XXX INTRODUCTORY PROCEEDINGS. 
SECRETARY-[REASURER Cox :—The report, as usual, has been printed, and it lies before 
you. It is, perhaps, unnecessary to read it in detail, but I will point out the salient features 
of it. The best way to do that, perhaps, is to turn back, as I have done, to a similar report 
of last year. 
As regards the gross membership, it will be gratifying to note, as you will later be in- 
formed, that we have a greater number of new applications for membership than we have 
had before, so that we will start out the coming year with a greater membership than ever. 
Regarding the delinquencies in dues, although the amount of these delinquencies looks 
large, it will be seen by comparison with last year’s summary that we are nearly ey better 
off in this respect than we were last year. 
Now, turning to the bookkeeping end of the report, in the matter of ee, you will 
find that taking into account the balance which we had in bank last year, $4,454.38, we have 
to account for during the year $19,858.46. In these receipts there is one item of $3,000, — 
entered as a receipt, which is a conversion on the Society’s books of certificates of deposit 
that have been on deposit for some time, and which were, as is shown under the heading of 
“Disbursements,” transferred into bonds by the Executive Committee, so that the Society 
would get more income from that source. 
Under the heading of “Disbursements,” the expenses of operating the Society have not 
been very different from preceding years, and we show the balance on hand, $1,340.79; this 
is as against $4,454.38 last year. An explanation of that is shown in the last item under the 
heading “Disbursements,” which is $8,308.75, being a conversion of $3,000, as explained be- 
fore, and the addition of some $5,000, which has been invested in bonds also. 
Then, perhaps, the most interesting of all is the statement of assets and liabilities and 
the present worth of the Society. Taking the figure of total resources, for instance, which 
is $30,788.48, the corresponding figure last year was $28,748. We are some $2,000 better 
off than we were before. 
The Endowment Fund, which was commenced by order of the Council in 1914, has 
now come to the very presentable figures of $14,255. That fund will be added to by the 
addition of membership entrance fees, receipts from investment income and other sources, as 
time goes on. 
Tuer PRESIDENT :—You have heard the report of the Secretary-Treasurer. What is your 
pleasure? Those in favor of its adoption will please say “Aye’’; contrary minded, “No.” It 
is adopted. ; 
The gentlemen will please rise, and the Secretary will read the names of those who have 
passed away during the past year. 
The members rose, and the Secretary read the list of members deceased during the year. 
Tue PresipeEnt:—The Secretary will read to you the action taken by the Council on 
the suggestion of Mr. T. M. Cornbrooks, regarding the appointment of a special committee. 
Tue SecrETARY :—Mr. T. M. Cornbrooks, of the Maryland Steel Company, during the 
summer wrote a letter to the Secretary, which was referred to the Council, and the follow- 
ing action was taken :— 
In connection with the suggestion of Mr. T. M. Cornbrooks, that a permanent committee 
be appointed to keep in touch with various matters arising between shipowning and ship- 
building interests, and the different departments of the Government, the Council recom- 
