Honorary Treasurer's Report for the Year ending 31st December, 1925.

The Balance Sheet for 1925 shows a Credit Balance of £263/13/-, as compared with a Debit Balance of £1,122/12/10 in 1924, but the liability for Volume 56 to the Government Printer, which will probably not be less than £1,500, will obviously leave the finances much the same as they were the previous year.

However, it is satisfactory to find that the Statutory Grant has been increased from £1,000 to £1,500 per annum. This will, of course, assist the Institute in meeting the enormously increased cost for printing the Annual Volume, which in 1924 was £1,518, as compared with £334 in 1914. At the same time, as pointed out in my last report, even with this increased grant, the total receipts are not sufficient to cover the expenditure, and, in order to put the finances in a sound position, the cost of printing the Transactions should not exceed £1,000 to £1,200 per annum. Every effort should be made to get the grant increased to £2,000.

The various Trust Accounts are in a very satisfactory condition. The Carter Bequest capital now stands at £6,055, showing a net increase of £301 for the year. This is after transferring £97/4/9 to the Carter Legacy Account for building room. With reference to this transfer, probably a little explanation is necessary. The original legacy was £50, which was deposited with the Public Trustee, and is still held by him. The interest on this £50, from the date deposited up to the year 1921, was included by the Public Trustee in other payments for interest on the Carter Bequest Capital, which prior to the year 1921 had also been invested in the Public Trust Office. It was considered that the interest on this £50 did not rightly belong to the Carter Bequest, but should have been credited to the Carter Legacy Fund. The compound interest for the period amounted to £97/4/9 and a transfer of the amount was accordingly made. The Capital of the Carter Library Legacy Fund is now £153/0/7, made up as follows:—£50 in the hands of the Public Trustee, bearing interest at 5% p.a.; £100 in N.Z. Government Inscribed Stock, bearing interest at 5 ½% p.a.; £3/0/7 held by N.Z. Institute.

The Hutton Memorial Fund has increased from £1.095/8/5 to £1,155/6/1. With regard to the Hector Memorial Fund, I consider that the annual prize could now be increased to £60.

The books and accounts have been excellently kept by the Assistant Secretary.

M. A. Eliott