6 
12. Financial. 
The Council are glad to report that there is improvement 
in the financial position, though the situation still demands 
care and attention. Nothing was taken from the small 
reserve fund as in previous years. The cash statement 
nearly balances, and would have quite done so had it been 
possible to publish the volume of Transactions at the usual 
time. After making a careful estimate the Council have every 
reason to believe that the income of the current year will meet 
the expenditure. They appeal with confidence for increased 
support in carrying on the work of the Victoria Institute. 
They warmly welcome the Members and Associates who have 
joined during the past year, and they trust that many more 
may be added during the coming one. 
In addition to the donations received last year in response 
to the special Financial Appeal the following amounts have 
since been contributed and they are now acknowledged with 
thanks :— 
pees Ae 
Arthur W. Sutton, Esq., J.P. e aad | be Maa 
S. Joshua Cooper, Esq. .... se za 18530 
Further additions to this fund will greatly help the finances 
of the Institute. 
The Balance Sheet to 31st December, 1909, has been duly 
audited, the Hon. Auditors being Lieut.-Colonel Mackinlay and 
Mr. E. J. Sewell, to whom the Council tender their thanks. 
Conclusion. ’ 
The past year has been one of progress and advance: the 
work of the Institute is much needed at the present time—never 
more so. The Council look forward to the future with hope 
and confidence that this work may be in the words of our motto, 
“ Ad Majorem Dei Gloriam.” 
Signed on behalf of the Council, 
HALSBURY, 
President. 
1, Adelphi Terrace House, Strand, W.C. 
