INTRODUCTORY PROCEEDINGS. 43 
THE SECRETARY :—With respect to membership, it has been the expectation of the 
Council and of the members generally, that as a result of two things, the increase in mem- 
bership for the present and for the immediate future cannot be expected to be very great; in 
fact, it is considered if we hold our own during the coming year or two we will be doing well. 
The reasons are these: In the first place, we had at the time of the war, and immediately 
thereafter, a very large increase in the membership, largely of persons who were only tem- 
porarily engaged in shipbuilding and its kindred activities. Many of these men have since 
taken up other vocations. 
The other reason is the acknowledged unfortunate position of the shipbuilding industry 
as a whole, which, of course, has meant that many men who have been, and will always be, 
interested in shipbuilding, have had to give up their positions and find it difficult to meet 
their living expenses, and they have been forced to give up many privileges, among them 
being membership in the Society; but notwithstanding these facts, it appears that the mem- 
bership is probably going to increase during the present year, which is very gratifying. 
The first page of the report gives the membership as of this time last year, and as we 
come to the meeting. You will see that the overall difference is a loss of sixty-four, approxi- 
mately. The applications before the Council, which will be presented to you in due time, will 
more than make up for that deficit. That is a satisfactory situation. 
Turning to the financial situation, a statement of which appears on pages 40, 41 and 42, 
the general resources of the Society have increased by approximately $10,000 during the past 
year. That is brought about in two ways—one as a result of the gradual building up of the 
Endowment Fund, through its own interest on its investment, and the other is through the 
additions to the membership with consequent additional dues. 
Our liabilities are somewhat less than at this time last year, and only nominal, being 
represented by cash in hand for purposes of expenditures which have not yet been made, 
namely, the banquet and the volume for next year. 
The present worth of the Society is $75,966.95, whereas at this time last year it was 
$63,473.68, making an increase of present worth of $12,000. The statement of income and 
expenses, which, of course, measures the amount by which we either went ahead or the 
reverse, shows that during the past year there was an excess of income over expenditure of 
$7,533.88, whereas the corresponding figure of last year was $6,507.68. 
The report is really self-explanatory, and gives in complete detail figures from which 
are made the above general remarks. 
This report, gentlemen, has been audited by the Council and approved by them, and I 
may say further that we had a special committee of the Executive Committee visit the Bank 
of America, which holds the securities as custodian, and verify by actual inspection the state- 
ment as to the bonds, etc., on hand. 
THE PRESIDENT :—The members are now requested to rise while the Secretary calls the 
names of our members who have died during the past year. 
The Secretary then read the list of Members and Associates who have died during the 
past year, the members of the Society meanwhile standing with bowed heads. 
Tue SEcrETARY:—I intended to call your attention to one matter in commenting on 
the report, which slipped my mind at the time, and that is the ever-important question of pay- 
ment of membership dues, that is to say, the question of the members whose dues 
are in arrears. 
