The Pension Fund in 



All details pertaining to the Pension Fund Account and a 

 full report by the Treasurer, who is ex officio member of this 



Fund, are noted on pages 223 to 239, inclusive. 

 Pension Fund f^e plan inaugurated by the Special Commit- 

 tee appointed by the President to solicit subscrip- 

 tions for the two Liberty Loans of 191 7, whereby it was made 

 possible for an employee to subscribe a minimum sum each 

 month for 20 months, has made considerable extra work in the 

 Bookkeeping Department. Special mention of the manner in 

 which loans have been advanced by certain Trustees to finance 

 this plan is made in the report of the Chairman of the Pension 

 Fund. 



Respectfully submitted, 



H. P. Davison, 



Treasurer. 



