Report of President Indica' tes Steady Progress Made Finances Show Surplus R. W. E. Souter, President of the Foreign ¥.M.C.A., in his annual report for 1937 said at the meeting held in the Foreign ¥.M.C.A. on February 24 During the year under review there has been steady progress in all lines of activity, and this is most satisfactory, particularly wi hen. you consider that the latter half of the year comprised the very difficult days when harsh ind boisterous war disrupted the ordinary life of Shanghai. We are glad that our staff, and all who rallied to their assistance, were able to maintain the "Y" services in the face of the many difficulties during the emergency war days, The detailed reports of our several committees give the {ull and complete story of our solid achievements during 1997. Our financial position has been more than maintained. We added to the reserve originally set up for preciation and contingencies, as shown by our Auditors Statement, the sum of $15462.57. This is our surplus for the year, as shown by our statement of operations under debt reserve $1% (000.00 and surplus $3402.87. It noted that the year 1935 showed a fdeftelt of $5040.58 and 1996 showed a deficit of $24,992.38, an improvement $25,575.20 in the' twelve month period. Yet the year 1937 shows even Creator improvement by turning the 1936 deficit of $24,992.38 into a surplus of $15402.57, a total improvement in our position for the year of $40,304.95, "no" mean achievement in view of conditions as they prevailed during the last half of the year.
Text read from the printed page and cleaned; old type leaves the occasional error.