( clxxxiii ) 



total of which on January 1st, 1918, amounted to £291 8s. 5d., 

 due from 151 contributors. This on the 31st of December 

 last had been reduced to £147 10s. 11<1, due from 69 con- 

 tributors. I feel quite sure that this item will be very much 

 less at the end of this year. 



" The expenditure has been largely influenced by the reduc- 

 tion in volume of the Publications. The net result of the 

 increase in income, and reduction in expenditure, is, that the 

 Society has a balance in hand, after allowing for the liabilities, 

 of £298 15s. 5d., as against 17s. lOd. on January 1st, 1918. 



" It must, however, be borne in mind that the cost of 

 certain items of expenditure, and especially publishing, have 

 greatly increased during the past year. The cost of this 

 item over pre-war rates is about double, and although this 

 may, and I hope will, be modified when conditions become 

 normal, there is unfortunately no doubt but that a large 

 portion will be permanent. 



" The value of the Society's investments in consecpience of 

 the improved national situation has increased during the year 

 by £68 5s. lid. In the statement of assets and liabilities 

 the value of the Library has not been taken into account. 

 In the last statement it was estimated at £3,800; probably 

 at the present time the value is considerably more than this; 

 the Library is now insured for £4,375. The Stock of the 

 Society's Publications is insured for £600. 



" W. G. Sheldon. 

 " Treasurer." 



The following is the Report of the Librarian : — 



" Three hundred and thirty volumes have been issued from 

 the Library for home reading. Twenty volumes and a large 

 quantity of Separata have been presented to the Library. 

 As was the case the previous year, very few foreign periodicals 

 have come to hand. The Library has again been largely used 

 for purposes of reference." 



The Report was adopted on the motion of Mr. E. E. Green, 

 seconded by Mr. Janson. 



No alternative names having been received, the President 

 declared the following Fellows, nominated by the Council, 



