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GENERAL TREASURER’S ACCOUNT. 
JuLY 1, 1920, To JUNE 30, 1921. 
On the recommendation of the Hon. Auditors, the former simple 
statement of receipts and payments for the year is replaced on this 
oceasion, and for the future, by a balance sheet showing liabilities 
and assets, an expenditure and income account, and a separate 
statement for the Caird Fund. 
In the accounts of expenditure and income certain comparative 
figures for the year 1919-20 are furnished, and notes upon some of 
these are appended to the accounts. Owing to the alteration in the 
method of presenting the accounts, a complete comparison is, on this 
occasion, not possible. 
The financial position of the Association cannot be regarded as 
satisfactory. It is natural that under present circumstances there 
should be a downward tendency in the receipts from membership 
subscriptions, which represent over two-thirds of the receipts from 
normal sources. On the other hand, all ordinary expenditure has 
increased since 1914: salaries approximately by 28 per cent., printing 
by 120 per cent., and expenditure on postage, stationery, and travelling 
very largely. Economies have been effected wherever possible ; for 
example, there are now in the London office only two permanent paid 
officers, whereas in 1914 there were three and in 1910 and earlier four ; 
while printing, which is the heaviest single item of expenditure, has 
been reduced, it is believed, to the limit of efficiency, the cost last year 
being £1,475 10s. 11d., as against £2,400, which would have been the 
approximate cost at present rates if printing had been maintained at 
pre-war standard. Notwithstanding these economies, the balance sheet 
reveals an excess of expenditure over income amounting to £80, and 
this deficit would have been much greater had we not received certain 
non-recurrent items of income, 
It is impossible to avoid the conclusion that the deficit in the 
coming year will be largely increased, and the General Treasurer asks 
members to recognise the necessity of economy in such matters as the 
reduction in printing, grants for research, ete. 
Ef. H. GRIFFITHS, 
(General Treasurer), 
