CXI 



Tlie most startling increase arises out of the sale of the 

 Publications. For many years previous to the Society enter- 

 ing into its new " Home " the amount received from this 

 source ranged from £120 to £150 per annum. In 1921, the 

 first year under the new conditions, it reached £181 lis. M. 

 Last year the sales of Publications amounted to no less than 

 £335 17s. 8d., more than double the amount received under the 

 old conditions. 



It will be asked how this really wonderful result has been 

 obtained ; no doubt from several causes, amongst which I 

 should place the following : — 



(1) The undoubted increased prestige the Society has 

 attained. I feel sure that this is the main cause ; the world 

 j udges a Society just as it judges an individual, by its prosperity, 

 its enterprise, and its methods of carrying out the purposes 

 for which it exists. 



(2) The Society has now for the first time a staff and 

 organisation competent to deal with the distribution of its 

 Publications. 



(3) Until recently we employed a firm of publishers to sell 

 the greater part of our Publications, paying them a large 

 commission for their services ; moreover we allowed publishers 

 and booksellers who purchased our Publications, for sale from 

 us direct, a discount considerably more than was usual. The 

 Council now realises that as it is its own Publisher, it does 

 not require an agent to sell its Publications, because anyone 

 desiring to purchase them must come to it. The discounts 

 now given to the " Trade " are those that are usually allowed, 

 and not the previous too generous allowance. 



The amount received for subscriptions for 1922 increased 

 by £22 Os. 6d. and reached the large sum of £1169 8s. Od. 

 Admission fees increased by £32 lis. Od. 



One result in connection with the subscriptions was particu- 

 larly gratifying to myself, and I am sure equally so to the 

 Council. It is the unfortunate duty of the Council to have 

 to remove at the end of each year in accordance with the Bye- 

 laws those Fellows who have defaulted in the payment of their 

 subscriptions. In the last ten years the average annual 

 number of these unfortunates has been six. This year I am 



