The Drift Of Things

THOUGH the final figures are not available as this is written, it seems certain that the Institute accounts will show $7000 to $8000 surplus for the year 1951. This is the first time this has happened since 1941. No money had to be taken from any of the Funds to bring about this happy condition. Furthermore, the amounts allowed for depreciation, bad debts, and inventory adjustment were more liberal than in the past. Income increased some $29,000 over 1950. Dues received from old members increased moderately, but dues from new members dropped off $2000 and from initiation fees quite severely-from $17,000 to $11,000. The number of new members did not come up to expectations and a change in procedure caused a delay in getting some of them on the rolls. A large number of the new members paid an installment of $5 on their initiation instead of the full $20. Junior Members, of course, pay no initiation fee. Brightest spot in the income picture was the increase in advertising income-from $103,000 in 1950 to $143,000 in 1951. All three of the journals shared in this, Mining being up $18,000; Metals, $9000; and Petroleum $13,000. Nonmember sales of the journals dropped off slightly, and sales of Transactions volumes more so from $35,000 in 1950 to $27,000 in 1951, with a further drop of $5000 accounted for by a change in accounting procedure. On the other hand, sales of other publications increased by $10,000.