18 



under this important head of the Society's Receipts, of 

 £1315 2s. in the last four years, viz. : — 



£ s. 



In the year 1843 487 5 



In the year 1844 431 12 



In the year 1845 185 10 



In the year 1846 210 15 



Total £1315 2s. 



Such a result has demanded the most serious and atten- 

 tive consideration of the Auditors, and they have considered 

 it their duty to bring it thus fully under the notice of the 

 Council, in the hope that some measures may suggest them- 

 selves for consideration and adoption, calculated to restore 

 this important source of the Society's Income, in some de- 

 gree at least, to its former healthy state. 



Compositions. 



An examination of the comparative annual receipts under 

 the head of" Compositions," affords a more cheering result. 

 The accounts for the year 1843 show no sum whatever to 

 have been received under this head. In the year 1844 the 

 sum of £80 was received; in the year 1845, £168; and in 

 the year 1846, £242, making a total of £490 in the three 

 years. It appears therefcre, that according to the regu- 

 lated amounts of composition, seventeen Fellows have com- 

 pounded for their annual subscriptions in the last three 

 years. 



The Auditors deem it their duty to state to the Council 

 and to the Society, that a point of considerable importance, 

 having reference to the income arising from "Composi- 

 tions," as well as from " Admission Fees," has suggested 

 itself for their consideration. It has been the practice for 

 several years past to consider both of these sources of in- 

 come as applicable to the Annual Expenditure, and they 

 have been so applied ; the consequence of which has been, 

 that a very considerable amount of what your Committee 

 consider should have formed a part of the permanent capi- 

 tal of the Society, has been annually expended in Works 

 and Repairs, and other expenses. Your Committee venture 

 to suggest, that for the future, all sums received, either as 



