a 
CXvili 
arising out of the fund will next year equal about 17s. 6d. 
per Compounding Fellow, instead of 16s. a year ago. 
I am glad to be able at last to report an increase in the 
value of the Society's stocks; Consols show an increase of 
£71 2s. 9d.; whilst the purchase of 1918 War Loan made in 
recent years, which is being added to annually, shows a profit 
on the cost price of £13 19s. Od. As to the income received 
from the rent of property and the contributions from tenants 
towards the cost of House expenses, nothing is included in 
the year’s accounts for the rent of No. 15, Elvaston Mews, 
which commenced on September 29th last, and only nine 
month’s rental and contribution to the cost of House expenses 
from the Imperial Bureau of Entomology. I have adopted 
this procedure because it is practically impossible to obtain 
with certainty rents due on the 25th of December before the 
end of the financial year on the 31st, so that they are available 
for inclusion in the accounts. In future, of course, a full 
year’s income will be available from these sources, and the 
concluding quarter will be carried forward to the succeeding 
year. 
Tam glad to report that the Society has succeeded in making 
terms with its Printers which will reduce the price of its 
Publications by about 20 per cent.; but the cost is still very 
high, being something like 110 per cent. more than that which 
obtained in 1914. 
In 1921 we paid the Medical Society of London rent to the 
amount of £31 15s. 9d.; this expense, of course, will not recur. 
The items of expenditure on repairs to premises and 
Agent’s charges are responsible for £172 18s. 7d. This large 
sum is almost entirely owing to the Society being com- 
pelled to put No. 15, Elvaston Mews in tenantable repair, 
and to install the electric light, previous to obtaining a tenant. 
As this property is now let on a repairing lease to a responsible 
tenant, it should not involve further expense to the Society, 
at any rate for a number of years. The total cost of repairs 
to the property will average very much less in future than it 
was last year. Certain items of expenditure, which last year 
were in the experimental stage, especially the consumption 
of gas, are likely to be reduced in future. 
