Mr. Bernard reviewed all the expenditure from the first, beginning with the purchase of the house (and the two adjoining houses held under it) for 4,850_l._ For the charter, 583_l._ For arms, 101_l._ For lecture room, repository, laboratory, and workshop, 5,227_l._, which was 1,800_l._ less than was expected, and ‘it has been completed, as the visitors conceive, in a manner and with a degree of attention and economy very creditable to those who undertook the care and direction of it.’[21]... 1,181_l._ was paid for fitting up and furnishing the workshops and for experiments incidental to the use of them. ‘It is to be observed that a part of this expense ought regularly to be charged to the apparatus. Some loss, however, will probably be incurred upon this article of expenditure, as that part of the arrangement seems to be in a great measure given up. The loss, however, it is hoped, will be inconsiderable, as by a plan recently brought forward by a very scientific member of the Committee of Managers (Mr. Hatchett), it is proposed to form for the use of proprietors, and for the benefit of the Institution, in these and the adjoining rooms, the establishment of a very extensive and useful laboratory, upon a scale of magnitude and with a degree of advantage that are not likely to be equalled in any part of his Majesty’s dominions.’ After reviewing the domestic expenditure and the expenditure of the invested principal Mr. Bernard said: Upon the whole the visitors have the pleasure of stating to the annual meeting that, in the examination of the expenditure incurred in a concern of so great magnitude, under some peculiar circumstances and difficulties and during a period of near four years, they have found the whole of the accounts correctly stated, verified, and balanced except as to a small deficit of 47_l._ 14_s._ 10½_d._ entered as such by mistake, the vouchers for which having been actually produced; and they conceive that there is nothing that merits censure and much that deserves approbation. With regard to the present state and progress of the Institution he said: