Page:1902 Encyclopædia Britannica - Volume 25 - A-AUS.pdf/43

ACCIDENT — ACCOUNTANTS 23 Sir Thomas Lawrence, 1820-30 ; Sir Martin Archer Shee, 1830- days, the account or settlement in mining shares occupying 50; Sir Charles Lock Eastlake, 1850-65 ; Sir Francis Grant, four days. The first of these days is called the “ carrying1866-78 ; Frederick, Lord Leighton of Stretton, 1878-96 ; Sir John Everett Millais, Bart., 1896 ; Sir Edward John Poyliter, over” or “making-up” day, and is employed in adjusting the accounts open between the class of speculators known 1896. The total Humber of academicians elected since the foundation, as “bulls,” who buy securities for which they do not wish exclusive of the 36 original members, is 192, of whom 114 received their art education in the Academy schools. The total to pay in the hope of selling them before the settlement number of associates elected since the foundation, who have not at higher prices, and that known as “bears,” who sell reached the higher grade, inclusive of the 30 now living, is securities which they do not possess in the hope of buying 103, of whom 46 received their art education in the Academy them before the settlement at lower prices. The second schools. day, where there are three, and the second and third The total number of students admitted since 1769 is 4697, making a yearly average of about 36. The number at present on days, where there are four, are the “ ticket days ” or “ name days,” when purchasers of registered securities pass to the books is 172. The library contains about 7000 volumes, dealing with the the sellers tickets setting forth the names into which the history, the theory, and the practice of the various branches of same are to be transferred. The last is the “ pay day,” the fine arts, some of them of great rarity and value. It is open daily to the students and members, and to other persons on a “settling day,” or “account day,” when money balances, or “differences,” have to be met, and brokers who have proper introduction. The trust funds administered by the Royal Academy are :— purchased securities must be prepared to pay for them on The Turner fund (J. M. W. Turner, R.A.), which provides delivery. Much of the work of the Stock Exchange sixteen annuities of £50 each, for artists of repute not members account is carried out by a department of that institution of the Academy, also a biennial scholarship of £50 and a gold corresponding to the bankers’ clearing house. Its function medal for a landscape painting. The Chantrey fund (Sir Francis Chantrey, R.A.), the income is to bring into direct communication the ultimate buyer of which, paid over by the Chantrey trustees, is spent on pictures and the ultimate seller as represented by their respective and sculpture. The Creswick fund (Thomas Creswick, R.A.), which provides an brokers, thus eliminating, for the purposes of the settlement, the middleman known as the “dealer” or “jobber.” annual prize of £30 for a landscape painting in oil. The Cooke fund (E. W. Cooke, R.A.), which provides two The further returns of the bankers’ clearing house, conannuities of £35 each, for painters not members of the Academy, cerning which, in illustration of the financial importance over sixty years of age and in need. The Landseer fund (Charles Landseer, R.A.), which provides of the account, figures were given in the ninth edition four scholarships of £40 each, two in painting and two in of the Encyclopaedia Britannica (i. 91) down to 1873, are sculpture, tenable for two years, open to students at the end of as follows:— the first two years of studentship, and given for the best work done during the second year. The Armitage fund (E. Armitage, R.A.), which provides two annual prizes of £30 and £10, for a design in monochrome for a figure picture. The Cousins fund (S. Cousins, R.A.), which provides seven annuities of £80 each for deserving artists, not members of the Academy, in need of assistance. The Newton bequest (H. C. Newton), which provides an annual sum of £60 for the indigent widow of a painter. The Bizo fund (John Bizo), to be used in the scientific investigation into the nature of pigments and varnishes, &c. The Edwards fund (W. J. Edwards), producing £40 a year for the benefit of poor artists or artistic engravers. The Leighton bequest (Lord Leighton, P.R.A.), received from Mrs Orr and Mrs Matthews in memory of their brother, the income from which, about £300, is to be expended on the decoration of public places and buildings. The literature concerning the Royal Academy consists chiefly of pamphlets and articles of more or less ephemeral value. More serious works are : William Sandby. The History of the .Royal Academy of Arts. London, 1862 (withdrawn from circulation on a question of copyright),—Report from the Select Committee on Arts and their Connexion with Manufactures, with the Minutes of Evidence and Appendix. London, 1836.—Report of the Royal Commission on the Royal Academy, with Minutes of Evidence and Appendix. London, 1863.—Martin Archer Shee. The Life of Sir M. A. Shee, P.R.A. London, 1860.—C. R. Leslie, R.A. and Tom Taylor. Life and Times of Sir Joshua Reynolds, P.R.A. London, 1865.—J. E. Hodgson, R.A. (the late), and Fred. A. Eaton, Sec. R.A. “The Royal Academy in the Last Century,” Art Journal, 1889-91. But the chief sources of information on the subject are the minute-books of the council, and of (s. D. H.) the general assembly, and the annual reports, which, however, only date from 1859. ^ p) Accountants.—The term “accountant” is one to which, of late years, its original meaning has been more Accident. See Insurance. generally attributed—that of an expert in the science of Account, a term used cliiefly on the Stock Exchange book-keeping. It is sometimes adopted by book-keepers, to designate either the periodical settlement itself or the but this is an erroneous application of the term ; it properly interval between one periodical settlement and the next. describes those competent to design and control the sysIn most securities the transactions which have been tems of accounts required for the record of the multifarious effected are settled twice a month. For transactions in and rapid transactions of trade and finance. It assumes consols and a few kindred securities, such as India stocks, the possession of a wide knowledge of the principles the regular settlement occurs only once a month, but a upon which accountancy is based, which may be shortly considerable part of the business in them is done “ for described as constituting a science by means of which cash,” i.e., for settlement immediately. For most securities all mercantile and financial transactions, whether in money except mining shares the settlement extends over three or in money’s worth, including operations completed and