The retiring president's report briefly follows:—
"in 1999 the membership of the Society was 005. By 1936 it was 03, the the largest membership the Society has ever enjoyed. 'The out break of Sino-Japanese hostilities 1037 played havoc with our member ship so that: in 1998 it tad fallen to 718, But the ure rose again to 01 in 1990, and, although og a result of the' Buropean war we ha Mr. Beesley Named S.M.C. Spokesman Jost a number of members, these losses have been more that balanced by the number of new members Joining the Society, so that the gute was 813 at the end of 1940.
"Turning to the Society's ancial position it maybe noted that by' the time the now building had been completed early in 1933 the. Society had incurred a heavy debi. 'This debt Increased year by year up to the end of 1938, mainly because the interest that had to be pald on it kept being added to. the principal, since the Society's income was' insufficient. [meet this extra expense. In. 1939 2 rive for funds (o remove this debt was launched, and by the end of the year it had been reduced by $16,148.90. "Owing to the urgent need of funds for relict' work and other alls resulting from the European war the drive was not pushed during 1940, but, even $0, further substantial sums vere received {0 a total of $18,905.37, thus redueing the indebtedness of the Society to half what it was at this time tu 1939, The Society's thanks ave specially due to the Committee Gisposing of the British indemnity funds being returned to China for orant of $10,000.00.
"Bigures do not tle, and the fore~ going statistics show clearly the splendid progress that has been made the Society in every direction dur-the past few years. In every cate the curve Is rising. or, to put into. current' phraseology, the Society has made substantial advances fon every front. This must be considered "a magnificent "achievement, especially when we take into account the extremely "adverse "conditions that have prevailed in Shanghai, China and the world at large during he past three and a half years. Tt something of which we can all feel Sustly proud.
The importance of the Society in the cultural fete "in China today cannot "be over-estimated, for, owing {fo'the terrible events of the. period shee hosllities troke out in this country, it is almost the only major Institution of its kind eatering to the general public now toft in what is termed "Occupied China
Text read from the printed page and cleaned; old type leaves the occasional error.