THE president's ADDRESS. 127 



When the proposal came to he tested, it was pointed out by 

 those whose opinions were of the greatest value (because formed 

 on a practical knowledge of past experiences, as well as on a 

 careful examination of estimates concerning the future), that the 

 financial prospects and the assumed probabilities of support 

 contained very strong elements of failure. Our funds, now in 

 a satisfactory state, would have been at once crippled and 

 seriously imperiled, therefore we were unanimous in abandoning 

 the scheme unless a sufficient guarantee against eventual loss 

 coidd be offered to us with it. No such guarantee being forth- 

 coming, we were in duty obliged most reluctantly (on behalf of 

 our members in whose interests we felt ourselves bound to act 

 promptly) to relinquish the submitted scheme. 



Many of those who came (with its originator) to lay it 

 before us, have since frankly admitted the wisdom of our course. 



Thus it happens that the form of Jubilee Commemoration 

 suggested to us is at an end. I will add no more on the subject 

 except the consolatory announcement that our council has not 

 been led by jubilee ardour into speculative transactions uncertain 

 of success. Our members still "hold their own" for the 

 promotion of legitimate Literary and Scientific research, and 

 financially our Institution is in a better position than it has ever 

 been. During the year its Mortgage Deed has been surrendered 

 and an income from its capital has been obtained. This, in 

 accordance with the Rules, has been for the profit of no 

 member personally but has enabled the society to renovate such 

 portions of its premises as were falling into decay. It has also 

 been the means of securing such literary material as was 

 necessary for keeping pace with the requirements of the time. 

 By a bold but judicious outlay the Library has been augmented 

 in a valuable degree, for not only have unique volumes been 

 secured to complete the partial collection of the same works 

 previously existing, but donors have been aroused and thus 

 manuscripts which are of very considerable value to the county 

 have been obtained. They would otherwise have remained 

 inaccessible to the local student, and in all probability some of 

 them would have been lost to the county. 



The Hen wood bequest has not been neglected. The medals 

 can be struck when required, for the dies are now cut. At the 



