and by Professor Thrower. Again it will be seen that the modest subscription of $30 a year, for which apart from the ordinary amenities of the Society members receive a free copy of all the Society's publications, falls far short of the costs of running the Society. The gap is as usual bridged mainly by interest from investments, bank interest and the sale of journals. Our investments at the end of 1969 showed a market value of $52,855 against cost of $43,554. The origin of our investments was the anonymous gift of $10,000 by a friend in 1947 in memory of Arthur de Carl Sowerby, who was the founder and curator of the Society's museum in Shanghai and a great authority on the natural history of China. This was supplemented by a gift of $5,000 by the late Stanley Smith in aid of the Society's funds in 1965.
There have been no changes in the Council of the Society during the year except that the vacant office of Vice Chairman in place of Prof. K. E. Robinson was filled by the appointment by the Council under Rule 11 of the constitution of Mr. J. W. Hayes who has been Editor of the Journal since 1966 and whose scholarly contributions to it and his popular tours of historic Hong Kong have been so greatly appreciated. The Council is a hard working body and meets at least once a month, and its activities involve a great deal of time and labour. Every member has his particular function and role to fulfil, apart from his general contribution to the Council work.
It has been a great pleasure to work for ten years with such harmonious and hardworking colleagues, and I want to thank them for their loyalty and for the unremitting help they have given me over the last ten years. In resigning at this juncture from the Presidency I do so with great regret, but am happy in the knowledge that the future of the Society is in safe hands.
In conclusion I want to thank the British Council for its continued support and for all the services it provides for the Society. I want last but not least to pay tribute to and thank, both on my own behalf and that of the Society, Mrs. O'Hara of the British Council for her willing and ready help during those ten years which all members of the Council have good reason to appreciate. She is an indispensable repository of the infinite details connected with the secretarial work, and her ready and
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