2 president's address. 



liad a year's experience of the Society's particular class of work, 

 and have almost completed one volume, we may hope to see the 

 Parts issued as heretofore, without avoidable delay. 



Twenty-three individuals were elected into the Society, but 

 four of these have not accepted their obligations, so that the total 

 increase has been nineteen. The only decrease, happily, has been 

 one, by resignation. A new list of Members will be issued 

 shortly. 



The hour of holding the Monthly Meetings during the winter- 

 months was altered from 8 o'clock to 7.30 p.m.; and as the change 

 has given satisfaction, it is proposed to continue this arrangement 

 during the autumn and winter. 



The Hon. Treasurer will presently annoimce to you that the 

 amount of the Fellowships Capital Fund has been increased to 

 £40,000, giving promise that the Council may shortly be able to 

 consider the possibility of appointing a fourth Linnean Macleay 

 Fellow, as contemplated by Sir William. But, in the meantime, 

 during the present year, the Society's most important investment, 

 comprising the bulk of its endowment funds, matures, and the 

 money will need to be re-invested. Nowadays so many unex- 

 pected contingencies affecting investments, especially in connec. 

 tion with new legislation, are likely to happen in the course of 

 five years, that the prospect of obtaining a thoroughly satisfactory 

 new investment naturally causes the Council some anxiety. By 

 the terms of the trust, the Society's investments are necessarily 

 of a restricted character. Two out of the three classes of securi- 

 ties available, at present, yield no higher return than 3| %; so 

 that unless the funds can be satisfactorily re-invested on mort- 

 gage, yielding not less than 4 %, we may shortly be faced with 

 the problem of a diminution of income of some sort. The Hon. 

 Treasurer, therefoi'e, feels called upon to counsel reasonable 

 economy, in every way, in the meantime. 



In consequence of the increased cost of printing, both letter, 

 press and illustrations, under our new arrangements, at the 

 beginning of last Session, the Council reluctantly decided that it 

 was advisable to reduce the size of the annual volume by 100 

 pages or the equivalent thereof, to balance the increased cost. 



