The Trusts. 129 



No. 11. THE JODEELL 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 Reduction Fund, and the remaining 5000 is represented by the 

 sum of 5182 14s. \0d. 2f 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 

 Whitworth 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 expenditure has been regularly invested, and the fund 

 now consists of 5000 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 362, and inasmuch as in 

 each year the payment 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 modi- 

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

 of the fund must not be made. There is, however, at. prow at nearly 

 90 per annum left for investment ; so that there is no immediate 

 danger of the fund failing. 



No. 13. THE DARWIN MEMORIAL FUND. 



In 1885 the Committee of the International Darwin Memorial 

 Fund resolved to transfer to the Royal Society the balance that 

 remained in their hands, in trust, to devote the proceeds from time 



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