ROYAL ASIATIC SOCIETY
HON. TREASURER'S REPORT
The Accounts before you have again been kindly audited by Kwan Wong Tan & Fong.
On the Income and Expenditure account it will be noted that although expenditure was down from the previous year ($75,510 to $67,239) the Society still incurred a deficit of $8,997 which, with the deficit incurred in the previous year of $10,722, makes a total deficit over the two-year period of $19,719. This is due to the greatly increased costs for the Journals and other publications which are an important aspect of the Society's activities. The increase in expenditure has been partly absorbed by increased income, but this has not been sufficient to offset the increased expenditure.
Members will note that income from annual memberships only account for approximately one-third of the total income; the rest being made up of income from sales of publications, bank interest and dividends. This proportion needs to be raised if the financial future of the Society is to continue to be on a sound footing. It has therefore been decided to double annual subscriptions with effect from 1st January, 1983 and life membership subscriptions being doubled with immediate effect.
The Balance Sheet shows that the Society is in a sound financial position with adequate cash resources to meet liabilities for the printing of the Journals. The investments which are in sound Hong Kong companies, continue to hold up well; these are kept under constant review.
D.A. Gilkes
Hon. Treasurer