184 KEPORT 01' THE COUNCIL, 



Tlie most important financial operation of the year has been 

 the re-arrangement of that portion of the debt of the Society 

 which bears interest. 



In October last the loan notes bearing 4 per cent, interest, 

 and amounting to 7600/., became payable. Holders to the 

 amount of 2200/. having signified their desire to receive their 

 principal, were paid off, with the aid of a loan of 1500Z. from 

 the Society's bankers, of wliich sum 1000/. have been repaid 

 since the Auditors' report was closed. The remaining loan 

 notes, to the extent of 5400/., have been renewed at 5 per cent, 

 with the consent of the holders. 



The total debt at the close of the year was 8251/. 11*. 9d., 

 against whicli there is the whole property possessed by the Cor- 

 poration, The actual value of that property cannot be accurately 

 ascertained without incurring an expense for which the Council 

 perceive no necessity. The Auditors of last year made some 

 observations as to this point; but since the value of a part of the 

 Society's property in 1848 was by them assumed to be the same 

 as it had been found in 1831, the Treasurer lias now prepared 

 the following amended statement, which, in the absence of a 

 professional valuation, may be assumed to express the true value 

 of the Society's fixed and floating property, and is believed to 

 be rather under than exceeding its actual value : — 



Lease of the house in Regent Street . . « 

 Library, &c. there ...... 



Furniture there ...... 



Effects at the Garden and lease of the Garden 

 Estimated value of stock of Transactions, Journals, 



Fruit Catalogues, copper-plates, wood-blocks, 



&c 



Amount of unpaid subscriptions due May 1 , 1 848, 



supposed to be good .... 

 Amount of unpaid subscriptions for the past year 



now due ...... 



Miscellaneous assets, consisting of rent due, unpaid 



dividends, and sums due for Transactions sold 



£ 21,679 19 6 



The debts then, amounting to 8251/. 11-s. 9d., and the pro- 

 perty bearing the value of 21,679/. I9s. 6d. ; the balance in 

 favour of the Society is at least 13,428/. 7*. 9d. 



Tlie Garden. 



Since the last anniversary Mr. Hartweg, the collector dispatched 

 to California, has returned, and his engagement has been brought 

 to a close. Although the Council had not reason to be satisfied 



