xviii INTRODUCTORY PROCEEDINGS. 



Secretary-Treasurer Cox: — Mr. President and gentlemen, the report, as usual, has 

 been printed and distributed. I must ask your indulgence for certain typographical errors 

 and errors that will be corrected in the final report. The printers, unfortunately, are fol- 

 lowing the prevailing custom of making difficulties. I will touch on some of the points con- 

 tained in the report briefly. 



It is naturally very pleasant to note that the membership at this time is 1,386, as against 

 a membership! at the corresponding time last year of 960. We made a very active campaign 

 two years ago for new members and it was quite successful. During the past year we have 

 not had quite as good an opportunity to induce new members to come in, because the year be- 

 fore there were so many new people interested in shipbuilding, and shipyards generally, that 

 it was a very opportune time tO' get new members for our Society. We have, however, at 

 this time a large number of applicants for membership in the Society which have been passed 

 on 'by the Council and will 'be presented in due time. But the opinion of the Council is that 

 the membership at large should take during the coming year a very direct interest in recruit- 

 ing from proper material new members for the Society. The larger the membership of the 

 Society is, the more papers of value we will be able to procure and the greater the value of 

 the Society in general will be, so it is hoped that all members will from time to time try to 

 interest eligible men to take an interest in and become members of the Society. In that 

 connection I will say that it is not too late to have applications for membership submitted at 

 this meeting and acted upon, and there is a supply of the blank forms in the rear of the 

 hall, so if you think of any possible members that you have not already talked to, you might 

 approach them, and, if possible, secure their membership during the next two days. 



The financial statement is in quite complete detail. You will be interested to see that 

 the Endowment Fund has now reached a very sizable proportion. Its present value is in ex- 

 cess of $33,000. That at the time of coming to the meeting was the book value and is partly 

 represented by investments already placed in the Endowment Fund and partly represented by 

 other investments and cash in hand. At the meeting of the Council it was arranged to 

 transfer to the Endowment Fund securities to the total amount of $33,161.09, sO' that we 

 will have securities on hand to that amount in the Endowment Fund. 



Receipts and disbursements during the year upon a final analysis, after making the ad- 

 ditions to the Endowment Fund, which were provided for by the action taken some time 

 ago, show a deficit in operation for the year of approximately $700. That is accounted for 

 directly by two matters which are easily explained. 



In the first place, the meeting last year was held in Philadelphia, and notwithstanding 

 the very generous contributions of the Philadelphia membership and others towards the ex- 

 penses of the meeting, there were certain additional expenses as a result of holding the meet- 

 ing in Philadelphia, and not in New York ; and, secondly, the volume of Proceedings for the 

 last year was a very large one — a very interesting one, but extremely large — and it had a 

 great number of very expensive illustrations which made the cost of publication very high. 



While, therefore, we have theoretically run 'behind to a slight extent, this is accounted 

 for directly by the unusual expenditures referred to which it is hoped we will not have to 

 meet this year, as there is every indication that the Society is on a strong and satisfactory 

 basis. I think the report, as presented, with these explanations is quite intelligible to the 

 membership. 



The President: — ^Will you please rise, gentlemen, during the reading of the list of 

 those who have died during the year? 



