Xxx Presidential Address 
I regret to inform you that the research grant, which last year 
Cabinet had raised from £250 to £2,000, has been brought down to £400, 
and that it is possible that no new grants will be made during the coming 
year. ; 
Financial difficulty is also facing the Institute in other directions. Those 
who have made a careful study of the balance-sheets supplied by our 
Treasurer will have noticed that our liabilities are £678 in excess of our 
available assets, notwithstanding that the statutory grant was last year 
increased under the New Zealand Institute Amendment Act from £500 to 
nearly £2 in 1921. In view of the financial position, I have taken upon 
myself the very grave responsibility of overriding a decision of the Standing 
Committee, arrived at before the printer’s account had been received, to 
the effect that the printing of certain papers should be proceeded with at 
once, and have instructed the Hon. Editor to hold up the work until a 
resolution of this meeting can be arrived at. 
Institute, however, is different from that of any other learned society with 
which I am acquainted, in that its members are the members of the 
Australian States, for the members of these bodies pay their subscription 
direct to the society, which is thus enabled to finance its publications. 
_ 16 would seem that there are several methods which might be adopted 
in order to meet the present financial situation :— 
_ (1.) The Institute might decide to cease all publication until the general 
situation improves. This would be a most drastic action, and one which I 
should personally oppose. Apart from the fact that it is almost unthinkable 
t p after fifty-two years of consecutive publication, it is very doubtful 
(3.) Ust tions might be reduced largely, In the case of some classes 
cours no harm; in other cases it woul 
rest. Few biologists would value 
es of plant or animal without carefully produced 
