Turning to the income and expenditure account, you will notice that the heaviest item consists of charitable disbursements and the total figure mentioned ($19,249.32) does not really give a true view of the commitments of this for e reason that, owing to the recent hostilities in China, expenditure under this heading will probab! greatly increased during t ide item results from t Appeal 1937, and I glad to say that the total sum received n ceeds $7,000, and is a record society, which shows that our bers are still very willing to take their share of the general hardship under such conditions as now exist Cur thanks are particularly due to the British Chamber of Commerc British Fund for Relief in a who are handing us funds collected from various sources, incl ing the Lord Mayor's Fund in London so that w may dispose of these for the bene! fit of Englishmen who have suffered conditions. under recent It is intended to send out a circular very shortly, -asking members to bring forward any cases which might better be dealt with before the wolf actually knocks at the door. This matter is having the urgent attention of your charity committee. Referring back for a moment to the remarks of your president at the last meeting I am glad to note that the subscriptions from members has been increased to $1900 and, although this is slightly. less than the sum received in the year 1935, your committee feel that they have the support of members behind them and can look This past year has indeed been an eventful one. In spite of local business depression it began in the most cheerful spirit with the celebration of the Coronation of H. M. Ki George VI, to which I have referred above and it ended in the general state of depression brought about by the Sino-Japanese hostilities. It has been a year of very great anxiety to your committee and I can only say that to my certain knowledge they have been considerably encouraged by the continuous support given to them by members under all conditions. We have at least always kept our flag flying.
The usual scholarship exa was held on April 2 with stated in the report new before you Your committee can only repeat j their thanks to all those who so [kin assisted as examiners, invigila tors d with other forms of as ance s stated in the report It was only possible to bold one f match this last year on Apri: 18 which resulted in a win for St. George's Society with a quite reasonable margin still have the honour to hold the cup and are looking forward to a further competition e earliest date—I may cnfden: e that shall still be aote retain this v ed ble. Our: h are Ix were responble for all the arrangements m last meeting and our riks are also due Hungjao us to carry this most enjoyable function I must next refer to our very sincere appreciate the services of Mr. E. E. Par: ho continues io act as our honorary secretary and Mr. C. S Speyer who doubles the parts of honorary treasure and honorary almoner. In making this statement I must point out tha it is no idle one.
My impression is that these officers carry out more work than all the rest of us and are ne our very heartiest thanks.
"Finally, I must offer our grateful thanks to Mr. B. O. Blaker for his kind services as our honorary audi-for. forward to an income in proportion te the number of Englishmen remaining in Shanghai.
As regards the balance sheet I think you will consider this to be quite satisfactory with the one exception that the market value of our investments has fallen below the book value based on cost. Such a state of affairs is inevitable under present conditions and your committee has vken every possible precaution to avoid the sale of investments st
Text read from the printed page and cleaned; old type leaves the occasional error.