xxxiv INTRODUCTORY PROCEEDINGS. 



The Secretary : — In accordance with Article VII of the Constitution and 

 By-Laws of this Society, the following amendment was prepared by the Executive 

 Committee, and has been signed by more than ten members, and is presented for 

 approval or disapproval by the Society as a whole. 



Proposed Amendment to Paragraph 5, Section 3, Article II, which refers to 

 junior members: 



Add the words: "When they are twenty-six years of age, they shall be 

 offered the option of being transferred to active or associate membership; if they 

 duly qualify; but if they do not accept such offer or do not qualify they shall be 

 dropped from the rolls of the Society." 



The President: — This amendment is now before you, and must be adopted 

 by a two-thirds vote — by ballot, if a ballot is demanded. What is your pleasure? 



It was moved, seconded and carried unanimously that the proposed amend- 

 ment be adopted without a ballot. 



The President : — The amendment is therefore adopted, and will be henceforth 

 in force. 



PRESIDENT'S ADDRESS. 



I thank you again for the great honor you have conferred upon me. You 

 have placed me in the position herefotore occupied during the existence of this 

 Society by two men most distinguished in their careers — Clement A. Griscom, 

 who stands foremost among those interested in American shipping, and Francis T. 

 Bowles, Naval Constructor, Constructor-in-Chief with rank of Rear Admiral, and 

 now the head of one of the large shipbuilding plants of the United States. 



These gentlemen gave a great deal of thought and time in their endeavors to 

 organize and carry on this Society, and to their endeavors the success of the Society 

 has been very largely due. 



We endeavored to have these distinguished Past Presidents at this meeting, 

 but Mr. Griscom had previously made important engagements which prevent his 

 presence, and, as you are all aware, Admiral Bowles has met, in the recent loss of 

 his son, a great bereavement, in which he and his family have, I know, your heart- 

 felt sympathy. 



The Past Presidents have a reputation which seems to me difficult to live up to, 

 and I can only assure you of my intended conscientious attention to your interests, 

 with the hope that they may not be entirely in vain, and I trust that at the com- 

 pletion of my term of office I may at least deserve the centuries old commendation: 

 "Well done, good and faithful servant!" 



I congratulate the Society on its membership, which will at this meeting be 

 increased by at least forty members. This more than offsets the losses due to 

 deaths and resignations, which amounted to twenty-six during the past year. 



