Auckland Listitute. 729 



The total revenue of the working account, excluding the balanoe of £139 

 Hs. lid. brought from the previous year, has been £8139 23. lOd. Last 

 year the amount was £1,176 7s. 6d., so that there has been a decrease of 

 f"ii77 4s. 8d. This is due to two causes: first, the almost total cessation 

 of mining on the Waikanae Block, and the consequent extinguishment of 

 all income from it ; and, second, to the fall in the rate of interest, which 

 lirts compelled the Council to renew several of their investments on much 

 less sati.sfactory terms. Examining the separate items in the balance- 

 sheet, it will be noted tljat the receipts from the invested funds of the 

 Costley bequest stand at £365 16s. .3d., as against £413 Os. 4d. for 

 1897-98 ; the Museum endowment has yielded £.355, the amount for the 

 previous year being £G19 15s. lid. ; while the sum received from mem- 

 bers' subscriptions is almost the same as that credited last year. The 

 total expenditure has been £954 IBs., leaving a balance of £84 4s. 9d. in 

 the Bank of New Zealand. The Council are glad to state that the in- 

 vested funds of the Institute are in a satisfactory state. The total amount 

 is now £13,590, showing an increase of £310 during the year. With the 

 exception of a few hundred pounds, the whole of this sum is invested in 

 mortgages en freehold security ; and there is every reason to believe that 

 the securities are exceptionally good and stable. 



Election of Officers for 1899. — President — J. Batger; 

 Vice-'presidents — Professor H. A. Talbot-Tubbs, E. Eoberton, 

 M.D. ; Council^G. Aickin, W. Berry, C. Cooper, F. G. 

 Ewington, E. A. Mackechnie, P. Marshall, F G.S., T. L. 

 Murray, T. Peacock, D. Petrie, F.L.S., J. A. Pond, F.C.S., 

 J. Stewart, C E. ; Trustees — E. A. Mackechnie, S. P. Smith, 

 F.E.G.S., T. Peacock ; Secretary and Curator — T. F. Cheese- 

 man, F.L S., F.Z.S. ; Auditor— W. Gorrie. 



