12 president's address. 



Treasurer's point of view, that our investments should be as few 

 in number and for as large amounts as circumstances will permit. 

 After considering such offers of investments in the way of loans 

 upon mortgage as were available, the Council finally decided to 

 invest the entire sum of £33,250 in Government Inscribed Stock, 

 yielding 4 per cent, per annum. It may also be mentioned that 

 for some years past the Society's investments have yielded no 

 higher return than this. 



Apart from the question of a diminished income, it became 

 apparent, at an early stage of the Council's consideration of the 

 terms of the bequest for the endowment of Fellowships, that 

 these offered some moot points which it might be unwise to 

 attempt to settle without legal advice. After much delibera- 

 tion, the Council decided to seek the direction of the Equity 

 Court upon the matters in question; and on August 26th the 

 Society's petition for advice came on for hearing before Mr. 

 Justice A. II. Simpson. Following precedent, it is desirable 

 for the guidance of those who come after us that a record of 

 these legal matters should appear in oar Proceedings in the 

 otiicial terms while they are, as nearly as possible, current events. 

 After a preliminar}'- statement of matters relating to the bequest 

 and to cognate matters, the Society's petition proceeded 



Your petitioners therefore humbly pray : — 



1. — That the opinion advice or direction of Your Honour ma}'' 

 be given to your Petitioners upon the following questions that 

 is to say : — 



(a) While the income from the said Fund is less than .£1600 

 per annum will your Petitioners be justified in appointing 

 four Fellows at a less salar}'' than £400 per annum for 

 each Fellow or will your Petitioners be justified in 

 appointing a smaller number of Fellows than four ? 

 (/>) Will the possessor of a Degree in Science of Engineering 

 who is not also a Bachelor or Doctor of Science be eligible 

 for any of the said Fellowships ? 

 (c) Will a Graduate in Science of the other Universities 

 referred to in the foregoing by-law who has been admitted 



