﻿Ixxxiii 
  

  

  arising 
  from 
  compounding 
  to 
  provide 
  a 
  fund 
  the 
  interest 
  of 
  

   which 
  would 
  defray 
  the 
  expenditure 
  the 
  Society 
  must 
  incur 
  

   to 
  those 
  Fellows 
  who 
  had 
  compounded 
  for 
  their 
  subscriptions, 
  

   and 
  for 
  many 
  years, 
  including 
  the 
  whole 
  period 
  of 
  the 
  Treasurer- 
  

   ship 
  of 
  Mr. 
  A. 
  H. 
  Jones, 
  all 
  the 
  compounding 
  fees 
  were 
  invested 
  

   in 
  Consols. 
  

  

  The 
  result 
  at 
  the 
  beginning 
  of 
  1919 
  was 
  that 
  there 
  were 
  in 
  

   the 
  Society 
  65 
  Fellows 
  who 
  had 
  compounded, 
  and 
  the 
  interest 
  

   on 
  the 
  money 
  provided 
  to 
  pay 
  their 
  expenses 
  to 
  the 
  Society 
  

   amounted 
  to 
  £33 
  17s. 
  Od. 
  per 
  annimi, 
  or 
  about 
  10s. 
  6d. 
  per 
  

   Fellow. 
  

  

  As 
  the 
  publications 
  supplied 
  to 
  each 
  Fellow 
  cost 
  the 
  Society 
  

   considerably 
  more 
  than 
  this 
  sum, 
  and 
  there 
  are 
  in 
  addition 
  

   what 
  might 
  be 
  called 
  Establishment 
  charges, 
  which 
  work 
  

   out 
  at 
  several 
  shillings 
  per 
  Fellow, 
  it 
  is 
  obvious 
  that 
  at 
  the 
  

   present 
  moment 
  compounding 
  is, 
  from 
  an 
  income 
  point 
  of 
  

   view, 
  a 
  distinct 
  burden 
  upon 
  the 
  Society. 
  

  

  To 
  gradually 
  reduce 
  this 
  burden, 
  the 
  Council 
  will 
  in 
  future, 
  

   in 
  addition 
  to 
  investing 
  the 
  money 
  arising 
  out 
  of 
  the 
  com-* 
  

   positions, 
  invest 
  also 
  half 
  the 
  amount 
  received 
  from 
  Admittance 
  

   Fees. 
  The 
  Investment 
  chosen 
  for 
  this 
  purpose 
  is 
  the 
  5 
  % 
  

   War 
  Loan 
  of 
  1928, 
  which 
  must 
  be 
  redeemed 
  at 
  par 
  in 
  

   that 
  year, 
  whereas 
  the 
  old 
  investment 
  stock, 
  consols, 
  is 
  not 
  

   redeemable 
  at 
  par, 
  the 
  result 
  being 
  unfortunately 
  that 
  to-day 
  

   it 
  is 
  only 
  worth 
  very 
  little 
  more 
  than 
  half 
  the 
  original 
  cost. 
  

  

  The 
  General 
  Balance, 
  after 
  allowing 
  for 
  the 
  estimated 
  Lia- 
  

   bilities 
  at 
  the 
  end 
  of 
  1919, 
  amounts 
  to 
  £207 
  3s. 
  Od. 
  I 
  think 
  

   this 
  sum 
  should 
  be 
  held 
  as 
  a 
  reserve 
  against 
  the 
  cost 
  of 
  moving 
  

   and 
  installing 
  the 
  Library 
  in 
  the 
  new 
  quarters, 
  when 
  these 
  are 
  

   found. 
  

  

  I 
  regret 
  to 
  have 
  to 
  point 
  out 
  that 
  the 
  Society's 
  Invest- 
  

   ments 
  show 
  a 
  further 
  large 
  depreciation 
  in 
  value. 
  The 
  

   Stocks, 
  Consols, 
  and 
  Birmingham 
  3 
  %, 
  mark 
  a 
  decline 
  during 
  

   the 
  year 
  of 
  £122 
  17s. 
  Qd. 
  

  

  The 
  Treasurer 
  then 
  read 
  the 
  Balance 
  Sheet, 
  which 
  was 
  

   adopted 
  on 
  the 
  motion 
  of 
  Mr. 
  E. 
  E. 
  Green, 
  seconded 
  by 
  

   Mr. 
  Stanley 
  Edwards. 
  

  

  The 
  President 
  then 
  declared 
  the 
  following 
  Fellows 
  to 
  

  

  