472 PROCEEDINCS OF THE ACADEMY OF [1881. 



The following reports were read and referred to the Publication 

 Committee : 



REPORT OF THE PRESIDENT 



For the Year ending November 30, 1881. 



It is a pleasure to be able to repeat a statement made last year, 

 that the Academy- " remains free from debt," a very important 

 statement, because the progress of the societ^'^ is largely contin- 

 gent on the condition of its financial affairs and the stability of its 

 pecuniary resources. 



The report of the Treasurer, William C. Henszey, whose prudent 

 zeal in the discharge of the duties of his office entitles him to the 

 full measure of our thanks, shows that the finances of the society 

 are in a sound condition, and that the current receipts for the year 

 somewhat exceed the expenditures. 



The receipts from all sources amount to $6959.20 



And the total disbursements to 6952.16 



Leaving a balance of 7.04 



Even under this unusually favorable condition, observance of 

 close economy in expenditures is still essential, as it ever should 

 be under all circumstances, to keep the treasury always in a state 

 to moet the current demands against it. They may possibly be 

 greater on account of necessary repairs in the coming than in the 

 past year. The exterior wood-work of the building may require 

 painting in the course of the summer. 



The treasurer's statements show that the Publication Fund, the 

 Thomas B. Wilson Fund, the Elizabeth Phyle Stott Fund, the 

 Isaac Barton Fund, the Charlotte M. Eckfeldt Fund, the Joshua 

 T. Jeanes Fund, the Jessup Fund, the Life Membership Fund and 

 the Maintenance Fund are in a satisfactory condition. 



More than a thousand dollars of the income of the I. Y. 

 Williamson Library Fund have been necessarily diverted from 

 library purposes to the payment of expenses to secure part of the 

 property from which the income is derived. Now it is confidently 

 believed that the whole of the receipts of the fund, which have 

 been somewhat increased, may be appropriated to the purchase 

 of books in accordance with the intention of its liberal and 

 benevolent founder. 



