"The first subscription list contained the names of 255 subscribers, and among them was my grandfather. He was the first patron and headed the list with 50 guineas; and in 1823 my grand-uncle, the late Duke of York, laid the foundation stone of the institution at Clapton; while two years later the late Duke of Cambridge, who was always foremost in all great charitable undertakings in this country, presided at its annual festival. The institution continued to grow and more children had to be admitted, until at last there was not sufficient room in the old home. A new one was, therefore, instituted at Watford, and in 1869 the Princess and myself were asked to lay the foundation stone of your present home. Having taken part in that ceremony, it gives me much gratification to learn in what a flourishing condition the institution now is, which is exemplified by the presence of upwards of 500 in the home. And when I look at the young ladies and the boys before us I think you will come to the conclusion that the management of the institution is thoroughly good. During the 74 years of the existence of the asylum something over 5000 orphan children have been maintained, clothed, and educated. "The great Duke of Wellington took very great interest in the institution, and I believe I am not wrong in stating that he presided at its festivals on five different occasions. A remarkable and very important fact in connection with the institution is that those who have received education and aid from the society are those who do all they can to give it support at the present time, and part of the institution at Watford was built by subscriptions of the old scholars, and I am told that there are as many as ten old pupils of the institution in one commercial house in the City, while many are present here to-night who are prepared to give liberal donations. The education they receive is a thoroughly sound and practical one, and when they leave every effort is made to find them situations, and they are sent out with proper clothing. As a proof that it is managed on economical principles I need only say that the cost per head in the past year amounted to little over £30. The amount disbursed in the 74 years since its foundation has reached the large sum of £700,000--all of this large sum, with the exception of £1000 a year which you can rely upon, having been derived from voluntary contributions.