The Trusts. 121 



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

 February, 1887, munificently 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 Eailway 3 per cent. Debenture Stock ; 



and 

 4340 South Eastern Railway 5 per cent. Debenture Stock ; 



producing an income of about 670. 



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 chartered and incor- 

 porated scientific societies, under regulations which will be found in 

 the ' Year-book of the Royal Society.' 



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 indi- 

 viduals 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- 

 verted into 5030 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 1500, the interest to be applied in the promotion of scientific 

 rasearch. This was invested in the purchase of 1396 Great 

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

 1861 6s. 8d. 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. 11, p. 129), so that the annual income is 

 about 390. 



