9 



tion of the New Aviary, the Reptile Home, the West Wing of 

 the Giraffe House, the Inclosure for Grallatorial Birds, and 

 some minor works, amount to upwards of £1000, and the 

 value of them, whether taken as elements of Income or simply 

 as facilities for the preservation of the live-stock by which 

 they are tenanted, certainly far exceeds the annual dividend 

 which the capital they represent would yield to the Society in 

 Government Securities. 



The ordinary expenditure of the Establishment on its pre- 

 sent footing, including the purchase of Animals to the amount 

 of about £700, may be taken as not exceeding £8500 a year. 

 As the gross receipts of 1849 exceeded £8700, there is, 

 consequently, every pi'obabiiity that the increasing Income of 

 the Society will again produce a sm'plus sufficient for all the 

 purposes of a reserve. 



c. Assets and Liabilities. 



The preceding analysis of the Expenditure will, it is hoped, 

 evince the vigilance with which the Council have considered 

 the various necessities of the Establishment, and the most 

 effectual measures for the production of Income. Convinced 

 by experience that an energetic development of its resources 

 is the only basis on which the success of the Institution can 

 be permanently maintained, the Council found it necessary to 

 provide for a part of the extraordinary expenditure of the 

 year 1849 by the sale of £700 3 per cent. Stock in November 

 last, and, consequently, the comparative state of the Cash 

 Assets of the Society on the 31st of December 1849, as com- 

 pared with the same day in 1848, presented a decrease of 

 about £809 in actual value, being — 



1848. 1849. 



£ s. d. £ s. d. 



Cash at Bankers ... 265 10 7 105 10 7 



Stock 5000 4300 



The Liabilities on the 31st of December 1849 amounted to 

 £2162, of which £300 consisted of Rent of the House in 

 Hanover Square, belonging to 1848 and 1849 (for which 

 there is at present no legal claimant), and £200 for presents 



