26 
officers’ reports for 1948 
The financial position of the Society at the end of 1948 is satisfactory. 
The assets, which exceed those shown on any previous balance sheets, 
should prove adequate for our immediate commitments, and it is grati- 
fying that the Officers responsible for carrying out our activities can 
proceed in confidence. Nevertheless the position must not lead to com- 
placency. 
As based on our current membership figures, our income from sub- 
scriptions may be expected to be about £460 per annum. Actually £438 
has been received during the year, and £38 6s is still owing from mem- 
bers. The last figure is somewhat surprising, in view of the efforts made 
by the Hon. Assistant Treasurer to collect overdue subscriptions, and 
both Mr Swann and myself have noticed a tendency for the number of 
members failing to make prompt pa.yment to inc-rease. There has also 
been a drop of about 25 % in the number of new members, as compared 
with the high level of 1946 and 1947. As a larger membership is essen- 
tial, if we are to carry out fully our plans for providing greater facilities, 
it is hoped that 1949 will show an improvement. 
Two new Funds have been introduced into the accounts this year. 
The purpose of the Journal Fund is to finance our new periodical 
Watsonia, of which the first part should appear very shortly. The Field 
Work Committee’s Fund arises out of an undertaking I gave at the 
Annual General Meeting on April 10, when I stated that in future 
amounts paid as fees for excursions and indoor activities w'ould be ear- 
marked for the purposes of the Field Work Committee. The profit 
shown on the year’s working is larger than was anticipated, and now 
that the Committee have a balance available, thej^ will feel less restraint 
in making arrangements which entail some risk of a loss. 
Now that responsibility for the Society’s main publication has been 
transferred to the Journal Fund, the General Fund will be utilised for 
financing our general activities and the Year Book. Out of the present 
balance the Council has agreed to pay up to £200 of the cost of a book 
giving the papers read at the Conference, which is now in the hands 
of the printer. The Life Members’ Fund is at present closed, as it is 
thought undesirable to accept further compositions for the time being. 
The opportunity has therefore been taken of revaluing the Fund and 
reducing the balance to the actual amounts subscribed by present Life 
Members. The surplus, representing fees paid by deceased compounders, 
has been transferred to the Journal Fund. 
The total amount standing to members’ credit at the end of the year 
in respect of subscriptions paid in advance amounts to £49 Is. In 
addition we still hold £1 Is 3d on account of a member for publications 
to be ordered. 
December 31, 1948. 
J. E. Lousley. 
