ninety per cent. of the net profits of the previous year. As to the salaries of the directorate, these were from the beginning very different in different associations. Where no extraordinary knowledge and no special talent were necessary, the overseers were content to have their superintendence valued at the price of from eight to ten hours of work per diem. There were directors who received as much as the value of twenty-four hours of work per diem, and in the very first year this amounted to an income of about 850£. The functionaries of a lower grade received, as a rule, the value of from eight to ten hours of work per diem. In most cases the controlling council of inspection received no extra remuneration for their duties. The credit granted to the associations in the first year of work reached an average amount of 145£ per head of the participating workers; and if it be asked whence we derived the funds to meet the requirements of the total number of our members, the answer is, from the members themselves. And the reference here is not merely to those voluntary contributions paid by the members on their joining the International Free Society, for these contributions were in the first instance devoted to the transport service between Trieste and Freeland, and would not have sufficed to supply our associations with capital if they had all been devoted to that purpose. The credit required in the course of the first year rose to nearly two million pounds sterling, while the voluntary contributions up to that date did not much exceed one million and a-half. The principal means which enabled us to meet the requirements of our members were supplied us, on the one hand by the Society's property hi disposable materials, and on the other hand by the members' tax.