OPERATING PROBLEMS OF THE AMERICAN SHIPOWNER. 33 
Gentlemen, I want to express my personal gratification at the success of this meeting, and 
I am sure that I can say the same for Mr. Cox. Of course, you all know that in all socie- 
ties of this kind the work is really done by the secretary. The president is an honorary char- 
acter, who is allowed to come before the meeting and say a few words and that sort of thing, 
but the real work is always done by the secretary, and I know that it must be a great delight 
to Mr. Cox to see how successful this meeting has been. 
So, if there is no further business, we will now adjourn until our annual meeting in 
November. 
Whereupon, at 10.18 p. m., the meeting adjourned. 
