200 Be-investment of the Society's Funds. [AuG. 



Editorsliip of the Journal, Part II, and that Mr. W. L. Sclater had been 

 appointed Natural History Secretary and Editor of that part of the Jour- 

 nal. There had been no separate Natural History Secretary since 

 Mr. Wood-Mason became a Vice-President in 1887. 



The President stated that the arrangement announced at the last 

 meetino* for renting two rooms on the ground floor of the building to 

 the Photographic Society of India had been completed and possession 

 taken of the rooms. The rent is to be Rs. 60 a month, and the occu- 

 pancy to be terminable at 3 months' notice on either side. 



The President congratulated the Society on the arrangement. It 

 had converted a useless lumber room into a pleasant apartment, and 

 had given the Society a very acceptable addition of Rs. 720 a year to 

 their income. 



The President reported that the Government Securities belonging 

 to the Society, amounting to Rs. 1,27,000 in the 4| per cent, loans of 

 1878 and 1879, which mature on 15th September 1893, would have to 

 be transferred to the 4 per cent, loan of 1854-55 under the terms of 

 the Notification of the Government of India, Department of Finance 

 and Commerce, dated 25th June 1890. The transfer will cause a per- 

 manent annual reduction of Rs. 635 in the Society's income from in- 

 terest. 



The President added that whatever might eventually be done 

 with the Securities it had appeared to the Council necessary that the 

 offer of Government should be accepted, and the transfer effected. 

 There was no rule compelling the Society to invest its funds in Govern- 

 ment Securities, and it might hereafter be advisable to invest them in 

 other secui'ities which would yield a higher rate of interest, but before 

 such a step could be taken all the Members of the Society had to be 

 consulted and the votes of three-fourths of them to be obtained (Rule 

 67). In the meanwhile the transfer had to be made, and it had this 

 advantage that it gave the Society the command of over Rs. 1,900, for 

 Government had agreed to pay the extra half per cent, interest in ad- 

 vance. This money would be very useful as the Society had some 

 debts to pay, and amongst others a sum of Rs. 1,400 on account of 

 printing Mr. Grierson's book on the Modern Vernacular Literature of 

 Hindustan, 



The President informed the meeting that the alteration of Rule 70, 

 proposed by the Council, of which intimation had ali'eady been given 

 by Circular to all resident membei-s in accordance with Rule 64, would 

 now be brought forward for discussion. 



