Endowcment Fund. Dr. £ s. d. To Interest Invested 99 10 6 Audit Fee 0 5 0 Administration Expenses 1 5 0 Balance 74 8 10 ——— ——— ——— £175 9 4 ——— ——— ——— Cr. £ s. d. By Balance, 31/3/36 98 9 10 Interest 76 19 6 ——— ——— ——— £175 9 4 ——— ——— ——— By Balance £74 8 10 Hon. Editor's Report: Dr. Turner, in moving the adoption of the following report, referred to the help he had received from Dr. C. H. Laws, Associate Editor, and from Miss Fyfe, Assistant Editor, and he regretted that the latter had had to resign her position The President spoke in highly appreciative terms of Dr. Turner's work as Honorary Editor. On the motion of Dr. Turner, seconded by Mr. Stead, it was resolved that Miss Fyfe be cordially thanked for her scrvices. Honoray Editor's Report. During the year ending March 31, 1937, a complete volume (Volume 66) of the Transactions has been published: Part 1, June, 1936; Part 2, September, 1936; Part 3, December. 1936; Part 4, March, 1937. The copy for Part 1 of Volume 67 has been edited and is in the printers hands. There remain in hand five manuscripts that have been approved by referees and will be submitted for inclusion in Part 2 of Volume 67 (September 1937). In addition five manuscripts that were returned to the authors for amendments at intervals during the past two years have not yet been sent back to the Editor. We have, therefore, reached a position where manuscripts are printed, on the average, within six months of receipt from the author. The work of editing and printing Volume 66 has been lessened considerably by the appointment of Associate and Assistant Editors, to each of whom a particular section of the work has been assigned. Dr. Laws has edited the manuscripts of all papers printed since his appointment as Associate Editor, and Miss Fyfe has been responsible for correction of galley-proofs. I take this opportunity of thanking them for the prompt and efficient manner in which their work has been carried out. I regret that I have not found time to formulate a detailed set of instructions to authors and printers as to setting out and printing of papers. In conjunction with Dr. Laws, however, I have established a more or less standard method of setting out headings, especially in connection with systematic papers on biological or palaeontological subjects. F. J. Turner, Honorary Editor. April 16, 1937. Report of Research Grantees: The following report of the research grantees was adopted:— Report of Research Grantees. Mr B. C. Aston, who in 1926 took over from Dr. Malcolm a balance of £9 16s 7d for research on the Pukatea reported on the 22nd April, 1937, that little further had been done. He hoped to have something to report next year. The unexpended balance in the grant amounts to £2 8s 1d. Dr. G. H. Cunningham, who in 1929 was granted £25 for a mycological survey of the Tongariro National Park reported on the 26th April, 1937, that he had been unable to carry out any collection work in the Park during the year, and he had incurred no expenditure.