622 president's address. 



amount of the annual income which the principal may be 

 expected to yield. Now this, in consequence of the serious 

 depreciation in value of all sound income-producing investments 

 which has become so marked a feature in our commercial life 

 since Sir William made his will (in December, 1890), is, I regret 

 to say, likely to be for some years to come a sum considerably 

 smaller in amount than Sir William contemplated would be 

 available for the purpose. 



Then as regards the date of the appointment. Since without 

 a suitably equipped laboratory the Bacteriologist cannot carry on 

 the work he is specially to be appointed to do, it is evident that 

 the arrangements for providing the former must progress something 

 like pari passu with any scheme for filling the post of Bacterio- 

 logist. Before any research can be entered upon, provision must 

 therefore be made for an initial expenditure of something like 

 .£700 for equipment and incidental preliminary expenses — or 

 more than one year's income. The necessity for proceeding 

 slowly and with caution led to the Council's appointing a sub- 

 committee to consider generally and report on the best 

 way to give effect to Sir William Macleay's wishes. On 

 presentation of this report it was carefully considered by the 

 Council, and with some slight modifications it was adopted. The 

 result is that the Council has decided that, provided a suitable 

 investment can be met with at a rate of interest not lower than 

 the then current rates, the appointment might be made so as to 

 take effect at the close of the hot season of 1896-97, provided also 

 that a competent Bacteriologist can be engaged on what are 

 practically the terms and emoluments offered to University 

 Demonstrators. 



Besides a further postponement of say one year, two, or even 

 three years should circumstances seem to demand it, there is yet 

 another alternative, namely, to make an indefinite postponement 

 with a view to a very substantial accumulation of interest to be 

 added to principal. Against this course it may be urged that on 

 general grounds it is desirable that as soon as circumstances per- 

 mit the appointment of a Bacteriologist should be proceeded with; 



