22 AMERICAN FERN JOURNAL 
improved. At the close of the year all bills had been 
paid, a sum set aside to meet the expense of printing 
a list of the specimens in the herbarium and a balance 
carried over to help meet the expenses of the coming 
year, which promise to be heavier than usual. In 
addition there is now a permanent fund of $100.00. In 
making up the budget two years ago I advised that all 
current expenses should be met from regular receipts 
and that the income from sale of back numbers of the 
JOURNAL (always an uncertain amount), be set aside 
as a reserve fund, to be expended only in case of emer- 
gency, and if not thus expended, at the close of the year, 
to be placed in the Permanent Fund for which our 
constitution now provides. This plan has been followed 
and as a result the Permanent Fund has increased to 
$100.00. The amount is small of course, but it is a 
beginning and I hope this same plan will be followed in 
the future, and if so, these receipts from sales of JouRNALS 
combined with the fees of the new members whom we 
believe will come in occasionally as life members, will 
ere long give the Society a permanent fund that will 
help toward financial stability and be of appreciable 
service in carrying out and adding to its various activi- 
ties. The Journan has been during the year in the 
hands of the same able editors who have conducted 
itin the past. They are all giving much time and service 
to the Society, for which it is under great obligations; 
it is to be hoped the Society may long be able to retain 
their services in this capacity. The herbarium, under 
the fostering care of the curator, shows an increasing 
number of specimens each year. It is expected to have 
a list of specimens printed in the near future. The 
Society has occasionally an opportunity to acquire books 
or pamphlets that might be the nucleus of a library, 
but having a library implies some permanent and secure 
place in which it can be kept. If the plan for a library 
i 
or Saran 
