Excerpt from Journal and Proceedings, 1921, Vol. 1
Mainly owing to the trades dispute which occurred in 1914 and to difficulties arising from the war, the cost of the building exceeded the original estimates but it will be seen that notwithstanding adverse conditions the contributions received amounted to about which was raised at an expense of 400 (te. Little more than 2 per cent.) that this ex pense was more than covered by the interest and dividends on investments, and that although the Council were authorised, if necessary, to draw upon the General Fund of the Institute to the extent of 3500, the deficit to be met amounts to less than 1500. Against this deficit, moreover, the appeal may be said to have been directly productive of prospective legacies of 1000 and 500 under the wills of Mr. Edward Rilev and Prof. Meldola respectively.
The Council, in acknowledging their grateful thanks to all contributors, feel that the Institute has been very fortunate in having acquired its premises before the increased cost of materials and labour rendered their erection prohibitive.
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