HON. TREASURER'S REPORT FOR 1968
On the retirement and return to Britain of Mr. O. P. Edwards of the Hongkong & Shanghai Bank the accounts have been kindly audited by Mr. N. N. Chan of Butterfield & Swire (H.K.) Ltd.
Members will note that there is an excess of Income over Expenditure amounting to $6,970, compared with a deficit amounting to $738 in the previous year. This has largely been brought about by the increase in sale of publications, which this year amounted to $6,118 (against $1,708 last year). Such a high figure for the sale of publications cannot be expected for the future since this year's figures include the sales of 2 Journals (1967 and 1968) and the full effects of the sales of the brochure on the 1966 Symposium and Sir Lindsay Ride's booklet "The Old Protestant Cemetery in Macao". There is therefore no room for complacency, and it will be noticed that once again annual subscriptions do not cover our total expenditure, the shortfall being covered by bank interest, income from investments and the sale of publications.
In December 1968 the 125 shares in the Hongkong & Shanghai Banking Corporation (London Register) were sold at a profit of $9,981 and are responsible for the large current account balance ($23,736). The proceeds of this sale have since been re-invested in buying 400 Hong Kong Electric and 400 Lane Crawford, the latter now showing a gratifying increase in market value together with a rights issue of 50 shares. There has also been a recent bonus issue of 133 shares in the China Light & Power. The cost over market value of 6% Commonwealth of Australia 1977/80 can be attributed not only to the low market value of this stock but also to the effects of devaluation.
The Society is expected to meet heavy expenditure in the forthcoming year. The 1969 Journal with offprints will call for an amount of $8,000 to 9,000, and it is expected that Volume I of the Journal will be reprinted in the near future, calling for another $3,000. Members are strongly urged to assist in increasing the membership of the Society not only to help towards the cost of this high anticipated expenditure but also to obtain a more satisfactory income over expenditure for the future.
D. A. GILKES,
Hon. Treasurer.
28 April, 1969.
5
HON. TREASURER'S REPORT FOR 1968
On the retirement and return to Britain of Mr. O. P. Edwards of the Hongkong & Shanghai Bank the accounts have been kindly audited by Mr. N. N. Chan of Butterfield & Swire (H.K.) Ltd.
Members will note that there is an excess of Income over Expenditure amounting to $6,970, compared with a deficit amount- ing to $738 in the previous year. This has largely been brought about by the increase in sale of publications, which this year amounted to $6,118 (against $1,708 last year). Such a high figure for the sale of publications cannot be expected for the future since this year's figures include the sales of 2 Journals (1967 and 1968) and the full effects of the sales of the brochure on the 1966 Symposium and Sir Lindsay Ride's booklet "The Old Pro- testant Cemetery in Macao". There is therefore no room for complacency, and it will be noticed that once again annual sub- scriptions do not cover our total expenditure, the shortfall being covered by bank interest, income from investments and the sale of publications.
In December 1968 the 125 shares in the Hongkong & Shanghai Banking Corporation (London Register) were sold at a profit of $9,981 and are responsible for the large current account balance ($23.736). The proceeds of this sale have since been re-invested in buying 400 Hong Kong Electric and 400 Lane Crawford, the latter now showing a gratifying increase in market value together with a rights issue of 50 shares. There has also been a recent bonus issue of 133 shares in the China Light & Power. The cost over market value of 6% Commonwealth of Australia 1977/80 can be attributed not only to the low market value of this stock but also to the effects of devaluation.
The Society is expected to meet heavy expenditure in the forthcoming year. The 1969 Journal with offprints will call for an amount of $8,000 to 9,000, and it is expected that Volume I of the Journal will be reprinted in the near future, calling for another $3,000. Members are strongly urged to assist in increasing the membership of the Society not only to help towards the cost of this high anticipated expenditure but also to obtain a more satis- factory income over expenditure for the future.
D. A. GILKES,
28 April, 1969.
Hon. Treasurer.
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