Official Institute Reports For The Year 1926

Gentlemen.-It is pleasant to be able to report that the year just closed has been a prosperous and successful one for the Institute. As is shown by the reports of the Treasurer and the Finance Committee, the business affairs of this organization are in excellent condition. With property valued at more than three-quarters of a million dollars, and with considerable sums in various funds and endowments, it is possible to spend on each member of whatever class $22.65 each year, more than the maxi- mum amount of dues received from any one, and substantially twice the average amount, $10.94, received from all. To do this has required close management and a strict regard for our limitations. In 1926, when the Budget was made up, the estimated expenditures for the work which it was felt the Institute must do exceeded the estimated receipts by some $14,000. At the close of the year, despite a number of unexpected decreases in receipts, it had proved possible to accomplish substantially all the work laid out and close the books with the usual transfer of initiation fees to the General Reserve, and still only reduce the cash balance $2,074.54. This was made possible by the hearty and loyal cooperation of the whole staff of employees and the extremely large amount of gratuitous service rendered by the officers, the members of the Divisions and technical Committees, and the membership generally. Even so it was impossible, because of limitations of funds, to undertake many things it is highly desirable for the Institute to do, and it was necessary to refuse the publication of important papers and committee studies, because of the lack of funds. PUBLICATIONS In an analysis of the income and expenses of the Institute published in the February issue of our Journal, MINING AND METALLURGY, it was pointed out that the largest item of expenditure is, as it should -be, for publications. Printing, binding, and distributing the various technical papers sent to the members cost in 1926 more than all the money received from dues, including the portion allocated as subscription to the magazine. Within the. year, the following volumes were printed and, with the exception of the second volume of TRANSACTIONS, which was mailed in January, were distributed : TRANSACTIONS, Volume 73, 1241 pages, covering papers on non-ferrous metallurgy, milling and concentration, non-metallic minerals, iron and steel, and the Institute of Metals Division papers read at the