Mr, R. Heaney, the honorary secretary of the Royal Asiatic Society, opened the eyes of many of members of the Society on Thursday, when he reported a deficit of $60,000 in round Agures. "The occasion was at the annual general meeting of the Royal Asiatic Society, North China Branch, held in Wulienteh Hall, 20 Museum Reas, Dr, Evan Morgan resided at the meeting.
Mr. Heaney, who was the last to speak at the meeting, said that the working expenditure for the year since May 30 last year amounted to $20487.89 and this sum transfered to the working account of the Society which up to the present is. §70,000, shows a deficit of about $00,000.
He spoke of the money advanced by the SMC. in support of the Society Which amounted to $7,000 and thought that during the current year at the most, from an optimistic Outlook, $5,600 could be expected from thet quarter. He saw no chance the money being raised to clear the Loan, He suggested that drastic eps. for economy should be taken fand thought the best plan would be to close the museum and rent, third, fourth, and. fifth floors. This might bring in $9,000 and go towards paying off the interest charges on the defclt, "To be quite candid this Society is bankrupt," said Mr. Heaney after} having put the figures to his listeners. He then suggested his idea of raising '$5,000 to go. towards paying interest charges on the deficit, Bank's Patience In his speech Mr. Heaney said in imperative that this debt of {$00,000 be raised by means of a drive for funds as soon as possible or that the Society concession offered by H. ment and mortgage the site on which this building. stonds, This last step of course purely a palliative sure and merely results in ing the debt from one creditor to another The Hongkong and Shanghat Bank have been extremely patient but it would be unreasonable to expect them to view with equanimity the Society's continued inability to reduce the principal, In fact T have been informed unoMeially that a revenue of a balance sheet similar to that presented lust year will result in Bank taking steps to safeguard the loan. fave been pondering on the desirability of substantially widen Ing the Society's interests to attract the active support of a larger proportion of the foreign and Chinese communities who are certainly not attracted by our present activities. Is it not possible and desirable, while maintaining the high standard of scholarship of our lectures to pro-Vide for discussions on subjects of topical Interest and importance velopment of aviation in Chine, tet In other words, to rejuvenate the Society by bringing the Pressing problems of the moment within the Orbit of our activities. People to-day fare taking. an ever-increasing terest in the questions which im= mediately affect them and I think declining interest in matters of more aesthetic interest.
Text read from the printed page and cleaned; old type leaves the occasional error.