PRESIDENTS ADDRESS. 11 



appearance of the colonies and growths upon nutritive media. 

 The slime, which is the matrix of the zoogla^a, is remarkably 

 constant, but variations in the solubility affecting the appearance 

 of the cultures and the diagnosis of the bacteria have been found. 

 The arabin and metarabin bacterium is one example. Another 

 was given in a bacterium which produced an insoluble galactan 

 when freshly isolated from plant tissue and a soluble modification 

 after cultivation. 



In addition to these researches, the Society's Bacteriologist 

 found a possible explanation for the loss of colour of red wines 

 in the presence of acetic bacteria in affected samples. 



Three students received full courses of laboratory instruction 

 during the year. 



The year 190-1: has been an exceedingly important one in one 

 respect — that of getting the Linnean Macleay Fellowships Scheme 

 into working order. 



At the concluding Meeting of the Session of 1903 an announce- 

 ment was made to the Society to the effect that Sir William 

 Macleay's executors had paid over to the Society on 24th October, 

 1903, the sum of £33,250, representing a bequest of £35,000 to 

 the Society, after the deduction of 5% as probate duty, for the 

 foundation and endowment of Research Fellowships. At the 

 same time it was mentioned that the capital had been invested 

 at 4%, and that in consequence of the deduction for probate 

 duty and the fall in the rate of interest obtainable at the present 

 time as compared with that to be had upon a similar class of 

 securities at the time the Will was made, the annual income 

 available would certainly be less than Sir William contemplated; 

 and that consequently some slight modification of his plans would 

 be necessary. 



The Society's choice of investment for the now considerable 

 sum of trust moneys which it holds for general or special purposes 

 is limited by the terms of Sir William's will relating to the same 

 to Government securities or to loans upon mortgage of real 

 estate in New South Wales or upon deposit in approved Banks 

 in New South Wales. It is advantageous, from the Hon. 



