Before beginning my report on recent excavations I must, with great regret, express on behalf of the Committee and of all connected with the Caerwent Exploration Fund the great and irreparable loss we have sustained by the decease of its President, Viscount Tredegar, F.S.A. From the beginning, in 1899, to the end, his Lordship had been one of the most enthusiastic and the most generous of our supporters. To him was largely due the success of the exploration, and without his aid it is doubtful whether it could have been undertaken. We have also lost by death since the date of the last Report another of our most valued supporters, Lord Llangattock, F.S.A., who was one of our Vice-presidents, and had taken much interest in the work, especially during its early years.