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I was asked what I considered it would cost if adopted. My 
reply was, that provided we were fortunate in securing 
suitable premises for a reasonable price, the total expenditure 
might not exceed £7000 or £8000, but that in any case it 
should not be more than £10,000. 
The Housing Fund has progressed well during 1921. The 
amount of donations promised at the end of 1920, £3404 18s. 6d., 
having by the conclusion of last year reached the sum of 
£4095 4s. 1ld., an increase of £690 6s. 5d. This amount 
includes handsome donations of £105 from the President, 
Lord Rothschild; £63 from Mr. W. G. F. Nelson, and £50 
each from Messrs. W. M. Christy (a further donation, making 
£100 in all), W. J. Kaye, and W. Schmassmann, and a very 
important and valued gift from Mr. R. Adkin of the amount 
of his Debentures drawn on October 31st last (£40). 
The total amount of the Housing Fund to the end of last 
year was £9451 9s. 3d.- 
I will next deal with the financial result of the acquisition 
of the new premises from the annual income and expenditure 
point of view. : 
Once it was decided that the Society could no longer be 
content with its extremely inadequate accommodation at 
Chandos Street, there seemed three possible alternatives for 
it to adopt. 
(1) To obtain from the Government, accommodation in a 
similar manner and of a similar nature to that afforded to 
the Learned Societies at Burlington House. 
(2) To become a tenant of rooms of sufficient capacity to 
satisfy its present requirements. 
(3) To acquire its own Freehold premises, letting off such 
portions as were not required at present for its own 
occupation. 
Now let us see where we should have stood had we adopted 
either of the two former alternatives, and where we stand 
under the third alternative, which we have adopted. 
First let us take No. 2, and suppose that we had eventually 
as tenants found accommodation suitable to our present 
requirements; what would have been the probable financial 
result ? I should observe here that the Housing Committee 
