CXV 
did make a very lengthy search, without success; and judging 
from the fact that there are several Societies who have been 
unsuccessfully searching for accommodation similar to our 
requirements for several years, it does not seem likely that 
they would have attained the desired object in a reasonable 
time. 
Rents for the kind of accommodation we required have 
increased enormously of late years, and bearing this in mind, 
and that the accommodation rented to us at Chandos Street 
for £70 7s. 6d. per annum was, before we vacated it, relet for 
£185 per annum, the new tenants having in addition to pay 
the increased rates involved by the larger rental obtained, 
and therefore becoming responsible for an annual expendi- 
ture of at least £200, makes it probable that we should have 
had to pay about £300 per annum for our requirements, with 
the certainty that in a few years, owing to the gradual increase 
in the number of Fellows and the steady growth of the Library, 
we should have been in as great a state of overcrowding as 
we were at Chandos Street. 
Alternative No. 1 was, of course, attempted, but the Govern- 
ment was not able to grant us suitable accommodation. Had 
it been available, on the most favourable terms conceivable 
we should have obtained it free of rent; our establishment 
charges would have been, for reasons which will be seen later, 
considerably higher than they are at present. 
The position under alternative No. 3 is as follows. The 
sole liability of the Society in connection with its new home is 
the Debentures. The total amount of these issued was £5290, 
of this amount £650 was, however, repaid on November 
Ist last, and notice has been given to pay off a further 
£100 on February Ist next. The amount then outstanding 
will be £4540. The interest on this sum is £227 per annum. 
Against this the portions of the new premises not occupied 
by the Society are leased to excellent tenants on repairing 
leases for a term of years, or are otherwise available for 
income. They produce the net income of £410 per annum. 
It will thus be seen that not only is the Society rent free, 
but it obtains in addition even at present, the substantial 
net income of £183 per annum from its purchase. This income 
