receives a sum of about £52 yearly as its share, which is paid over by the Royal College of Physicians, which deals with the whole property. The whole of the available balance is in each year paid to the lecturer or for expenses.

No. 8. THE DAVY MEDAL FUND.

By the will of Dr. John Davy, F.R.S., the service of plate presented to Sir Humphry Davy for the invention of the safety lamp, was bequeathed to the Society, to be melted down and sold, in order to found a medal to be given annually for the most important discovery in chemistry. The amount received in 1869 was invested in the purchase of £660 Madras Railway Stock, producing about £33 per annum. Some little time elapsed before the dies could be prepared, and the first medal actually awarded was given, in duplicate, to Bunsen and Kirchhoff in 1877. It was also given in duplicate in 1878, 1882, 1883, and 1893.

No. 9. THE GASSIOT TRUST.

In the year 1871 the late Mr. John Peter Gassiot conveyed to the Society £10,000 Italian Irrigation Bonds, for the purpose of assisting in carrying on and continuing magnetical and meteorological observations with self-recording instruments, and any other physical investigations that may from time to time be practicable and desir able in the Kew Observatory, in the Old Deer Park, Richmond, Surrey. (See "Description of Kew Observatory,” p. 138.)

The proceeds are paid over to the Kew Committee appointed in accordance with the trust deed. From time to time some of the Irrigation Bonds are drawn, and a profit has been made on reinvestment. These accumulated profits are now represented by a sum of £500 23 per cent. Consols, which forms a kind of reserve or insurance fund.

No. 10. THE HANDLEY FUND.

By the will of Mr. E. H. Handley, dated 1840, the reversion of his property was bequeathed to the Society after the death of his sister, the income to be applied as a reward for important inventions in art or discoveries in science, physical and metaphysical, or for assistance in the prosecution of any such invention or discovery, but with power to the President and Council to apply the income as they may deem best for the advancement of science.

Owing to the Statute of Mortmain, a considerable portion of the property did not pass by this will, but eventually, in 1876, the sum of £6378 19s. was received, which, after paying Legacy Duty at the rate of 10 per cent. and legal expenses, left sufficient to purchase £6047 78. 9d. Reduced 3 per cents. When the rate of interest was threatened a few years ago, this was converted into £4798 Lancashire and Yorkshire Railway 4 per cent. Guaranteed Stock, producing about £192 per annum. Of late years this has been applied towards the cost of preparing the Catalogue of Scientific Papers.

No. 11. THE JODRELL FUND.

The late Mr. T. J. Phillips Jodrell, in 1876, placed at the disposal of the Society the sum of £6000, at first with the intention of encouraging in this country original research in the physical sciences, but subsequently, in the same year, with directions to apply the proceeds as part of the ordinary revenue of the Society. In 1879 £1000 was, by Mr. Jodrell's directions, transferred to the Fee Reduction Fund, and the remaining £5000 is represented by the sum of £5182 14s. 10d. 22 per cent. Consols, which stand in the name of the fund.

On the death of Mr. Jodrell, in 1889, the proceeds of the fund, in accordance with a letter from him of April 5, 1878, devolved to and were incorporated with the Donation Fund. The income is at present about £140, but this will be reduced when the diminution in the interest of Consols takes place.

No. 12. FEE REDUCTION FUND.

This fund originated in 1878, the object being to relieve future Fellows of the Society of the £10 paid as an admission fee and of £1 out of the £4 annual subscription. These advantages, however, do not extend to the Privy Councillors and other privileged Fellows who join the Society. Most liberal sums were subscribed: Sir Joseph Whitworth contributing £2000, Sir William (now Lord) Armstrong and Mr. James Young £1000 each. The demand upon the fund keeps on, of course, increasing from year to year, but the excess of income over expenditure has been regularly invested, and the fund now consists of £5000 Metropolitan 3 per cent. Stock and £9333 London and North Western Railway 3 per cent. Debenture Stock, producing an income of about £450 per annum. The payments on account of Fellows amounted last year to £362, and inasmuch as in each year the payment in respect of the subscriptions of Fellows increases to the extent of £10 or £12, it is evident that, in the course of time, the question will have to be considered whether some modification in the amount of the reduction or some addition to the capital of the fund must not be made. There is, however, at present nearly £90 per annum left for investment; so that there is no immediate danger of the fund failing.

No. 13. THE DARWIN MEMORIAL FUND.

In 1885 the Committee of the International Darwin Memorial Fund resolved to transfer to the Royal Society the balance that remained in their hands, in trust, to devote the proceeds from time

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to time towards the promotion of biological studies and research. The amount has been invested in the purchase of £2500 South Eastern Railway 4 per cent. Debenture Stock, which now forms the capital of the fund. The annual income is nearly £100. In accordance with a resolution of the Council, a medal, either in silver or in bronze, is awarded biennially in reward of work of acknowledged distinction (especially in Biology) in the field in which Mr. Darwin himself laboured. The medal is accompanied by a grant of £100, and the balance of the proceeds is from time to time to be added to the capital fund. The first medal was awarded to Alfred Russel Wallace.

No. 14. THE JOULE MEMORIAL FUND.

In 1890 the Joule Memorial Committee transferred to the Society the balance in their hands, the proceeds to be applied for the en

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couragement of research, both in England and abroad, especially amongst younger men, in those branches of physical science more immediately connected with Joule's work. According to the regulations made by the Council (see Year-book '), a studentship or grant is to be made every second year to assist research as already specified. These grants are to be made alternately in Great Britain and abroad. The fund consists of £1000 London Brighton and South Coast Railway Guaranteed 5 per cent. Stock and £47 19s. 2d. 2 per cent. annuities, the annual income being about £50.

No. 15. THE BRADY LIBRARY FUND.

The late Mr. Henry Bowman Brady bequeathed to the Society in 1891 all his books and papers relating to the Protozoa, and also a sum of £300, the interest of which, or the principal, or both, are from time to time to be applied in the purchase of works on the same or kindred subjects to be added to the collection. The fund now consists of £280 23 per cent. Consolidated Stock, and £33 14s. 10d. on deposit at the bank.

No. 16. THE GUNNING FUND.

In 1891 His Excellency Dr. Robert Halliday Gunning gave the Society his bond for £1000 bearing interest at 4 per cent. to form a fund the annual income of which shall be applied triennially towards the promotion of Physical Science and Biology in such manner as to the President and Council may appear most desirable. The threeyears' income, amounting to £120, has now been received, and the amount has been voted by the President and Council for the purpose. The Rules for the administration of this Fund will be found in the 'Year-book.'

No. 17. THE BUCHANAN MEDAL FUND.

This fund dates from February, 1894, when a sum of £276 12s. and the dies for a medal were offered to the Society by the Committee of the Buchanan Fund. The amount has been invested in the purchase of £258 9s. 2d. Metropolitan 3 per cent. Stock, producing rather less than £8 per annum. The medal, which is to be of gold and of the value of about twenty guineas, is to be awarded every three or five years for distinguished service in Hygienic Science or Practice, in the direction either of original research or of professional, administrative, or constructive work. The balance in hand is to accompany the medal, which is to have no limit as to nationality. The first medal was given to Lady Buchanan by the subscribers to the fund.