Members are the life blood of the Association, and both membership committees in charge of this work are giving much time and thought to the matter. We are well served by jur membership, but in Shanghai there is, of necessity, a large turnover, and a need to make the For-sign "Y" known to many who would mot only benefit from joining our ranks but who would find in the "Y" membership a fellowship and impetus, with a large scope for the use of their talents to better serve the men of this community. 1 would earnestly ask your ce-operation in making the vices offered by the Foreign "Y" known to the men of Shanghai. In ihe physical department alone we have a well-equipped unit as evi-leneed by the fact that, compared with other Associations the world over, we stand above the average in the participation of our members in the activities of the physical department. Lectures, Forums and Debates, forms of programme that in more recent years have had a growing popularity, during 1937 exceeded all former years in both attendance and The loss incurred in these trans actions amounted te $119,807.19 to cover which @ similar sum has been transferred from the reserve against fluctuation, of investments, which was created to cover such contingencies.
Turning now to the accounts, our profit and loss account—after making the above-mentioned transfer and including the sum of $68,015.64 brought forward from last account—shows a credit balance of $118,796.92, and 1 will propose later in the form of a resolution that this balance be dealt with as follows:—
To transfer to reserve ai inst fluctuation - of investments, raising same to $200,000 $89,097.19 To carry forward to next account verse 28,090.73
Text read from the printed page and cleaned; old type leaves the occasional error.