room, centrally located, which might be put at the disposal of the Society. Perhaps some benefactor may help us to realize our hope.
This brings me to the question of finance. The Hon. Treasurer has submitted the audited Balance Sheet and a Statement of Accounts for 1964. On the surface it looks very rosy. But it is subject to two very important qualifications:
1. The excess of income over expenditure appears as $8,274.18. Out of this, a sum of $7,000 is already allocated to the cost of printing the 1964 Journal, and some at least of the balance will be required for printing the brochure on the Symposium. So, in effect, there is no surplus of income for 1964.
2. The total expenditure for 1964 amounted to approximately $10,738.35, allowing $7,000 for the cost of the Journal. The total income from annual membership fees amounted to only $6,810.74 which leaves a shortage of $3,927.61. We must therefore face the fact that the annual subscription of $20 is very far from meeting the annual expenses of the Society. The balance is only made up by drawing on the income from our small capital account and such uncertain items as the sale of journals.
The annual subscription of $20 is lower than that of any comparable society and when it is realized that it includes a free copy of the Journal, which is sold for $12, members, I hope, will admit that they get more than full value. The Council has therefore regretfully come to the conclusion that the subscription should be raised to $30, except perhaps for students and others under 25, and it is proposed to convene an extraordinary general meeting of the Society before the end of the year, so that, if the new rate of subscription is approved, it can come into effect from 1st January, 1966.
In conclusion, I want again to pay tribute and acknowledge my thanks to all my colleagues on the Council and particularly to the hard working Hon. Secretary, Mr. R. E. Lawry, and Hon. Treasurer, Mr. T. J. Lindsay, without whose constant help my work as President could not be done.
Finally, I am glad to record that H.E. Sir David Trench has graciously agreed to be our Patron in succession to Sir Robert Black. I am sure the Society will continue to receive from him the same support that was given by his predecessor.