vn 



STATEMENT made to the Council by the Chairman 

 of the Finance Committee, on presenting the 

 Accounts for the year 1914. 



Mr. Adeane, in presenting, on behalf of the Finance Committee, the 

 accounts of the Society for the year 1914, said that he would not have to 

 detain the Council very long over the accounts, as there was nothing very 

 much in them to remark on. He would ask the Council first to take the 

 statement of ordinary income and expenditure for 1914, from which it would 

 be seen that the income amounted to 10,369Z. It would be noticed, under 

 the head of Miscellaneous, that the interest on daily balances showed a con- 

 siderable reduction, wliich was partly due to the bank rate in the early part 

 of last year being as low as 3^ per cent. Another explanation was that there 

 was no large profit on the Shrewsbury Show to increase the Society's balance 

 at the bank as in 1913. On the other hand, they would observe that there 

 was a considerable increase of 274Z. in respect of the income on investments. 



The expenditure for the year amounted to 9,771Z. There was one item he 

 had to remark on, and he pleaded guilty as a member of the Journal Com- 

 mittee himself : they had exceeded their estimated allowance in the production 

 of Vol. 74 of the Journal by 2101., which was very serious. The Journal 

 Committee produced a very good Journal, with 120 extra pages, and he thought 

 it was owing to literary and pictorial zeal and to their own forgetfulness of 

 the limitations of the grant. He was sure that the Journal Committee would 

 in future try to keep within proper bounds. There had been an expenditure 

 of 315Z. in connection with the " Elements of Agriculture," which was 

 reprinted every two or three years, and which was a very profitable investment, 

 all the money coming back again with a profit. The balance for the year was 

 598?. As a rule they had been able to put that balance to the Reserve Fund, 

 but unfortunately, owing to the loss on the Shrewsbury Show, the balance had 

 to go to help meet that deficit. 



With regard to the balance-sheet there was nothing to remark, except the 

 serious fall in the value of their investments. The fall was very considerable, 

 and he thouglit the time was coming when the Finance Committee would have 

 to consider whether it would not be better to write them down. The investments, 

 as entered in the balance-sheet at cost, amounted to 52,828Z., but the present 

 value, which is also given, was only 45,032Z., showing a reduction in value of 

 7,796Z. 



The estimate of receipts and expenditure for the year was as follows : — 



FORBOAST OF ORDINARY RECEIPTS AND EXPENDITURE FOR 1915. 



(Other than in respect of the Show.) 



Prepared by direction of the Finance Committee on the basis of the Recommenda- 

 tions of September 21, 1905, made by the Special Committee. 



Actual 



Figures 



for 1914. Receipts. 



£ £ 



8,395 From Subscriptions for 1915 of Governors and Members 8,300 



111 From Interest on Daily Balances 50 



l,5(i7 From Interest on Investments 1,460 



296 From Sales of Text Book, Pamphlets, &c 200 



(This does not include the sales of Journals which are deducted from 

 the cost of production.) 



10,369 10,010 



