nominal payment, at the disposal of those country members who signify their intention of preparing themselves for the Institute's examinations, and the conditions attached to their circulation have already been published.

The applications for books have not, however, been numerous, and it will be seen that only £1. 4s. was received on account of circulating library fees during the year; but the arrangements for circulating the books were only completed in October last, and the receipts under this head apply therefore to a very limited period.

In November last the Council received with regret the resignation of their valued Secretary, Mr. G. Dayrell Reed. Mr. William Talbot Agar, B.A. Trinity College, Cambridge, has been appointed to succeed Mr. Reed.

Both financially, and as regards the character of the work performed during the year, the Council have every reason to regard the progress of the Institute as entirely satisfactory. The list of members shows that while an increased amount of support is being received in the United Kingdom and the colonies, the influence of the Institute is also extending to foreign countries and America.

The Treasurer's account and the balance-sheet of assets and liabilities to the 31st December, which are subjoined, show an increase of income from all sources. The net receipts amount to £1,907. 1s. 5d. as against £1,564. 5s. 5d. in the previous year, and the reserve fund has been increased to £220. 10s., by the investment of additional life subscriptions. As far as can be judged from the receipts during the few months which have elapsed since the beginning of the present year, the income shows a steady improvement, and the Council confidently hope that the financial position of the Institute at the close of 1882 will again be considerably strengthened.

To Balance, as per last Statement

254 19 3 By Expenses, namely

Postages

7

053

£2,179 1 8

Dr.

Balance Sheet of Assets and Liabilities, 31st December, 1881.

February, 1882.

Journals in Stock. Estimated value at cost price

£830 13 5

The following list of Fellows proposed as Officers and Council of the Institute for Session 1882-83 is, in accordance with the eighth clause of the Constitution, submitted for the consideration of the Meeting. Those marked * are either new Members or retiring

Members who offer themselves for re-election :

The PRESIDENT: I will now, with your permission, move the adoption of the report, which gives, I think, very clearly, although succinctly, the principal events of the past year, and will, I trust, be satisfactory to you. I must confess I should not have been either surprised or disheartened if, considering the increase in the amount of the subscription, our members had somewhat fallen off. But you will, no doubt, have been gratified, as I was myself, to find that, although there has been a slight diminution in the number of ordinary members, that has been more than made up by the increase in the list of fellows. Although we are extremely anxious to keep up the number of ordinary members, I consider that the grand total--amounting to no less a number than 1,771-must, under all the circumstances, be considered to be extremely satisfactory. I think we are for that happy result very much indebted, among other causes, to the gentlemen who have been good enough to read papers at the ordinary meetings, and I am sure all will agree with me when I say that those papers were of much interest and value and a credit to the Institute. They also in many cases gave rise to discussions which were scarcely less valuable than the papers themselves. We have also to congratulate ourselves upon the fact that we have very few changes indeed in the officers of the Association. We propose to you a list which is almost the same as that of last year. It has been thought, indeed, it would be desirable each year that two of the vice-presidents should retire in order that there might be an opportunity of introducing other gentlemen who would take an interest in the affairs of the Institute. We had some difficulty to make a selection on the present occasion, because we could not go by the usual rule of seniority, as all the vice-presidents had acted for the same length of time. Under these circumstances, therefore, the selection has been by lot. It was for that reason, and that reason alone, that Mr. Rae and Mr. Salt have retired from the vice-presidency of the Institute. I am happy to say it was not from any want of interest on their part in our affairs, nor certainly from any want of appreciation of them on our part, and I hope some day we may again have the advantage of their co-operation as vice-presidents. I think we may also congratulate ourselves upon the excellent successor which we have secured to our friend Mr. Reed. We feel how very much we were indebted to him while he was our secretary, and I am sure we must also agree that we have a most excellent and efficient successor in our present secretary, Mr. Agar. Among the principal events of the year I may refer to the progress which is being made with reference to the Bills of Exchange Bill, in which the Institute has taken so much interest. As mentioned in the report, it was read last year without any opposition a second time in the House of Commons, in order that it might be circulated in the country during the recess, so that all those who were interested in it-that is to say, the whole