INTRODUCTORY PROCEEDINGS. 



XXV 



be a very good situation, but it must be remembered that the cash balance has 

 been increased largely by the fact that we have collected a great many back dues, 

 that were really owing us last year, so that we are not quite as well off as the report 

 would appear to show, and it is misleading in that respect. In fact, the Council 

 have been considering the finances of the Society very carefully, and we want to do 

 all we can to increase the membership, because the only logical way to look at the 

 Society's financial condition is that its annual expenditures should not exceed its 

 regular annual income from the members in all grades; that is the case this year, 

 and we hope it will be in the future. In the statement of resources and liabilities 

 we make a very good showing. The total present worth of the Society is estimated 

 to be approximately $22,000. 



REPORT OF SECRETARY-TREASURER. 



November 15, 1912. 



To the Council of the Society of Naval Architects and Marine Engineers. 



Gentlemen: — I have the honor to submit the following report showing the 

 condition of the Society at the close of the fiscal year ended October 31, 191 2: 



The membership of the Society, November i, 191 2, was as follows: — 



