INTRODUCTORY PROCEEDINGS. xli 



The Chairman : — The revised Constitution and By-Laws goes immediately into ef- 

 fect. The Secretary has some details to which he wishes to call attention. 



The Secretary: — The matter of the advisability of the establishment of an endow- 

 ment fund was discussed last year, and a committee appointed to go into the matter thor- 

 oughly. This committee has considered the matter very carefully and has made a report to 

 the Council. I may say that this matter of endowment funds or other matters relating to 

 the administration of the funds of the Society are really in the hands of the Executive 

 Committee and the Council, but they naturally wish the Society at large to take action on 

 matters of such importance as this. 



The report of the Committee is rather long, but at a meeting of the Council yesterday 

 afternoon, after having read the Report of the Committee on Endowment, it was unani- 

 mously voted to adopt the following suggestions of that committee. These suggestions are 

 at the end of the report of the committee, and are as follows: — 



"Therefore, although it is not advisable at this time to press for immediate additional 

 contributions to an endowment fund, a definite beginning should be made and the following 

 procedure is recommended : — 



"1. That the accumulated funds of the Society, at least to the extent of $12,560 now 

 invested in municipal bonds, be immediately set aside as the nucleus of an endowment fund. 



"2. That all entrance, Life and Permanent Membership fees, all gifts, bequests, etc., 

 unless otherwise specifically designated, be set aside and invested as a permanent addition 

 to the endowment fund. 



"3. That until the endowment fund reaches the sum of $25,000, not more than one- 

 half of the annual income from it may be used for the current expenses of the Society, and 

 that at least one-half of the said annual income shall be set aside and invested as an addition 

 to the endowment fund. 



"4. That after the endowment fund reaches the sum of $25,000, two-thirds of the in- 

 come therefrom may be used for the current needs of the Society, the remaining one-third 

 to be set aside for investment as an addition to the endowment until this fund amounts to 

 $50,000. That thereafter the whole of the income from the endowment fund may be used 

 in such manner as the Council may direct, increases in the principal sum thereof to be pro- 

 vided for by investment of all entrance, Life and Permanent Membership fees, etc., as 

 noted in paragraph 2 above." 



The Chairman : — There is no action for the Society to take on this matter at this 

 time. 



The Secretary : — I may say that the Secretary received yesterday, not in time to in- 

 corporate in the annual report, one additional Life Member, Admiral W. L. Capps. 



The Chairman : — The Secretary will read a letter received in regard to a memorial 

 to the late Alfred Noble, with a request that it be presented to our members. 



The Secretary read the following : — 



