1919'] Lelters, Extracts, and Notes. 373 



uieiiiber of the Coumiittee in the phvce of Lord Rothschild, 

 F.K.S.; who retires by seniority. 



Tiiese recommendations were confirmed by the meeting. 



Tlie Annual Report of the Connnittee was read as 

 follows : — 



'•The Committee have pleasure in being able to report 

 that the financial situation on the 1st of Januar\', 1919, was 

 very satisfactory. 



"Our credit balance w;is, on that date, Jil40 as against 

 t.23G on the 1st of January, 1917^ but in that year we had 

 an outstaiuling account of a little over £45, whereas this 

 year we have an outstanding asset of just under ilSO. 

 Really, therefore, our balance is roughly j^l85 as against 

 .€190 in 1917. 



•' There is, however, another item which calls for remark 

 in this year's account, and that is the payment of Jjllo on 

 account of paper, as against under .€50 in 1917. This is 

 because we were obliged to buy at a very high figure 

 sutficient i)aper to supply the issue of '^ The Ibis ' for 1918 

 autl to leave a certain reserve in hand for 19 19. Before the 

 exhaustion of this supply, we anticipate a large drop in the 

 cost of paper and a corresponding decrease in our payments 

 on account of the production of 'The Ibis.' 



•■ The accounts have been audited by Mr. Munt, and are 

 shown in the circular issued to all members. 



'• The total receipts in 1918 have been £7\Q as against 

 t;850 in the previous twelve months. The reasons for the 

 decrease are principally the reduction in the sales of 'The 

 Ibis,' roughly tlQ, and the Jubilee Supplement, ^€50. 

 The cost of 'The Ibis ' has been €688 \7s. \0d. as against 

 €523 Gs. 6d. in 1917. The reason for the greatly increased 

 cost is primarily, as already shown, due to the high ]jrice of 

 paper, but also on account of the increased cost of every 

 item connected with printing and publication. 



" The present volume is the sixtietli and completes the 

 final volume of the tenth series. It contains 748 pages 

 and is illustrated with five coloured plates, five uncoloured 

 plates, and twelve text-figures. 



