XXX INTRODUCTORY PROCEEDINGS. 



Mr. Cox : — The report, as usual, has been printed and distributed to the members, and 

 it is not customary to read it in detail. I might give a summary of the important features. 

 As regards membership, the results are satisfactory. We are coming to the meeting with 

 784 members, where we came to the meeting last year with 777 , and unfortunately we suffered 

 a very heavy loss by death during the past year, so that the membership of the Society is 

 increasing, at least. As you will see later, during the morning, there have been at least as 

 many new applicants, if not more than usual. 



As regards delinquencies, the affairs of the Society are favorable, compared with the 

 usual condition. In our resignations we have not suffered as heavily as usual. 



Turning to the financial statement, commencing on page xxvi, the receipts are given in 

 detail, and one new matter has entered into the statement, namely, the formation of an 

 Endowment Fund — the setting aside of a certain amount of the Society's permanent fund, 

 not for the use of current expenses. That is touched upon on page xxix. According to the 

 instructions issued by the Society last year, toward this fund were to be applied the Society's 

 present investments amounting to $12,000 in bonds, all annual receipts under the heading of 

 membership entrance fees, and the income from the present investment. The sales of pub- 

 lications have been slightly in excess of the usual amount. The banquet receipts and dis- 

 bursements show a very favorable comparison, we having a small credit balance instead of 

 an excess on the other side of the ledger. 



Under the heading of the Panama Fund we still have in hand $565. We have already 

 paid to the Panama-Pacific International Engineering Congress $1,000, two payments of 

 $500 each. It is anticipated that there will be one further payment, but we are informed 

 that certainly will not exceed $500, and it is possible it may be less. This entire matter has 

 not been handled by the working capital of the Society, but from funds received by voluntary 

 subscription from the members at large. 



Under the heading of "Disbursements" the cost of the Transactions for the past year 

 was a little in excess of the preceding year, but the current expenses in general are about 

 as usual. 



Our only liabilities are the small sum of membership fees and dues paid in advance 

 and the Panama Fund matter. 



I may say that during the year the present president has joined the ranks of Life 

 Members of the Society. 



I think, with these explanations, the report may be acted on. 



The President : — This report has been presented to the Council and has been recom- 

 mended for adoption and approval. What will be your disposition of it? If I hear no 

 objection, the report will be considered as adopted and placed on file. I hear no objection. 

 The report will be placed on file, as adopted. 



Gentlemen, In Memoriam! You will please rise. 



The Secretary: — During the past year the following members have passed away 

 (the Secretary then read the list of names of deceased members, while the members of the 

 Society stood in silence). 



The President : — At the meeting of the Council the following gentlemen were elected 

 as Vice-Presidents for the term expiring December 31, 1918: — H. I. Cone, Lewis Nixon, 

 G. W. Dickie and G. E. Weed. 



