2 PRESIDENT S ADDRESS. 



Honor, the Chief Judge in Equity, on 26th August, 1904, 

 directed, among other matters, that -(a) "The Council of the 

 said Linnean Society of New South Wales will be justified in 

 appointing three Fellows only wdth a salary of four hundred 

 pounds per annum until the income from the fund in the said 

 petition mentioned is sufficient to pay the four Fellows the full 

 salary of four hundred pounds per annum." And (6): " The 

 income from unawarded Fellowships should be accumulated until 

 the said fund was sufficient to produce an income of one thousand 

 six hundred pounds per annum." 



The Council forthwith proceeded to carry out these directions. 

 In October, 1904, and in the same month of every succeeding 

 year up to 1912, the Council offered three Fellowships. The 

 balance of the income, after providing for the salaries of the 

 Fellows, except for small incidental expenses, has been capitalised 

 annually. In this way, on 31st December, 1913, the original 

 capital of £33,250 had been raised to £41,350, while, for the 

 first time, the income for the year (£1,759 15s. 8d., as compared 

 with £1,562 4s. 5d. for 1912) was sufficient to provide for the 

 salaries of the maximum number of Fellows, and also to yield a 

 surplus of £159 15s. 8d., which, at the discretion of the Council, 

 may be taken for the " general use " of the Society : that is, in 

 part, for defraying the cost of printing the papers of Fellows and 

 of the Society's Bacteriologist, as well as the expense of the 

 general administration of the Endowment Funds. Hitherto, this 

 unexpected and unforeseen expenditure has been a charge on the 

 Society's General Fund; and to meet it, and yet avoid a reduc- 

 tion in size of the annual volume of Proceedings (except in so far 

 as the increased cost of printing has affected it), it has been 

 necessary to exercise economy in other directions to a correspond- 

 ing extent. The prospect of being relieved of this rather burden- 

 some responsibility, and of seeing the realisation of Sir William 

 Macleay's benevolent intentions as he wished them to be realised, 

 is, therefore, very gratifying. 



The arrears in the printing have been overtaken, and the Pro- 

 ceedings for the year have been completed. Twenty-six papers 

 were read at the Monthly M eetings, but their average length was 



