622 
PRESIDENT S ADDRESS. 
amount of the annual income which the principal may be 
expected to yield. Now this, in consequence of the serious 
depreciation in value of all sound income-producing investments 
which has become so marked a feature in our commercial life 
since Sir William made his will (in December, 1890), is, I regret 
to say, likely to be for some years to come a sum considerably 
smaller in amount than Sir William contemplated would be 
available for the purpose. 
Then as regards the date of the appointment Since without 
a suitably equipped laboratory the Bacteriologist cannot carry on 
the work he is specially to be appointed to do, it is evident that 
the arrangements for providing the former must progress something 
like pari passu with any scheme for filling the post of Bacterio- 
logist. Before any research can be entered upon, provision must 
therefore be made for an initial expenditure of something like 
£700 for equipment and incidental preliminary expenses — or 
more than one year's income. The necessity for proceeding 
slowly and with caution led to the Council's appointing a sub- 
committee to consider generally and report on the best 
way to give effect to Sir William Macleay's wishes. On 
presentation of this report it was carefully considered by the 
Council, and with some slight modifications it was adopted. The 
result is that the Council has decided that, provided a suitable 
investment can be met with at a rate of interest not lower than 
the then current rates, the appointment might be made so as to 
take effect at the close of the hot season of 1896-97, provided also 
that a competent Bacteriologist can be engaged on what are 
practically the terms and emoluments offered to University 
Demonstrators. j 
Besides a further postponement of say one year, two, or even 
three years should circumstances seem to demand it, there is yet 
another alternative, namely, to make an indefinite postponement 
with a view to a very substantial accumulation of interest to be 
added to principal. Against this course it may be urged that on 
general grounds it is desirable that as soon as circumstances per- 
mit the appointment of a Bacteriologist should be proceeded with; 
( 
