THE LIBRARY.

Regarding the Library as an important adjunct to the work of the Institute, the Council have spared no effort to increase the collection of books whenever an opportunity of doing so has arisen. They are unable to announce any special addition during the year, although a large number of miscellaneous works bearing on banking and currency have been acquired, as will be seen from the new catalogue which is elsewhere referred to. If any evidence of the utility of the Library were required, it is to be found in the large demands made upon it, the number of books borrowed during the past year having exceeded one thousand. A greatly increased use is also being made of the Library for reference purposes. The privilege of borrowing books appears to be still much appreciated by members in the country.

THE PRIZE ESSAY, 1889-90.

The subject of the Prize Essay, for which a First Prize of £20, and a Second Prize of £10 were offered, was :

"A Consideration of the Causes and Influences which determine the Movement of the Precious Metals from one Country to another

within the Sphere of Commercial Intercourse."

The first Prize of £20 was awarded to Mr. Joshua Shillcock, of the Bank of England, whose excellent Essay appeared in the October number of the Journal, and the winner of the Second Prize was Mr. Francis Edward Steele, of the London and County Bank. As on a former occasion, the Council added a Third Prize of £5, which was awarded to Mr. John F. Darling, of the National Bank of India, Bombay.

The following is the subject of the Prize Essay for 1890-1, for which prizes of the same amount were offered, viz. :—

"On Changes in the Bank Rate of Discount: First, their Causes; and Secondly, their effects on the Money Market, on the Commerce of the Country, and on the Value of all

Interest-bearing Securities."

The Prizes will be awarded at the Annual General Meeting of the Institute.

THE NEW OFFICES.

The steady growth of the Library, and the expansion of the work of the Institute, have long pointed to the necessity for increased accommodation. The lease of the rooms occupied by the Institute in St. Michael's House for the past seven years expired in March last, and the Council were fortunate in securing new and much larger premises, at No. 34, Clement's Lane, E.C., to which address the Offices and Library have been removed.

The Treasurer's Account for the year ended December 31st, 1890, together with a Balance Sheet of Assets and Liabilities, is appended.

The Council feel that this Report would be imperfect if it did not refer to the marked extension in the scope and influence of the Institute which has taken place during the period under review. many matters which cannot be dealt with under the above headings, the Institute has been able to materially promote the interests of the large and influential body which it represents.

250 0 0

50 0 0

500 8 0

688 12 1

Audited and found correct,

THOS. COX,
CHAS. WICK, Í

Auditors.

The following is the list of Fellows proposed as Officers and Council of the Institute for Session 1891-1892, 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, offering themselves for re-election.