The Trusts. 123 



No. 3. THE RUMFORD FUND. 



Count Rumford, in a letter to Sir Joseph Banks, dated 12tli July, 

 1796, informed him, as president of the Society, that he had pur- 

 chased and transferred 1000 Stock in the funds of this country, 

 to the end that the interest of the same should be given once every 

 second year as a premium to the author of the most important dis- 

 covery or useful improvement which shall be made or published by 

 printing, or in any way made known to the public in any part of 

 Europe during tbe preceding two years on heat or on light, the pre- 

 ference always being given to such discoveries as shall, in the opinion 

 of the President and Council, tend most to promote the good of 

 mankind. The premium is to take the form of two medals, the one 

 of gold and the other of silver, to be together of the value of two 

 years' interest on the 1000, or 60 sterling. In case of there being 

 no new discovery in heat or light during any term of years which, in 

 the opinion of the President and Council, is of sufficient importance 

 to deserve the premium, direction is given to invest its value in the 

 purchase of additional stock in the English Funds, and the interest 

 of this additional capital is to be given in money, with the two 

 medals, at each succeeding adjudication. In a subsequent letter, 

 Count Rumford suggests that the premium should be limited to new 

 discoveries tending to improve the theories of fire, of heat, of light, 

 and of colours, and to new inventions and contrivances by which the 

 generation, and preservation, and management of heat and of light 

 may be facilitated. Chemical discoveries and improvements in optics, 

 so far as they answer any of these conditions, are to be within the 

 limits of the premium, but the Count wishes especially to encourage 

 such practical improvements in the management of heat and light as 

 tend directly and powerfully to increase the enjoyments and comforts 

 of life, especially in the lower and more numerous classes of society. 

 The first recipient of the medals was Count Rumford himself. 

 Previously to 1846 it was not unfrequently the case that no medal 

 was adjudicated for four years. Indeed between 1818 and 1832 the 

 only recipient was M. Fresnel. As a consequence the invested funds 

 have increased to 2,367 2s. 6d., but the interest is now only 2| per 

 cent., and will in 1903 be only 2J per cent. A bonus on the conversion 

 of the Stock, including an additional quarter's interest, and some 

 returned income tax have been recently added to capital. The 

 annual income is at present about 65, and the sum of money that 

 accompanies the medals about 70. 



No. 4. BAKERIAN AND COPLEY MEDAL FUND. 



There has for many years been only one amalgamated fund for 

 these two objects. Through successive accumulations, owing in part 



