l 33 



OUR MAGAZINE! It will be seen from the balance sheet, which 

 appears in the inset, that last year's income was very insufficent for the 



publication of a Magazine commensurate with the subscription of the 

 Club. This arises chiefly from our present small membership, an evil 

 which I am happy to say is growing less with each succeeding issue; the 

 steady influx of new members is a most hopeful and gratifying feature, and 

 the interest and generosity of members and officials has prevented a serious 

 deficit. For the current Volume the shortage of income against expendi- 

 ture will not be anything like so heavy as in the previous year ; an approxi- 

 mate estimate would place it at about half, that is calculating on our present 

 rate of increase being maintained, this expectation judging from evidence 

 to hand is certainly a reasonable one. Without being unduly optimistic I 

 feel assured that in the Volume (that is next year's) following this, the 

 income and expenditure will just about balance. Making full allowance 

 for the above features, both favourable and unfavourable, I consider the 

 outlook very hopeful indeed. At the same time, I must say that personally 

 I consider it would be little short of suicidal, or at least very short-sighted 

 policy to cut down the bulk of the Magazine or number of its illustrations 

 to any serious extent, so as to make income and expenditure meet during 

 the present year. Now I appeal to all the members to express their opinion 

 on the following issues: — 



(i) Shall the Magazine be continued upon its present scale, i.e. as to 



bulk and illustrations, or shall it be cut down sufficiently to make 



expenditure and income meet ? 



(2) If it be decided to continue as at present, we shall require about ^"25 



above our estimated income to close the current year free of debt. 



(3) I have suggestions that we should increase our Subscription to 15/- ; 



this I should strongly oppose as a move in the wrong direction ; 

 also I am opposed to it being left to a few to make up deficiencies ; 

 this also is most unsound policy. What then is the alternative? 

 The issue appears to me very simple, as this is the year which will 

 practically bring the Club into a sound financial position. I am 

 willing for another year to give a donation to cover the whole of 

 Editor's and Secretary's postage account, and also to provide one 

 Coloured Plate, as I feel that to economise as indicated would place 

 a sudden check upon the very satisfactory increase that is now 

 taking place in our membership. Now if each member would send 

 a donation of only 5/- all our difficulties would disappear, the 

 officials could carry on the work of the Club unburdened by any 

 anxiety, and the successful future of the Club be practically assured. 

 This surely would fall heavily upon none. 

 The issue is a very simple one, and it lies with the members to decide 

 whether we continue the present '-Progressive Policy" or resort to an 

 •' Economical " one and cut down the bulk of the Magazine and the number 



