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judged of by its fruits, and these fruits are, in an eminent and 
especial manner, its published memoirs. It is by its Transactions 
that it will be estimated beyond the walls of its assembly-room ; 
and whatever may be, in other respects, the instruction or the 
entertainment derived from its meetings, its Memoirs can alone be 
taken to mark its actual progress, and define the limits of its con- 
quests in the wide region of the unknown. When, therefore, your 
Council state, that it is this very progress which has pressed upon 
the funds of the Academy, they believe that it will be granted, that 
the circumstance is one rather for congratulation than regret. 
‘¢ The chief source of the expenditure of the Academy is that 
arising from the printing of their Transactions. Within the last 
few years, however, the papers read to the Academy, and offered 
for publication, have greatly increased in number, as well as value; 
and, accordingly, the rate of publication of the Transactions, and 
the attending expenses, have increased in the same proportion. 
This rate, in fact, has of late years much more than doubled ; and 
the expenses of printing and engraving have, of course, proportion- 
ably augmented. 
** The Council have great pleasure in stating, that the publica- 
tion of the Proceedings of the Academy, at brief intervals, under 
the superintendance of the Committee of Publication, has been 
productive of great benefit to the interests of the Academy, by 
giving an early publicity to the results of their labours. They are 
happy to add, that the new postage regulations have enabled them 
to send these Proceedings to all the Societies in Britain with whom 
they are in correspondence, as well as to all the non-resident 
members. 
«In connexion with the subject of publication, the Council think 
it right to mention the steps which have been taken in regard to the 
publication of Mr. Petrie’s Essay on the Round Towers of Ireland. 
The appearance of this essay having been delayed for many years, 
and being earnestly desired by the members of the Academy, the 
Council felt that it was incumbent upon them to hasten it as far’ as 
lay in their power. As a preliminary step, a skilful London artist, 
Mr. Branston, was brought over to execute the wood-cuts, Mr. 
Petrie having agreed, on his part, to make the drawings himself , 
