number of the Fellows, the total sum to be received iu 1834 

 cannot greatly exceed that obtained in 1833, and that if the 

 earlier months of the year have furnislied a larger propor- 

 tion than usual of the revenue derivable from this source, 

 the subsequent months must fall short in a corresponding 

 proportion. 



The experience of the past year has rendered the Council 

 cautious in forming anticipations as to future income. Dur- 

 ing the first six months of 1833 the Receipts, as compared 

 with those of the corresponding period of 1832, were con- 

 siderably increased ; and it could by no means be regarded 

 as sanguine to assume that the remaining six months of the 

 year should furnish an income at least equal to that of the 

 concluding half of the previous year. So far, however, was 

 this from being the case that, during the latter half of 1833, 

 there occurred in the receipts so great a deficiency as to 

 render it necessary to have recourse, for the discharge of the 

 claims outstanding against the Society, to the sale of a poi'- 

 tion of the Capital funded. The necessity foi' this sale 

 was reported by the Council to the General Meeting in De- 

 cember last, and the sale having been subsequently effected 

 the debts were discharged. The amount thus withdrawn 

 from the Investment Fund M^as regarded as a loan, to be re- 

 paid as soon as possible, and it has already been replaced ; 

 the increased receipts of the early months of the current year 

 having authorized the re-investment at a much earlier period 

 than had been anticipated. 



Throughout the past year the Council have constantly 

 borne in mind the necessity of persevering in the system of 

 investing one-fifth of the gross receipts of the Society, and 

 the investment has accordingly been made whenever the 

 state of the Cash Balance was such as to authorize it. The 

 amount so invested since the last Annual General Meeting 

 is £2231 8*. 3d.; and there still remains due to the Invest- 

 ment Fund a sum which will be added to it as soon as it is 

 rendered practicable by the increased Garden Receipts of th« 

 approaching summer months. 



