2 president's address. 



the opportunity of obtaining the fee simple of the block upon 

 which this Hall stands. Since our former rent is equivalent 

 to the interest earned by the purchase money, the transaction 

 does not disturb income and expenditure, and from a financial 

 standpoint may be regarded as a transference of investment. 

 From a social and business point or view we have much im- 

 proved our position, since we are free to go or to stay now or 

 in the future as may suit our convenience. The associations 

 that link us with the past are not now terminable with the 

 lease. 



Although our careful Treasurers have not only preserved 

 our capital intact, but have rather added to it by accumu- 

 lation, yet so much has the earning power of money shrunk 

 that the purchasing capacity of our income is seriously 

 diminished through alteration of indi;strial conditions. 

 Especially do we feel the pinch in expenditure on 

 publication, the very flower of our work. Since the object 

 of our existence is the production and spread of knowledge, 

 all else that we may do suffers, if our publication suffers. By 

 direction of tlie Foimder, the funds that we control are re- 

 stricted each to its proper purpose. So that however worthy 

 of support we may consider publication to be, we are unable 

 to divert funds to this from other directions. For the fviture 

 the money which has hitherto sufficed for an annual illus- 

 trated volume of from eight to nine hundred pages may only 

 provide for from seven to eight hundred pages. Wo are 

 threatened with this diminution while workers increase and 

 more valuable papers are offered for publication. 



One source of income which is at our disposal is the sub- 

 scriptions of members. I now make to you an earnest appeal 

 to augment this income by the enrolment of additional sub- 

 scribers. Surely without great effort every active member 

 could introduce two or three well-wishers of science from 

 amongst his friends. To an invitation to join a Scientific 

 Society, a frequent reply is that the person addressed does 

 not regard himself or herself as competent to share our work 

 or to join in our debates. May not they be reminded that 



