IN the statement of the income and expenditure of the Institution for the year ending 31st March, 1854, it will be seen that £1,831 has been expended on life-boats, and on objects immed- iately connected with them; and £182 on medals and rewards for saving life.

The total amount expended has been £2,482; while the income from all sources was £1,885. Thus, notwith- standing that the Committee have to thank the contributors to the Institu- tion for the large amount of support received in the course of the past year, it is yet seen that their expenditure during the same period has consider- ably exceeded their income, and that they have been compelled again to trench on the funded capital of the Society. This necessity cannot but be regretted, inasmuch as it is evident that the permanent prosperity of the Shipwreck Institution can only be secured by the possession of a funded capital, to which recourse may be had in seasons of extreme severity. But extraordinary exertions have been, and will still, for a time, be necessary, to completely furnish the most danger- ous parts of the coasts of the United Kingdom with life-boats, etc.

The Committee have the gratifica- tion to announce that the past year has been distinguished by a donation of £100 from Her Majesty the Queen, who, a few months after Her Majesty's accession to the throne, was graciously pleased to honour the Institution with the same patronage that had been extended to it by Her Majesty's illus- trious predecessors. The Committee have also to report the munificent con- tribution of £210 from the City of London.

Liberal, however, as has been the assistance which the Institution has received during the past year, the Committee desire once again to point out that its annual expenditure has, during the last three years, of necessity much exceeded its income; they there- fore, to enable them to continue their hitherto successful exertions in the cause of humanity with unabated energy, confidently appeal for a yet greater amount of public support..