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EIGHTEENTH ANNUAL REPORT.
III.—THE EDUCATION FUND.
The Scheme relative to the Education Fund which was adopted by the Council in January, 1888 (Seventeenth Annual Report, p. 90), contains in Clause 6 a proviso that " if the whole sum of £10,000 be not raised or subscribed before the end of the year 1888, the Council shall summon a meeting of the Subscribers, and shall submit to them the desirability of applying the income and, if deemed expedient, also the capital of the amount already raised or subscribed to the Educational purposes of the Association." The contingency provided for in this clause having arisen (the Subscription to the end of 1888 having amounted to £6,000), a meeting of Subscribers was convened on the 14th April at the residence of the President, Sir Julian Goldsmid, Bart., M.P., and the following resolution was then unanimously adopted
"That should any occasion arise, such as the building, enlarging, repairing, or equipping schools abroad, requiring expenditure of capital, sums may be voted from the Education Fund by the Executive Committee subject to the approval of the Council specially summoned for the purpose. Upon any such vote the Trustees shall sell out an amount sufficient to meet the grant, and pay it to the Treasurer of the Association. The income of the Fund shall be invested from time to time, and go in augmentation of the Fund."
With reference to this subject, the Council have the pleasure of publishing the following important letter from Mr. Benjamin Newgass, one of the Subscribers to the Fund:—
22, Eversfield Place,
St. Leonards,
April 12 th, 1889.
Education Fund.
Dear Mr. Lowy,
I exceedingly regret that my absence from home will prevent my attendance at the meeting fixed for Sunday next on the above subject.
I understand that subscribers are invited to consider how to apply the income from the capital already raised. This, however, is a matter of minor importance. What should
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