MAY 1. 1848. 177 



efFected. This reduction would have been larger by the sum of £141 18s. 6d., 

 had it not become necessary to complete the Society's Transactions by the 

 publication of a final number. 



The Auditors have much satisfaction in reporting that the Council have 

 resolved that all Life Subscriptions (or Compositions) should henceforth be 

 funded, and that the whole amount received under this head in the present 

 j'ear has been invested in the Three per Cent. Consols Stock. 



In reporting upon the assets of the Society the Auditors have assumed 

 that, after the careful inquiry into the arrears of Fellows which they learn 

 that the-Finanoe Committee have instituted, they may regard all sums not 

 considered doubtful by the Committee to be good, and that the whole of the 

 Subscrijitions now due for the past year would be recoverable in case of 

 need. They have not felt themselves in a position to form any opinion of 

 the value of the house in Eegent Street, of the Library and Furniture there, 

 or of the Garden effects. In fact this part of the Society's property has 

 never, as far as the Auditors are aware, been made the subject of an exact 

 valuation, without which it is impossible to form a correct estimate. The 

 Auditors, however, find that a Committee of Accounts made a report to the 

 Society upon this subject in April 1831, in which report the Society appears 

 to have acquiesced. They have, therefore, taken the value of the House, 

 Library, and Garden, as they find it stated in that document, believing that 

 the large sums since expended in improving this property are an ample set 

 off against the deterioration of time, without however offering any opinion 

 as to whether the property alluded to possesses the value assigned to it. 



Proceeding upon this evidence, the Auditors are of opinion that the pre- 

 sent financial position of the Society is as follows. 



Assets. — 1. Items, the value rf tchich was estimated hy the Committee of 

 Accounts in 1831, and then admitted to he correct. 

 Lease of the House in Regent Street .... 



Librar}', &c. there ....... 



Furniture there ....... 



Effects at the Garden and Lease of the Garden 



21,400 



2. Items, the value of which is estimated hy the pi-esent 

 Auditors. 



Estimated value of stock of Transactions, Journals, Fruit 



Catalogues, Copper-plates, Wood-blocks, &c. . . £1058 



Amount of unpaid Subscriptions due May 1, 1847, sup- 

 posed to be good . . . . . . . 845 10 



Amount of unpaid Subscriptions for the past year now 



due 3042 18 



Miscellaneous Assets, consisting of Rent due, unpaid divi- 

 dends, and sums due for Transactions sold 



Cash in hand, and invested in the funds 



Liabilities. 



Floating Debt as per Balance Sheet 

 Loan Notes .... 



From this it appears evident that the present assets of the Society are 

 amply sufficient to cover its liabilities and to leave a large surplus. 



21, Regent Street, 13th April, 1848. Geo. Bain, 



He.nrt Groosi, 

 W. W. Salmon. 



