Proceedings of the Royal Society o/ Victoria. 119 



The result of the work of this Committee formed an in- 

 structive exhibit at the Conversazione in December, and its 

 Progress Report will be found appended to the proceedings 

 in the forthcoming volume of the Society's Transactions. 



The Treasurer's balance-sheet is appended. 



The account of the Davy Fund has been closed by the 

 payment to Mrs. Davy, in July last, of the balance of the 

 principal with interest to date. 



One of the three debentures shown last year as outstand- 

 ing, was since found by Mrs. S. W. McGowan, among her 

 late husband's papers, and its amount with interest to the 

 date when the debentures were called in, has since been {)aid 

 to her. There are, therefore, still two debentures and 

 interest outstanding. 



In view of the new item of expenditure on the biological 

 survey of Port Phillip Bay, and of a probable further 

 increase of ex])enditure in original research and other ways, 

 your Council has deemed it advisable to set ajtart on deposit 

 at interest, a sum of .:£*300 as the nucleus of a fund for 

 ])ublishing and research, with a view to its increase by 

 yearly additions of £100 or dP200, so that the interest may 

 in time prove sufficient for those important objects of yearly 

 expenditure. The balance on hand is therefore reduced to 

 £VJ^ J 9s. lOd., as compared with =£^545 19s. 6d. last year. 

 The early pul:)lication in September last of half the year's 

 Transactions, and the grant to the Port Phillip Bii>logical 

 Survey Committee, account for more than tlie amount of 

 the reduction of the balance. 



