is applicable to the liquidation of the debt. The sum in 

 which, after this reduction, the Society will continue to be 

 indebted to the Bank, is 1306/. ; and the Council submit 

 to the Meeting the following plan for paying oflp that account. 



They propose to borrow 1300/., at an interest of 4 per 

 cent, from such members of the Society as may be willing 

 to lend. The interest upon each loan of 50/. would be 

 exactly the sum of a member's annual subscription. By 

 remitting the subscription, therefore, the interest would be 

 paid. In this method of raising the money, there would 

 be a convenience both to the lender and the borrower ; since 

 to the former the trouble of an annual account would be saved, 

 whilst the latter would not incur the risk of being called 

 upon to discharge the whole debt at once : and in case of any 

 member's withdrawing his share of the loan, another might 

 be found to supply his place. 



In order to shew that the Society possesses the means of 

 acquitting itself by degrees of the principal of the debt, it 

 is necessary to state, in the first place, that the present 

 regular income is 509/. a year; and, secondly, to add an 

 account of the annual demands upon that income, and to 

 exhibit the scale by which it is thought that the expenditure 

 may be regulated in future. 



The constant and fixed charge upon the Society, arising 

 from parochial rates, rent, wages, and salaries as now pro- 

 posed to be settled, amounts to 207/. The charges which 

 may be computed as unavoidable, or only to be retrenched 



