Augustus De Morgan's wife, writing after his death described how the London Mathematical Society was founded:- It was in the year 1864 that Mr Arthur Cowper Ranyard and George De Morgan (Augustus De Morgan's son) were discussing mathematical problems during a walk in the streets, when it struck them that it would be very nice to have a society to which discoveries in mathematics could be brought, and where things could be discussed like the Astronomical Society.
At the 16 January 1865 meeting, held in University College, Bloomsbury, north of central London, the chair was taken by Augustus De Morgan who gave the first address setting out what the aims and practices of the Society should be.
Cayley, Clifford, De Morgan, Hirst, Maxwell, Salmon, Smith, Spottiswoode and Sylvester had all joined by the end of 1865.
The Society rapidly gained international status, and two years after it was founded, in 1867, it instituted a category of honorary foreign member.
However the membership had rapidly increased and the cost of distributing the Proceeding to the members would have been too expensive if all the papers had been published.
Financial pressures continued on the young Society, largely caused by the high volume of papers it was receiving.