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judged of by its fruits, and these fruits are, in an eminent and 

 especial manner, its published memoirs. It is by its Transactions 

 that it will be estimated beyond the walls of its assembly-room ; 

 and whatever may be, in other respects, the instruction or the 

 entertainment derived from its meetings, its Memoirs can alone be 

 taken to mark its actual progress, and define the limits of its con- 

 quests in the wide region of the unknown. When, therefore, your 

 Council state, that it is this very progress which has pressed upon 

 the funds of the Academy, they believe that it will be granted, that 

 the circumstance is one rather for congratulation than regret. 



" The chief source of the expenditure of the Academy is that 

 arising from the printing of their Transactions. Within the last 

 few years, however, the papers read to the Academy, and offered 

 for publication, have greatly increased in number, as well as value ; 

 and, accordingly, the rate of publication of the Transactions, and 

 the attending expenses, have increased in the same proportion. 

 This rate, in fact, has of late years much more than doubled ; and 

 the expenses of printing and engraving have, of course, proportion - 

 ably augmented. 



" The Council have great pleasure in stating, that the publica- 

 tion of the Proceedings of the Academy, at brief intervals, under 

 the superintendance of the Committee of Publication, has been 

 productive of great benefit to the interests of the Academy, by 

 giving an early publicity to the results of their labours. They are 

 happy to add, that the new postage regulations have enabled them 

 to send these Proceedings to all the Societies in Britain with whom 

 they are in correspondence, as well as to all the non-resident 

 members. 



" In connexion with the subject of publication, the Council think 

 it right to mention the steps which have been taken in regard to the 

 publication of Mr. Petrie's Essay on the Pound Towers of Ireland. 

 The appearance of this essay having been delayed for many years, 

 and being earnestly desired by the members of the Academy, the 

 Council felt that it was incumbent upon them to hasten it as far as 

 lay in their power. As a preliminary step, a skilful London artist, 

 Mr. Branston, was brought over to execute the wood-cuts, Mr. 

 Petrie having agreed, on his part, to make the drawings himself 



