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# HON. TREASURER'S REPORT
The Accounts before you have again been audited by Messrs. Wong Tan & Co. and I am very grateful for this service which they continue to render to the Society.
One of the chief jobs of a Treasurer of a Society such as this is to ensure that there is enough income coming in to meet the expenditure. For the year under review this target has been achieved: there was a surplus of income over expenditure amounting to $7,640; there was a significant increase in annual membership fees from $10,954 to $14,230, reflecting the larger membership. On the other hand, there was a decline in the sale of publications from $4,126 to $1,400 due to the delays in producing the 1973 journal: I am pleased to report that for this year sales of journals to-date are already $2,500. Bank interest received is considerably up, due to the higher rates of interest prevailing in 1974.
On the expenditure side you will notice that the total expenditure for this year is about the same as last year (i.e. $30,581 as opposed to $30,485). However, this is predominantly due to the fact that in the year 1974 the Society did not incur any extraordinary expenditure as in the previous year when the Society paid its entrance fee to the Hong Kong Arts Centre. This was substituted by higher expenditure on journals and sundries: the latter is due to increased stationery prices, advertising and the fact that more activities has generated more such expenditure.
Another chief job of the Treasurer is to preserve the assets of the Society. Like all those who have had to make investment decisions over this last year this has been full of hazards: so it may be interesting for you to notice what has happened where virtually no change took place as in this, although this was not due to lack of attention. I should, perhaps point out the market value of the investments of the Society are now at today's date at approximately the same value as cost. Also although the market value at 31st December, 1974 shows a depreciation on cost of approximately $18,246, this should be looked at in the light of the surplus on the realization of investments of $38,763 in the previous year. There is at the moment a reasonable diversification between bank balances and quoted investments, and this will continue to be reviewed