A Financial Report, covering the calendar years 1993, 1994 and 1995, had been prepared by the Treasurer and had been submitted to the National Committees and the Commissions in May 1996. The Report, with a subsequent correction, follows these Minutes as Annex I, Appendix B.
The Treasurer recalled the circumstances which had led to her appointment following the sad loss of Professor A. I. Hordvik. As she had been Treasurer for only a few months, she gave her personal view of the present financial situation. She presented plots showing effects of exchange-rate fluctuations on the assets of the Union. Over the triennium 1993-1995, the assets of the Union had increased by 4.9% if exchange-rate fluctuations were excluded, but decreased by 1.9% if exchange-rate fluctuations were included. The return on the investments had been about 10% per annum for the triennium. She presented a plot showing income versus expenditure for the Acta Crystallographica Fund, the main income-generating fund, in Swiss francs and US dollars. She highlighted the problem of falling numbers of subscriptions to the journal (a problem common to all journals) accompanied by increasing numbers of submissions and resulting increased costs of printing more pages. Delegates were asked to encourage libraries to subscribe to the Union's journals. Despite the rise in number of pages printed, the editorial costs had remained constant thanks to the efficiency of the Chester staff. The editorial costs included in-house typesetting and numerical checking of structural papers.
The General Assembly accepted the Financial Report (with a modified Table 4 which had been notified to the delegates on 9 August) with applause.
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