THE Council desire to call the attention of the Fellows to the fact that notwithstanding the change in the name of the Society by the addition of the word " Royal," they are still, in using letters after their names, signifying the membership of the Society, only entitled under Rule 6 to use the letters F.S.S.

II.-The Imperial Institute.

THE Council of the Statistical Society have received the following letter, which they desire by this means to bring to the notice of Fellows:

SIR,

Imperial Institute

OF THE UNITED KINGDOM, THE COLONIES AND INDIA.

Offices: 1, Adam Street, Adelphi,

London, W.C. 4th February, 1887.

I have received the instructions of His Royal Highness the Prince of Wales to submit to you the request that you will be so good as to inform the Council of The Statistical Society of the hope entertained by His Royal Highness that they will feel disposed to invite the Fellows of the Society to take part in the foundation of the Imperial Institute for the United Kingdom, Colonies and India, which is being established in commemoration of the fiftieth Anniversary of the Queen's reign.

the

The Prince of Wales believes that the form which it has been decided to give to this National Memorial and which has met with

Her Majesty's gracious approval is of a nature especially to commend itself to the Fellows of the Society inasmuch as the objects aimed at, and which it is hoped to attain, by the creation of the Imperial Institute are, in several important respects, kindred to or in harmony and sympathy with the important functions of the Society of which you are President.

If you and your Council should be willing to make an appeal to the Fellows of your Society to transmit through the Society their Donations towards the Fund required for the establishment of the Imperial Institute, the Society will thereby become directly identified with this National Manifestation of the respect and affection entertained for Her Majesty by all classes of Her subjects.

I beg leave to enclose a Pamphlet descriptive of the nature and objects of the Institute and shall be glad to give directions for the transmission to the Society of this and other papers for distribution among the Fellows, should the suggestion of His Royal Highness be favourably entertained by yourself and your Council. I have the honour to be, Sir, Your obedient Servant, (Signed) F. A. ABEL, Organizing Secretary.

The President of the

Statistical Society, &c., &c., &c.

WHAT THE IMPERIAL INSTITUTE IS TO BE..

1. The "National Memorial" of the completion of fifty years of Queen Victoria's wise and prosperous reign, and the Jubilee Tribute of love and loyalty from all Her Majesty's subjects, without distinction of class, creed or race.

2. The "Central Establishment for illustrating the commercial, industrial, artistic and educational progress of the United Kingdom, the Colonies and India.

3. The "National Industrial and Commercial Museum," where will be displayed collections, carefully selected and arranged, and thoroughly described, of the natural and manufactured products of the Colonies and India, side by side with those of the United Kingdom.

4. The "National Free Reference Libraries" of Industries and Commerce, where anybody may become acquainted with the natural, industrial and commercial history and resources of the British Empire and the Colonies; where the Manufacturer, the Inventor, the Merchant and the Artizan may make themselves conversant with existing information on the results of Colonial exploration and development, and of the latest achievements in industries, trades and commerce in other countries.

5. The "Enquiry Office" for information upon all matters relating to the natural resources, the trades and handicrafts, and the commerce of every part of the British Empire; the "House of Call" for all who are concerned in the advancement of industry.

6. The "Samples Warehouse" from whence natural products

of the Colonies and India, with the latest information concerning their natural and commercial history, may be obtained.

7. The "Central Head" of commercial museums and enquiry offices, distributed throughout the United Kingdom.

8. The " Common Meeting Place" for all who visit Great Britain from the Colonies and India; the "Colonists' Home in the Mother-Country.

9. The "Bond of Union" between Colonists and those at home, in their commercial and industrial relations with each other.

10. The "Central Source of Aid" for the advancement of technical education, and for the development of trades and handicrafts through the agencies of practical examinations, of scholarships and material aid in other forms, and of central and local competitive exhibitions.

11. The "Emigrants' Agency" where the intending Colonist may obtain full information as to the requirements, qualifications and prospects of the future home of his selection, and receive advice as to special training for different classes of emigrant life.

12. The "Connecting Link" between provincial centres, to be established throughout the United Kingdom, to aid and advise the Capitalist, the Artizan, the Merchant, the Tradesman, and the intending Emigrant, and to promote the mutual co-operation and the unity of interests and sentiment of all classes of Her Majesty's subjects.

III. The Sixth International Congress of Hygiene and

Demography..

THE Council of the Statistical Society wish to make known to the Fellows generally that they are invited to take part in the above Congress, which is to be held in Vienna from 26th of September to 1st October next.

Fellows who may purpose attending the Congress are requested to communicate their intention to the Assistant Secretary (who will, on application, furnish further information on the subject), in order that their names may be duly reported and personal invitations sent to them from Vienna.

IV.-Financial and Commercial History of 1886.

THE following is taken from the Supplement to the Statist of 5th February, 1887, in continuation of similar extracts for previous years commencing with the year 1878:

"The important fact as regards trade last year is that although undoubtedly the year was one of depression, it seems to have marked a turning point, and the gloom at the beginning of the

year in all trade circles has been succeeded at the end by a generally cheerful feeling. The turning point seems to have been reached in the early summer, and since that date, month by month, the tone of business, first in one department and then in another, has gradually improved. The result is that although prices are generally very little higher at the end than they were at the beginning of last year, yet they are higher than at the intermediate low level which was reached during the year; and this change in the course of prices seems to be one of the main factors in the more cheerful feeling which now prevails. It does not appear that in any direction very much more business has been done than in the year 1885, which it will be remembered was one of great depression; but the languor of 1886 was most felt early in the year, and in the latter half there was undoubtedly an increase of activity which more than made up for the additional languor of the first half of the year as compared with any previous period. This last characteristic is especially reflected in two sets of figures -one, the statistics of imports and exports; and the other, the returns relating to pauperism. As regards the exports, it is found that the total exports of British and Irish produce for the twelve months ending December amounted to 212,364,000l., or only 680,000l. less than in 1885; but this decrease took place exclusively on balance in the earlier months of the year, while in the later months of the year there was an increase, of no great amount it is true, but still sufficient to compensate, to some extent, for the decrease in the earlier part of the year. The account is not altogether satisfactory, because, it will be recollected, the amount of the exports in 1885 was much less than it had been in 1884, in which also there had been a decrease compared with the previous year. The slight decrease of last year, therefore, is a slight decrease as compared, not with a very prosperous year, but with a very depressed year. Still, as has been remarked, the important point is that depressed as 1886 has really been, it has yet witnessed the turning of the tide. The depression was in the earlier part of the year, and the improvement, which still continues, in the latter part. Much the same things may be said of the imports, with this difference, that the total imports for the whole year, amounting to 349,381,000l., show a decrease of no less than 21 million pounds compared with the previous year, 1885, whereas the decrease of the exports, as we have seen, was quite nominal. This decrease, however, took place almost exclusively in the first half of the year, and on balance in the last five months it does not appear that there was any decrease at all. It has to be considered, of course, that this decline in 1886 succeeds a very considerable decline as compared with the two previous years, and the small figure is thus in itself not satisfactory; but the fact that the decline was so exclusively in the earlier half of the year, and that things began to improve in the latter half, is most undoubtedly satisfactory, and this is the feature in these returns to which attention should principally be given. We may refer our readers to the tables in the appendix for further particulars on this head, and we need only notice further at present that the decline in the imports is mainly

in articles of food and drink, and that in some descriptions of raw materials at least the raw materials for textile manufacturers— there is a large increase in the imports in the year as compared with the previous year. The other set of figures to which we propose to refer are the pauperism returns. It will be seen from the table in the appendix that while the increase in the number of paupers in the early months of the year from January to May, ranged from 3'5 per cent. in January to 9 per cent. in March, there has been since May a gradual decline in the amount of the increase; the figures being 32 per cent. in June, 3 per cent. in July, 2 per cent. in August, 19 per cent. in September, and 12 per cent. in October. Nothing could be more significant of the tendency to improvement all through the year. In addition, reference may also be made to the figures of railway traffic and to the Bankers' Clearing House returns. It will be seen from the statement in the appendix as regards railway traffic, that all through the early part of the year, on the seventeen lines which are usually summarised in our weekly returns, there was a very considerable decrease of traffic, the decrease in the first half of the year being, in fact, 579,000l.; but in the second half there is a complete change, and there is generally an increase from week to week, the final increase for the whole half-year being 128,000l. No doubt it has to be considered as regards these figures, that the increase in the latter half of the year was very largely in passenger traffic, and there was still a decrease in goods traffic; but the decrease in the latter was extremely slight indeed, and was probably due in part not to the falling off in business, but to a reduction of rates. As regards the Bankers' Clearing House returns, in the early part of the year, the weeks in which there was a decrease were almost as frequent as the weeks in which there was an increase. But from the end of June or the beginning of July there was hardly a week in which there was not an increase— and sometimes a very considerable increase. No doubt a large part of this improvement, as regards the Bankers' Clearing House returns, is due to the increase on Stock Exchange settling days, there being no such improvement generally, or on the fourths of the months; but an increase on Stock Exchange settling days is, of course, in itself symptomatic of improvement in business generally, with whatever qualifications and doubts it may be regarded. Altogether, then, there is some cause for satisfaction at the general course of business throughout the year. People in business have shaken off their long languor and depression; have found that at last things have touched bottom, and have been more disposed to go ahead. There are many circumstances not altogether reassuring, and some trades, it would seem, have hardly participated in the general improvement; but, on the whole, merchants are more cheerful, and an impetus has been given to trade which cannot but last a good while, unless some untoward events should happen.

"We propose now to notice very briefly the course of events in one or two of the more conspicuous trades, showing the nature of the improvement which has occurred.