# 9
# HON. TREASURER'S REPORT FOR 1966
The Accounts for 1966 have been audited by Mr. O. P. Edwards of The Hong Kong and Shanghai Bank. I assumed office as Hon. Treasurer only a month ago following Mr. W. S. Addis and Mr. Michael Morgan who acted temporarily after Mr. T. J. Lindsay's retirement.
On the income side, there is a gratifying increase in Life Membership subscriptions, now $2,750 against $650 last year. The annual subscriptions amounted to $10,177, a little over $2,000 short of our total expenditure. The shortage was covered by income from investments amounting to $2,054.69 (against $1,742.54 last year) and from the sale of copies of the Journal. The total amount of annual subscriptions at the increased rate of $30 a year would have been higher had all members paid their subscriptions by the end of the year, and if all members had given instructions to their banks to increase their annual subscriptions from $20 to $30. Members are strongly urged to pay by means of Banker's Orders in order to ease the arduous work of the Hon. Secretary and Hon. Treasurer.
Our investments show an increase in market value of over $4,000 in spite of the depressed market.
The amount of $13,000 cash deposit is rather illusory. A sum of $2,500 represents a donation from the Asia Foundation and is earmarked to pay for books which have already been ordered. About $7,000 to $8,000 will be required to pay for the next issue of the Journal and off-prints. Provision has also to be made for the printing of the brochure on the 1966 Symposium and for the reprinting of the paper by Sir Lindsay Ride on "The Old Protestant Cemetery in Macao". We hope to recoup the cost of these publications by their sale, but we shall need more money to reprint Volume 1 of the Journal which has now been sold out and to build up our library and to provide for its accommodation. There is no likelihood of any real excess of income over expenditure.
3 April, 1967.
G. W. LANCHESTER