1895.] The Trusts of the Royal Society. 209 



rate of 10 per cent, and legal expenses, left sufficient to purchase 

 6047 7s. 9d. Reduced 3 per cents. When the rate of interest was 

 threatened a few years ago, this was converted into 4798 Lanca- 

 shire and Yorkshire Railway 4 per cent. Guaranteed Stock, producing 

 about 195 per annum. Of late years this has been applied towards 

 the cost of preparing the Catalogue of Scientific Papers. 



No. 11. THE JODRELL FUND. 



The late Mr. T. J. Phillips Jodrell, in 1876, placed at the disposal 

 of the Society the sum of 6000, at first with the intention of 

 encouraging in this country original research in the physical 

 sciences, but subsequently, in the same year, with directions to apply 

 the proceeds as part of the ordinary revenue of the Society. In 1879 

 1000 was, by Mr. Jodrell's directions, transferred to the Fee Reduc- 

 tion Fund, and the remaining 5000 is represented by the sum of 

 5182 14s. IQd. 2J per cent. Consols, which stand in the name of 

 the fund. 



On the death of Mr. Jodrell, in 1889, the proceeds of the fund, in 

 accordance with a letter from him of April 5, 1878, devolved to and 

 were incorporated with the Donation Fund. The income is at 

 present about 140, but this will be reduced when the diminution in 

 the interest of Consols takes place. 



No. 12. FEE REDUCTION FUND. 



This fund originated in 1878, the object being to relieve future 

 Fellows of the Society of the 10 paid as an admission fee and of 1 

 out of the 4 annual subscription. These advantages, however, do 

 not extend to the Privy Councillors and other privileged Fellows who 

 join the Society. Most liberal sums were subscribed: Sir Joseph 

 Whit worth contributing 2000, Sir William (now Lord) Armstrong and 

 Mr. James Young 1000 each. The demand upon the fund keeps on, of 

 course, increasing from year to year, but the excess of income over ex- 

 penditure has been regularly invested, and the fund now consists of 

 4900 Metropolitan 3J per cent. Stock and 9333 London and North- 

 Western Railway 3 per cent. Debenture Stock, producing an income 

 of about 450 per annum. The payments on account of Fellows 

 amounted last year to 342, and inasmuch as in each year the pay- 

 ment in respect of the subscriptions of Fellows increases to the 

 extent of 10 or 12, it is evident that, in the course of time, the 

 question will have to be considered whether some modification in 

 the amount of the reduction or some addition to the capital of the 

 fund must not be made. The payments last year were in respect of 

 the contributions of 192 Fellows and the admission fees of 15. 



