178 RECORD OF THE ROYAL SOCIETY 



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 .1,400 more were contributed to the fund by Dr. Davies Gilbert 

 (President 1827 to 1830, who gave >1,000) 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 

 J>6,339 Consols, which in 1888 was converted into ^5,030 Great Northern 

 Railway Perpetual 4 per cent. Guaranteed Stock, producing an income of 

 about .200 per annum. In the year 1879 the late Sir Walter C. Trevelyan 

 bequeathed a sum of ,1,500, the interest to be applied in the promotion of 

 scientific research. This was invested in the purchase of ,1,396 Great 

 Northern Railway 4 per cent. Debenture Stock, now converted into ,1,861 

 6*. 8rf. 3 per cent. Debenture Stock, and forms practically a part of the 

 Donation Fund. The interest of the Jodrell Fund is also transferred to it (see 

 No. 14, p. 181), so that the annual income is about .385. 



No. 8. FEE REDUCTION FUND. 



This fund originated in 1878, its object being to relieve future Fellows of 

 the Society except Privy Councillors and other privileged Fellows of the 

 .10 paid as an admission fee and of <! out of the <4 annual subscription. 

 Most liberal sums were subscribed : Sir Joseph Whitworth contributing 

 .2,000, Sir William (later Lord) Armstrong, F.R.S., and Mr. James Young, 

 F.R.S., ,1,000 each. The total sum contributed was ^10,111 5s. This 

 amount was duly invested, and, in accordance with the scheme, .150 of the 

 interest thereon have been devoted annually to the payment of the admission 

 fees of the fifteen newly elected Fellows, and an annually increasing sum 

 ,11 in 1879, and ^321 in 1909 has been employed in the reduction by .1 

 of the subscriptions of the Fellows elected since 1878, and the balances have 

 been duly invested. 



It seems to have been supposed, in 1878, that by these additions to the 

 capital the income of the fund would in course of time exceed .600 a year, 

 and that a portion only of this sum would be required for the payment of 

 entrance fees and subscriptions, so that there would be a balance available ' in 

 aid of publications and for the promotion of research \ This supposition has 

 not, however, been realized, partly because of the fall in the rate of interest, 

 and partly also because younger men have been elected into the Society than 

 was formerly the case, so that the increase in the participators in the benefit 

 of the fund has not been balanced by deaths to the extent anticipated. The 

 result has been that in 1910 the income of the fund only reached ^467 4*. 9d.. 



