GENERAL TREASURER’S ACCOUNT XKV 
not yet claimed amount to £152 os. 1d. on General Account, and {100 
Caird Fund. These are noted on the accounts. The majority of 
these grants will, it is expected, be claimed before August 31 next. 
In order to afford a clearer idea of the past year’s working, a pro 
forma account of expenditure and income on general funds for the 
year ending March 31, in the simplest form, is appended to the audited 
accounts. The comparative figures there given are the averages 
(with slight adjustments) used by the Council when considering their 
report.on finance to the General Committee last year. 
Some of the above remarks by the auditors apply to this pro formd 
account equally. On the side of expenditure, general expenses are 
higher than the average, owing mainly to the non-recurrent special 
accountants’ fees referred to. ,. It is hoped that the excess of expenditure 
over income on account of Down House will not recur, thanks to the 
generous gift of the Pilgrim Trustees to which reference is made in 
the report of the Council. The reduction of printing costs anticipated 
in last year’s Report of the Council is taking effect ; on the other hand 
no material reduction in the increased costs of postage can be expected 
under present conditions. On the side of income, reference has been 
made above to non-recurrent items, and to the fact that the full normal 
realisation of capital from the Yarrow Fund (which was heavily drawn 
upon in connection with the Centenary Meeting in 1931) has not been 
given effect. ‘The receipts from sale of publications have fallen, owing 
in part to the reductions of prices authorised last year. The growth 
of advertisement revenue, under the existing conditions of depression, 
cannot be expected to continue. The receipts from membership 
subscriptions were much below the average of the preceding ten years. 
Nevertheless, after taking into consideration all the items in the 
account which are either abnormal or non-recurrent, it is estimated 
that, omitting those items, the account would have been approximately 
balanced, even if there had been charged upon it a full. year’s 
transfer of £500 to the Contingency Fund, But if the position 
appears so far satisfactory, it must be emphasised that the Association 
is still restricted in its activities by insufficient funds; it has.always to 
be remembered that the Yarrow Fund is a wasting asset; and the 
Association is in no position (without trenching further upon its capital) 
to meet all the applications for assistance of important researches and 
other scientific activities which are brought before it every year. The 
expansion of the Association’s membership and the strengthening of its 
financial foundations should be the object of all those who would 
further its interests. 
JostaH C. STAMP, 
General Treasurer. 
