Since that time the rules of the Bonus Investment Society and the conditions on which membership in the Federation is held have been altered on several occasions. First, the sum which must be held in the Federation to qualify for one vote was raised to £250, and again to £500; while, on a later occasion, it was also decided that the maximum number of votes which the society could exercise was twenty-five. On several occasions, also, determined attempts were made to have the payment of bonus discontinued, but always without success. In the first year in which the society was instituted the number of members was 135, and the amount paid in was £336. At the end of the twenty-seventh year the membership was 797, and the total holding in the Society £24,265. During these twenty-seven years the holding of the members in the Federation has shown a steady growth, and many employees have little nest eggs laid past for the ever-dreaded rainy day which they would not have had but for the institution of the Bonus Investment Society. [Illustration: PRESENT BOARD 1. ALEXANDER BUCHANAN, President. 2. THOMAS M‘LEAN. 3. JOHN YOUNG. 4. MATTHEW H. CADIZ. 5. JAMES HAMILTON. ] [Illustration: PRESENT BOARD 1. JOHN B. MONTEITH. 2. ROBERT M‘LAY. 3. JOHN F. JOHNSTONE. 4. JOHN SIMPSON. 5. JOHN B. WALKER. ] INSURANCE FUND STARTED. A proposal which gave rise to a considerable amount of discussion at the quarterly meeting, held in the beginning of December 1890, was that of the committee to form an insurance fund of their own. At the meeting of the committee immediately prior to that quarterly meeting, the members of the board agreed to recommend that £500 from the profits of that quarter be taken to start an insurance fund, and that a special meeting be held at the close of the quarterly meeting to consider the question of taking £1,000 from the reserve fund and placing it to the insurance fund. At the quarterly meeting the proposal was hotly debated. Approval of the proposal of the committee to allocate £500 to the insurance fund was moved, and was met by an amendment that the proposal be deleted from the minutes. This amendment became the finding of the meeting, receiving 104 votes against 87 votes for approval of the proposal. The subject cropped up again in the balance-sheet, where, in the “allocation of profit account,” the £500 was shown as being devoted to an insurance fund, and a further crop of motions and amendments was the result. It was moved that the £500 be added to the reserve fund; that the balance-sheet, as printed, be adopted; and that the £500 be carried forward to next quarter. The vote resulted in two favouring the transfer of the £500 to the reserve fund, while 113 favoured the adoption of the balance-sheet as printed, and 98 the carrying forward of the sum. This vote was a clear reversal of the previous one, and showed that the