ns of prices and commodities are now wholly
changed and altogether unfavourable, they still hope that they may be
able to keep to their scheme. If the publications of the Society are
of sufficient merit, their profits should cover the expenses of an
unsalaried staff; and though it shall be optional for their authors to
retain a share of such prospective profits, it is hoped that most of
those who contribute their work will be willing to allow all the
profits to go into the funds of the Society. In the place of a small
subscription, which it is as inconvenient regularly to collect as it
is to pay, the secretary invites donations of any amount, great or
small, which will be duly acknowledged and deposited in the Society's
banking account. The sympathetic response to their prospectus warrants
the belief that more donations will be forthcoming. The Society having
a finite aim may, after a few years of activity, consider its
usefulness to be at an end; and if, when it is wound up, it should
have a balance in hand, the present Committee undertake to pay such a
balance into the Pension Fund of the Society of Authors.

3. PUBLICATIONS.

The Society undertakes to publish a series of tracts on the subjects
which it is founded to deal with.

It is impossible to foresee the quality or amount of such expert
contributions; but the Committee intend to issue at least a quarterly
paper which shall contain a report of proceedings up to date.
Meanwhile the two first tracts are sent gratis to all the present
members. Later issues will be announced in the literary journals, and
members will be expected to buy them unless they shall pre-contract to
have them supplied as they are issued, which may be done by a donation
to the Society at the rate of 10s. a year. The tracts will be issued
by the Oxford University Press.

4. MANAGEMENT.

The original Committee will continue to carry on until it is
convenient to call a meeting of the members to relieve them of their
responsibility; and it is their plan that the members should
ultimately decide the constitution of the Society. Meanwhile they
guarantee the general soundness of the books and publications which
will be advertised on their pages; but under no circumstances do they
make the Society responsible for all the opinions of its contributors;
they desire full discussion of all questions.

5. MEMBERSHIP.

The Committee invite the membership of all those who are genuinely
interes