1895.] The Trusts of the Royal Society. 



the fund on the understanding that an equal sum should be raised 

 by subscription, and further that the fund might be used in cases 

 of urgent necessity for the remission of the fees of Fellows. 



Although by the beginning of 1887 it was not found possible to 

 raise more than about 4200 by subscription, Lord Armstrong, in 

 February, 1887, munificiently increased his contribution to 7800, 

 so that in all 12,000 were added to the fund. Since that date about 

 800 more have accrued from bequests from Mr. H. B. Brady and 

 others, and from donations. The permanent invested capital of the 

 fund now consists of 



6000 London and North- Western Railway 4 per cent. Guaranteed 



Stock ; 

 7200 Great Northern Railway 3 per cent. Debenture Stock ; 



and 

 4340 South Eastern Railway 5 per cent. Debenture Stock ; 



producing an income of about 670 and of the saleable value of 

 upwards of 24 ; 000. 



The grants last year were unusually high, amounting to 982 5s. ; 

 but the available balance in hand is still over 500. 



The administration of the fund is entrusted to a committee con- 

 sisting of ten members of whom two retire annually, and applications 

 for grants are made through the Presidents of nine chartered 

 scientific societies, including the Royal Society of Edinburgh and the 

 Royal Irish Academy, who may recommend the cases for considera- 

 tion by the Committee. It has not of late years been the custom fo 

 any officer of the Society to be a member of this Committee. 



No. 2. THE DONATION FUND. 



In 1828 the late William Hyde Wollaston, M.D., at one time 

 President of the Society, gave the sum of 2000 3 per cent. Consols, 

 to be called the Donation Fund, the dividends to be applied from time 

 to time in promoting experimental researches, or in rewarding those by 

 whom such researches may have been made, or in such other manner 

 as shall appear to the President and Council for the time being most 

 conducive to the interests of the Society in particular, or of science 

 in general. The application of the funds extends to individuals of 

 all countries, but. not to members of the Council of the Society. 

 The dividends are not to be hoarded parsimoniously, but expended 

 liberally. About 1400 more were contributed to the fund by 

 Dr. Davies Gilbert (who gave 1000) and others. In 1874 and 

 1875 two legacies of 500 each were received from Sir Francis 

 Ronalds, F.R.S., and Sir Charles Wheatstone, F.R.S., and the fund 

 for some years consisted of 6339 Consols, which in 1888 was con- 



Q 2 



