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CXVi 
will, of course, gradually increase as the Debentures are 
redeemed, 
Even this does not represent the full advantage the Society 
obtains by owning its own premises, for by becoming a Regis- 
tered Friendly Society—which it is entitled to do by its 
objects and Bye-laws—it is able to avail itself of a statute 
freeing it from the payment of all rates. The tax assessors 
have also excused it the payment of income tax and inhabited 
house duty. These exemptions represent a saving of about 
£300 per annum, and they were obtained for the very moderate 
outlay of one guinea, 
It will be seen under what extremely favourable terms the 
Society enters into the ownership of its ““ Home,” and it is 
safe for me to state that, subject to the continued generous 
and hearty support of the Fellows, which I feel sure will be 
afforded, the new era will commence with prospects quite 
beyond its horizon a few years ago. 
I have to report another splendid success, vitally affecting 
the Society’s future. I allude to the increase in income 
derived from annual subscriptions. The total number of 
subscriptions for 1921 received to December 31st last was 
564, of those no less than 528 were at the increased rate of 
two guineas, and of the remainder, four were voluntary 
annual subscriptions in lieu of additional Compounding Fees, 
leaving the very small number of 32 Fellows who paid their 
subscriptions at the old rate of one guinea. This result is 
extremely satisfactory, and I feel that it has been produced 
by the loyalty and good feeling of the Fellows to the Society. 
I am quite sure that numbers of them who would have desired 
to contribute to the Housing Fund, but who were unable to 
do so, have embraced this method of assisting the Society, 
and I should like to tender to them in its name my very 
grateful thanks for their valuable and much-appreciated help. 
Thanks to this result and to the additional number of Fellows, 
the income from current year subscriptions has increased 
from £567 to £1145 7s. 6d., an addition of no less than 
£578 7s. 6d., or more than 100 per cent. 
In consequence of the increased subscription we have 
undoubtedly lost a few Fellows, as unfortunately was only to 
