MR. hovey's address. 75 



Besides the above notes, to mechanics, the Society owes five notes, amount- 

 ing to #25,000, issued by the finance committee, under a vote of the Society. 

 This makes tlie whole indebtedness, #41,355 55. There is now a balance in 

 the treasury of #7,077 54. The assessed value of the land is #1'25,000. 



The stores are leased for ten years for the sum of eleven thousand five hun- 

 dred dollars per annum ; and the halls, since their first occupation in Novem- 

 ber, have rented for about #3000. Taking this as the average of the six winter 

 months, the probable yearly income of the two halls will amount to #8000, 

 giving a total rentage of #19,500, besides the exclusive use of the lower hall 

 by the Society all summer, and the upper hall when needed. As the highest 

 estimate of rents, according to a statement presented with the report of the 

 committee on the expediency of building (marked A), was only #8,500 for the 

 stores and #3000 for the halls, this statement will show the financial bearing 

 of the investment. 



The accession of members the past year has been unusually large. Two 

 hundred and twenty-five new members (70 life and 155 subscription) have 

 been elected. Nine have died, and there have been six withdrawals, leaving 

 a gain of two hundred and ten members. The present total number is 914. 

 Nothing could better illustrate the popularity and importance of the Society 

 than this gratifying infoimation. 



The Building Committeee will soon be prepared to present you with a 

 full report of their labors, extending over two years. A few small bills are 

 outstanding, but they will take the earliest opportunity to lay before you a full 

 account of their duties. 



Having thus, gentlemen, given you this brief statement of our condition, 

 I embrace the opportunity to allude to some of the duties and responsibilities 

 which devolve upon us in our present position. 



Since the organization of the Society, its by-laws have been materially 

 changed, and the care with which the last revision was made in 1858, it was 

 thought would prevent the necessity of further alteration for a long period. 

 But under the new circumstances in which we are placed, with this large and 

 very valuable property to take care of, it is believed some alterations are 

 required ; and a committee has been appointed to make such revision, who, I 

 presume, will report at this naeeting. The property of the Society is so much 

 greater (more than quadruple) than it was in 1858, that a single glance at 

 some of the by-laws, will show the necessity of a few important alterations . 

 The revision has been made after long deliberation, and I have no doubt you 

 will assent to all the changes proposed by the committee. 



All who were present at the closing meeting of the year, and heard the re- 

 ports of the chairmen of your committees, will cheerfully admit that they 

 were drawn up with much labor, and fully sustained the high reputation which 

 their annual reports have acquired. The Committee on Gardens, for the first 

 time for two or three years, submitted a report, recapitulating the places they 

 had visited the last year, which they found in fine condition and well worthy 



