Page:A century of Birmingham life- or, A chronicle of local events, from 1741 to 1841 (IA centuryofbirming01lang).pdf/352

296 persistent labours in the work of reform, he induced the committee to lower the annual subscription from thirty shillings to twenty-one, and to throw open the Library to non-proprietors. The result of this wise proceeding has been, not only to extend largely the usefulness and influence of the Library, but to increase its prosperity to an unexampled and unanticipated extent. From the report presented to the proprietors at the annual meeting, December 12, 1866, we find that

The Treasurer's account, instead of showing a deficit, contained the pleasing statement that there was a balance in hand of over £200, notwithstanding a large increase in the purchase of books, and a considerable outlay in enlarging the Newsroom. In the days of prosperity the committee wisely thought of the future, and stated in the report that, in their opinion, "this is an opportune time for reminding the proprietors that the leases of the present premises will expire in 47 years, and that at that time the Library must either be given up or a new building erected. It would appear therefore prudent for the proprietors, out of their surplus income, to create a Reserve Fund to provide for the latter event. At present about £100 per annum might be applied to this purpose; and if for only ten years that sum were annually invested at compound interest, at the expiration of the leases it would have increased to about £8,000. The writer of this had the privilege of seconding the following resolution, which the proprietors unanimously adopted.—"That the committee be authorised to invest, at interest, at the end of each year, so much of the available balance in the hands of the treasurer as they shall think expedient, towards the formation of a Reserve Fund, such fund to bc applied only as the proprietors in general meeting shall direct." Thus provision has been made for making this noble institution permanent, and for providing a building which, we trust, will be worthy of its contents.