It is my pleasing duty to give voice in this report to three things which force themselves on my attention as I review our work in 1937. First with regard to your Board of Trustees, I have never worked with a finer Board; each man does his own particular job of work, and all take a keen interest and part in all that concerns the work of this Association, and this has made 1997 a year of excellent teamwo It is also my very pleasing duty and privilege to most cordially convey the grateful thanks of this Association to the members of our committees and other members and friends who give so freely of their time and thought in making possible the large tivities undertaken by the Foreign "Y". And last but not least, we owe a deep sense of gratitude to our permanent staff who, under the able leadership of Mr. C. W. Petitt, so well serve this Association.
And what of the future? From the very healthy state of affairs as evidenced in*our reports for the year under review, I am encouraged to believe, that this international fellowship (comprising 32 nationalities) will continue its efforts for the public good, with the unimpaired vision of men with a spiritual purpose, united in a common ideal of serving the Shanghai community; and to this end I know we shall have the valued he and ce-operation of all our member: and friends in this city.
At the close of the meeting the election of Trustees was held, the following were nominated for the Class of 1941 and elected.—Messrs. W. C.
As stated in the balance sheet, the market value of these investments has been calculated at prices quoted on the Shanghai Stock Exchange nominal opening prices at December 31, and unquoted at cost or under. I may add that at these valuations, the statistical value of the Tls. 5 share of your company was $497 at the close of the financial year.
Hongkong and Shanghai W. R. Clouth, Insurance; W. H.
Plant, U.S. Steel Products Ca; T. L.
Rawsthorne, S.M.C. Secretariat; W. E.
Souter, Chinese Foreign Famine Relief Commission and H. A. Wilbur, International Committee Y.M.C.A.
Text read from the printed page and cleaned; old type leaves the occasional error.