134 



Colonel Sir Thomas Livingstone Mitchell, Surveyor-General of the 

 colony of New South Wales, died at his residence, Ancona, on the 

 4th of October last, from the effects of bronchitis, in his 64th year. 

 Sir Thomas Mitchell was an officer of more than forty years' standing. 

 He was on the staff of the Duke of Wellington in the Peninsular war, 

 and received a medal of five clasps for services in the field of battle. 

 He was entitled by seniority to the rank of raajor-genei'al. He was 

 also the inventor of the Boomerang screw-propeller. As a tribute of 

 respect to his memory the sitting of the Legislative Council was ad- 

 journed from Friday, the 5th of October, until the following Tuesday. 

 Sir Thomas was a native of Grangemouth, Stirlingshire, which place 

 he visited shortly before his departure for New South Wales. 



State of our Finances. 



Nothing so clearly and unmistakably indicates the healthy state of 

 a Society as the gradually accumulating balance in the hands of its 

 Treasurer ; in this respect the tide of our prosperity still continues to 

 flow, and the large sum of £ 75 remains at our disposal : it may 

 truly be said that there are demands on us to the amount of i£40, but 

 against this we have half a year's sale of Transactions still to receive, 

 although not reckoned as an asset in the statement you have just heard. 

 It is a matter for grave consideration how this accruing balance can 

 be best appropriated. It is well known that a number of our mem- 

 bers have compounded, thus becoming life members, and ceasing to 

 contribute in any way towards our support. Is not the present a 

 suitable time to entertain the question of investing a sum equal to the 

 composition of those living members on whom we have now no claim, 

 and thus assuring a permanent income in lieu of contributions no 

 longer to be levied ? The financial object of compounding does not 

 seem to be clearly understood by any of our Societies : it is that the 

 Society may be assured, from any given source, a smaller income for 

 ever, in lieu of a larger income, fiom the same source, ternnnable on 

 the death of an individual : the composition money is therefore 

 capital, not income, and every inroad on capital has a direct tendency 

 to depauperate. These observations, although perhaps tending to 

 call in question former financial ari-angements of this Society, are 

 nevertheless strictly in accordance with the principles of progress. 

 Since the foundation of the Society we have elected so many members 

 that, had each paid a composition of £10, and had these composi- 

 tions been invested in a mortgage, we should now be in the receipt of 



