Annual Report and Accounts

COUNCIL The following served on Council during the year under review: Office bearers: Messrs V. C. Robinson (President), Prof D. D. Howat and Dr J. P. Hugo (Vice-Presidents), J. K. E. Douglas (Immediate Past President) and D. G. Maxwell (Honorary Treasurer). Ordinary Members of Council: Dr M. G. Atmore, Dr J. M. Bereza, H. P. Carlisle, W. W. Malan, C. E. Mavrocordatos, Prof R. P. Plewman, Dr R. E. Robinson, Dr M. D. G. Salamon, P. W. J. van Rensburg, L. W. P. van den Bosch, P. A. von Wielligh. Branch Chairmen: J. Meintjes, J. M. Meyer (Acting), J. N. Saunders (Retired). Past Presidents serving on Council: R. J. Adamson, M. Barcza, H. Britten, R. C. J. Goode, P. Lambooy, Prof J. de V. Lambrechts, Dr J. T. Mclntyre, J. F. Reid, H. Simon. Ten Council meetings were held during the year with an average attendance of eighteen and the standing committees held forty-six meetings. FINANCE The annual accounts, which are attached to this report, show an excess of income over expenditure of R5 051 compared with an excess of expenditure over income last year of R4 608. This major reversal of fortunes is due in the first instance, of course, to the increased subscriptions. There were, however, other important contributors, particularly sales of the Proceedings of the Symposium on Open Pit Mining and profits on the operation of symposia and colloquia. It would appear from a study of the accounts that there has been a substantial drop in expenditure on secretarial fees. In actual fact, however, our total expenditure on secretarial fees was higher. A portion of this expenditure was charged against the administration of the Symposium on Open Pit Mining and, in addition, the charge against the Journal accounts for secretarial fees was increased. It will be recalled that in last year's annual report it was mentioned that subsequent to the new arrangement for publication of the Journal, the expected improvement in the finances of the Journal had been slow in materialising. After a total period of 18 months there was still no sign of improvement and it was accordingly decided to end the arrangement. As a result, the drain on the finances of the Institute was considerably lessened in the second half of the year. During the course of the year Council became concerned about the rapid depletion of our accumulated funds and gave careful and detailed attention to all aspects of the Institute's financial affairs. Particular attention was given to: 1. The fact that the Institute does not have a solid financial backing and must appeal for funds every time any special event such as a symposium is held. 2. The responsibilities of the Institute to the profession and the community, with particular reference to the desirability of establishing Institute bursaries and participating in other educational activities. 3. The rapidly rising cost of living. 4. The immediate financial position of the Institute. 5. The rapidly increasing cost of publishing the Journal due to the increasing number of papers available. In the meantime the immediate financial position of the Institute has improved but as this is due largely to non-recurring or irregular items of revenue, it should not be given undue weight. After careful consideration it was decided that an appeal should be made to industry for financial assistance, which would be used to cover the cost of symposia and other unusual expenditure and also, if possible, to build up the capital resources of the Institute so that there is a solid foundation for the future. Before appealing to industry, Council wished to be quite certain that there could be no criticism of the Institute for not having done our best in a personal capacity. Furthermore, Council examined many comparative statistics, including those circulated to members, which showed that, while expenditure per member has risen at an average annual rate of 7,5% over the last fifteen years, subscription revenue per member has risen at only 3,4% per annum. It was with this background that your Council decided to raise the subscriptions. Initial approaches have been made to the big mining groups and there has been a very generous response, although the details of how financial assistance will be provided have not yet been worked out. It seems likely that some form of affiliated company membership will be the most suitable method of achieving this. When these details have been fixed, it is the intention to extend the appeal to all corners of the mining industry as well as manufacturing and metallurgical industries. It is believed that these measures will ensure that the finances of the Institute are placed on a firm foundation on which the expanding activities can be planned. The MacArthur Forrest Memorial Fund shows an excess of income over expenditure of R73 and the total fund was, therefore, increased by this amount to R4 411. The balance sheet shows that the market value of quoted shares and debentures increased during the year fron R6 540 to R9 160. The market value is now almost exactly the same as the book value. Accumulated funds now amount to R23 010 compared with R17 959 a year ago.