﻿Ixxxii 
  

  

  their 
  subscriptions 
  direct 
  to 
  Messrs. 
  Coutts 
  & 
  Co. 
  through 
  

   their 
  Bankers. 
  Tliis 
  method 
  results 
  in 
  a 
  saving 
  of 
  expense 
  

   to 
  the 
  Society, 
  of 
  expense 
  and 
  trouble 
  to 
  those 
  who 
  adopt 
  it, 
  

   and 
  a 
  considerable 
  amount 
  of 
  trouble 
  to 
  myself. 
  In 
  thanking 
  

   these 
  Fellows 
  I 
  should 
  like 
  to 
  express 
  the 
  hope 
  that 
  there 
  

   will 
  be 
  during 
  the 
  present 
  year 
  a 
  further 
  large 
  addition 
  to 
  

   their 
  ranks. 
  

  

  With 
  respect 
  to 
  the 
  disposal 
  of 
  the 
  Admission 
  Fees, 
  which 
  

   are 
  not 
  strictly 
  speaking 
  income, 
  a 
  new 
  departure 
  has 
  been 
  

   taken. 
  There 
  has 
  been 
  up 
  to 
  the 
  j)resent 
  nothing 
  in 
  the 
  

   nature 
  of 
  a 
  fund 
  for 
  the 
  purchase 
  of 
  new 
  books 
  for 
  the 
  Library. 
  

   It 
  has 
  been 
  decided 
  that 
  in 
  1919 
  and 
  in 
  future, 
  one-half 
  the 
  

   amount 
  arising 
  out 
  of 
  Admission 
  Fees 
  shall 
  be 
  devoted 
  to 
  

   this 
  purpose, 
  the 
  other 
  half 
  being 
  invested 
  annually 
  to 
  assist 
  

   what 
  I 
  propose 
  to 
  call 
  the 
  Compounding 
  Fund. 
  

  

  An 
  explanation 
  of 
  the 
  meaning 
  and 
  necessity 
  of 
  this 
  Fund 
  

   seems 
  necessary. 
  

  

  From 
  the 
  date 
  of 
  its 
  formation 
  in 
  1833, 
  until 
  the 
  year 
  1862, 
  

   the 
  Society 
  did 
  not 
  jDossess 
  any 
  money 
  invested, 
  but 
  used 
  

   everything 
  in 
  current 
  expenditure. 
  In 
  the 
  latter 
  year, 
  how- 
  

   ever, 
  the 
  Council 
  having 
  funds 
  in 
  hand, 
  invested 
  in 
  consols 
  

   the 
  sum 
  of 
  £109 
  lis. 
  Od. 
  What 
  amounts 
  practically 
  to 
  an 
  

   apology 
  was 
  given 
  for 
  taking 
  this 
  step 
  instead 
  of 
  spending 
  the 
  

   money 
  on 
  the 
  Publications. 
  

  

  Bearing 
  in 
  mind 
  that 
  at 
  this 
  date 
  no 
  fewer 
  than 
  22 
  out 
  of 
  

   the 
  143 
  members 
  had 
  compounded 
  for 
  their 
  subscriptions, 
  

   leaving 
  the 
  121 
  who 
  had 
  not 
  compounded 
  to 
  carry 
  on 
  the 
  

   entire 
  financial 
  burden 
  of 
  the 
  Society, 
  an 
  apology 
  hardly 
  

   seemed 
  necessary. 
  

  

  The 
  next 
  investment, 
  of 
  £38 
  Qs. 
  5d., 
  took 
  place 
  in 
  1869; 
  

   and 
  various 
  sums 
  were 
  invested 
  between 
  this 
  date 
  and 
  1876, 
  

   when 
  the 
  principle 
  of 
  investing 
  the 
  compounding 
  fees 
  seems 
  

   first 
  to 
  have 
  commended 
  itself 
  to 
  the 
  Council. 
  In 
  this 
  year 
  

   six 
  were 
  received, 
  and 
  four 
  of 
  them 
  were 
  invested. 
  Between 
  

   the 
  years 
  1876 
  and 
  1894 
  a 
  few 
  more 
  Fees 
  were 
  invested; 
  

   apparently 
  when 
  the 
  Council 
  considered 
  they 
  could 
  afiord 
  

   to 
  do 
  so. 
  

  

  During 
  the 
  Treasurership 
  of 
  Eobert 
  McLachlan 
  it 
  was 
  

   recognised 
  that 
  the 
  Society 
  should 
  in 
  future 
  invest 
  all 
  sums 
  

  

  