30 



of the Carnivora Dens ; and they are therefore convinced that 

 this expenditure is amply justified by the results obtained. 



The Committee are consequently inclined to regard the re- 

 duction of the funded capital of the Society for such pur- 

 poses as a judicious change of investment, rather than as an 

 expenditure; inasmuch as a permanent structure, which is 

 essential to the attractiveness of the Menagerie, must always 

 yield a greater annual return than the amount of capital 

 which it represents could have produced in the Government 

 securities. The Committee conceive that the most complete 

 illustrfition of this view is afforded by the Engine-house and 

 Well, which, in the fourteen years subsequent to their com- 

 pletion, have effected a saving of £6300 (viz. £450 per 

 annum); whilst the cost was only £1957 lO*- ^d,, or, with 

 interest from 1835, £2779. 



The Committee regret that the income of the Society, which 

 once afforded a large surplus above the expenditure, should 

 ift) longer produce the means of annually increasing the facili- 

 ties for preserving in health, and displaying to advantage, the 

 Animals upon whose rarity, beauty, and number, the instruct- 

 ive agency, and the financial prosperity of the Institution 

 must necessarily depend. Whilst cordially approving of the 

 measures above mentioned, the Committee are of opinion that 

 the permanent invested capital of the Society should not be 

 reduced below the present amount of £5000 Stock, except 

 under circumstances of extraordinary pressure. 



The Committee hope that the partial success of the present 

 system of administration will prove the commencement of a 

 new period of prosperity, since, for the first time in twelve 

 years, it has now produced an increase in the income over 

 that of the preceding year. 



The Committee have pleasure in stating that this expecta- 

 tion is strengthened by the result of their inquiries into the 



