HON. TREASURER'S REPORT FOR 1969
This year's accounts now before you have been kindly audited by Messrs. Wong, Tan & Co.
The Income and Expenditure Account shows a surplus of $5,691 compared with $6,970 in the previous year. However, this seemingly satisfactory position should be treated with reserve. Firstly, as in previous years, the annual membership fees ($10,559) do not cover the total expenditure on Journal expenses, purchase of library books, and sundry expenses, the shortfall being covered by bank interest, income from investments, and the sale of publications. Secondly, there is a drop in the annual membership fees for the first time for many years. Thirdly, the surplus would have been considerably less if the Society had to meet the expenses of re-printing Volume I of the Journal as forecasted last year. The drop in the Sale of Publications from $6,118 to $3,728 was forecasted in my report last year since the 1968 figure reflected the sales of two Journals (1967 and 1968).
At the beginning of the year, the Society re-invested the proceeds of sale of the 125 shares in the Hong Kong and Shanghai Banking Corporation (London Register) in 400 Hong Kong Electric and 400 Lane Crawford; these continue to show a gratifying increase in market value, with the former recently issuing a one for one and the latter a rights issue of 50 shares in April 1969.
Unless there is an increase in numbers, thereby producing more annual membership fees, the Society is very unlikely to continue to show a surplus in the current year. Besides the cost of re-printing Volume I ($4,000), now expected by the end of June, the Society will need to meet expenditure on printing this year's Journal and off-prints ($9,000), and the proceedings of the week-end symposium "The Changing Face of Hong Kong" ($3,800); in addition, the Society has recently sponsored a lecture and performance of Peking Opera costing $2,400. It is anticipated, therefore, the Society will show a deficit for the current year, and members are urged to encourage their friends to become members in order to increase annual fees and help to offset the deficit.
13 May 1970.
D. A. GILKES