178 RECORD OF THE ROYAL SOCIETY 



made, or in such other manner as shall appear to the President and Council 



tor UK time- In-in^ most conducive to the interests of the Society in particular, 



icral. The application of the funds extends to individuals 



countries, but not to members of the Council of the Society. The 



dividends are not to be hoarded parsimoniously, but expended liberally. 



) more were contributed to the fund by Dr. Davies Gilbert 



1 s-j; to 1830, who gave ,1,000) and others. In 1874 and 1875 two 



.no r uch were received from Sir Francis Ronalds, F.R.S., and 



.Vhcat stone, F.R.S., and the fund for some years consisted of 



lonsols, which in 1HH8 was converted into ,5,030 Great Northern 



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



DO per annum. In the year ,1879 the late Sir Walter C. Trevelyan 



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



u-ch. This was invested in the purchase of 1,396 Great 



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



6*. 8r/. > 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 



4, 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 



.J'lO paid as an admission fee and of 1 out of the <4 annual subscription. 



liberal Minis were subscribed: Sir Joseph Whit worth contributing 



-ir William (later Lord) Armstrong, F.R.S., and Mr. James Young, 



I'.R.S., r 1,000 each. The total sum contributed was ,10,111 5*. 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 



if the fifteen newly elected Fellows, and an annually increasing sum 



' ! in 11)09 has been employed in the reduction by 1 



of the subscript ions of the Fellows elected since 1878, and the balances have 

 been duly invested. 



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



I tli. income of the fund would in course of time exceed X600 a year, 



;l 'id rtion only of this sum would be required for the payment of 



' *'' -ubscript.ions, so that there would be a balance available 'in 



of publications and for the promotion of research'. This supposition has 



not. houe\, r. been reali/ed, partly because of the fall in the rate of interest, 



""d | younger men have been elected into the Society than 



tO that the increase in the participators in the benefit 



i been balanced by deaths to the extent anticipated. The 



n that in 11)10 the income of the fund only reached ,467 4*. !W., 



