Turning to the finances of the Institute, it seems reassuring to be told in the Honorary Treasurer's report that the finances of the Institute are “in a sounder position to-day than for many years,” even although this is the result of “the rigid economy carried out by the Finance Committee.” This constitutes a silver lining to the
cloud, but we must not let it dazzle us so completely that we cannot see the cloud. We must realise what this rigid economy consists of. It is mainly a rather ruthless cutting down of the Transactions, an economy we do not desire to have to continue for any great length of time. On the other side of the account, we have also to remember, we had last year a contribution of £289 resulting from a Carnegie Corporation grant of £1000. We can hardly regard this as other than a windfall or look on the Carnegie Corporation as a steady source of income. We shall be very fortunate if it be otherwise. The position then is clearly that, if we are to restore the Transactions of the Institute to their former standing, we require an assured income substantially greater than we can at present command. Further, if our research workers are to receive the encouragement they deserve we require a restoration of the research grant. It is not right that scientists, in addition to giving freely of their time, talents, and energy, should be sometimes also heavily out of pocket by reason of their researches. Though some researches will no doubt be carried out in the absence of financial assistance, others may be seriously delayed or abandoned. We have read often how other nations, when up against adverse circumstances, have turned to education and research with confidence as the best means of restoration. I hope our nation is not altogether devoid of this outlook. But, unfortunately, as things are, education and research, especially the latter, have been severely deprived of resources, either by loss of Government support or by other circumstances.