cancelled his Debentures amounting to £70 drawn for repay- 

 ment in September last, and Mr. W. H. B. Fletcher gave a 

 donation of £25. The Society has been able to contribute to 

 this fund from its General Fund the large sum of £333. This 

 was made up of £200 to be allotted annually for this purpose, 

 and the surplus of the amount received for rents in 1921 over 

 the interest paid on Debentures, which, after allowing an 

 amount to provide for the cost of repairs to the premises, 

 amounted to £133. 



The amount of Debentures outstanding at the end of 1921 

 was £4640. Of this £100 was repaid on February 1st last, and 

 a further sum of £815 on September 30th last, making a reduc- 

 tion during the year of £915, and leaving the outstanding 

 amount of £3725. Moreover, as the amount to the credit of 

 the Housing Fund on December 31st was £695 18s. 8d., this 

 sum with amounts to be allotted from the Society's General 

 Fund in 1923 make it aj)parent that I shall be able to repay 

 Debentures of at least the value of £1000 during the present 

 year. 



The income arising out of rents received has exceeded the 

 Debenture Interest and the cost of repairs to premises during 

 the year by £152 14s. Id. 



As the periodical decorative repairs to 41, Queen's Gate 

 will only require to be carried out at intervals of several years, 

 it has been necessary to accumulate a fund to pay for them 

 as and when they occur. The sum of £50 has been taken from 

 the 1921 surplus, and £70 has been allotted for 1922, making 

 the amount standing at present to this fund £120, less the sum 

 of £29 8s. Id. spent on repairs in 1922. 



In addition to the Bequest alluded to from the late Mr. 

 RoTHNEY, the Society has received an announcement that a 

 very handsome Bequest of £1000 has been made by the lato 

 Mr. Hamilton H. C. Druce. The income arising out of this 

 bequest is to be applied to the purchase of books for the 

 Library. Two handsome bookcases have been given to the 

 Society by the Misses Chapman. 



Turning now to the General Income of the Society, I am 

 able to report that it is satisfactory in all respects, and in 

 some most satisfactory. 



