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All members are urged to keep the Secretary and Address Treasurer informed of the address to which Pro

CEEDINGS are to be sent, and thus insure their receipt. Members This precaution is now of particular importance as

notices of changes of stations are not now available for use of the Institute's staff.

Members and subscribers are urged to notify the Secretary and Treasurer promptly of the non-receipt of PROCEEDINGS, in order that tracers may be started. The issue is completed by the ioth of each month.

The Institute Book Department will supply any Book obtainable book, of any kind, at retail price, postDepartment age prepaid. The trouble saved the purchaser

through having one source of supply for all books, should be considered. The cost will not be greater and sometimes less than when obtained from dealers.

The attention of authors of articles is called to Reprints of the fact that the cost to them of reprints other Articles than the usual number furnished, can be greatly

reduced if the reprints are struck off while the article is in press. They are requested to notify the Secretary and Treasurer of the number of reprints desired when the article is submitted. Twenty copies of reprints are furnished authors free of charge.

Authors of articles submitted are urged to furIllustrations nish with their manuscript any illustrations they

may have in their possession for such articles. The Institute will gladly co-operate in obtaining such illustrations as may be suggested by authors.

Original photographs of objects and events which may be of interest to our readers are also desired, and members who have opportunities to obtain such photographs are requested to secure them for the Institute.

Whole Nos. 145, 146, 147, 149, 155, 166 and 179 of Notice the PROCEEDINGS (March, 1913, June, 1913, September,

1913, January-February, 1914, January-February, 1915, and November-December, 1916, January, 1918) are exhausted ; there are so many calls for single copies of these numbers that the Institute offers to pay for copies thereof returned in good condition at the rate of 25 cents per copy. ANNAPOLIS, MD., January 15, 1919.

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INFORMATION INDEX
ADVERTISEMENTS, INDEX TO.....
PUBLICATIONS, U. S. NAVAL INSTITUTE .......
SPECIAL NOTICE
TOPICS FOR Essays ...
LIST OF PRIZE ESSAYS .

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UNITED STATES NAVAL INSTITUTE

ANNAPOLIS, MD.

REPORT OF AUDIT FOR THE YEAR ENDED DECEMBER 31, 1918

BALTIMORE, MARYLAND, January 14, 1919. TO THE OFFICERS AND MEMBERS OF THE UNITED STATES NAVAL INSTITUTE,

ANNAPOLIS, MARYLAND. Gentlemen.-We have audited the books of the United States Naval Institute, Annapolis, Maryland, for the year ended December 31, 1918, and submit herewith a certificate, one page of comments and the following exhibits and schedules : Exhibit A.Balance sheet as of December 31, 1918.

Schedule No. 1.-Statement of cash receipts and disbursements for

the year ended December 31, 1918.
Schedule No. 2.-Investments.
Schedule No. 3.-Accounts receivable.
Schedule No. 4.-Aicounts payable.
Schedule No. 5.-Advanced payments all as of December 31, 1918.
Schedule No. 6.-Statement of income and expense for the year
ended December 31, 1918.

Respectfully,
BLACK AND COMPANY,
Certihed Public Accountants,

By WILMER BLACK, C. P. A.
(Member American Institute of Accountants.)

UNITED STATES NAVAL INSTITUTE
ANNAPOLIS, MARYLAND

CERTIFICATE We have audited the books of the United States Naval Institute, Annapolis, Maryland, for the year ended December 31, 1918, and

We hereby certify that the accompanying balance sheet and statement of income and expenses are correct and in our opinion, subject to the attached comments, clearly set forth the true financial condition as of December 31, 1918, and result of operations for the year ended December 31, 1918, respectively, as disclosed by the books of account.

BLACK AND COMPANY,
Certified Public Accountants,

By WILMER BLACK, C. P. A.

(Member American Institute of Accountants.) Baltimore, Maryland, January 14, 1919.

UNITED STATES NAVAL INSTITUTE

ANNAPOLIS, MARYLAND
COMMENTS ON THE AUDIT OF THE BOOKS FOR THE YEAR ENDED

DECEMBER, 31, 1918
Exhibit A, Schedule No. 6, shows the Cost of Publications sold.

The overhead this year is $11,852.64 and 5.45 per cent should be added to the cost to include these items.

Notwithstanding a marked reduction in the value of the inventory and a charging off such an amount as will bring the value of investments (bonds) on the book at the market value the Net Profits for the year is $53,121.35.

There has also been charged into this year's expenses, cost of books, etc., sold during the year ended December 31, 1917, to the amount of $2,359.81, which makes the Net Profit for this year just that much less.

Heretofore all receipts from Dues, Advertisements and Subscriptions have been taken up as an earning for the year in which they were received. This year, however, there has been taken up as an earning only those items that have actually been earned during the year and all items paid in advance have been carried as a payment in advance, for details see Exhibit A, Schedule No. 5.

Our examination has been very carefully made and no discrepancies or inaccuracies were disclosed. The records, books, accounts, etc., were found to be in good condition and worthy of commendation.

EXHIBIT A
BALANCE SHEET, DECEMBER 31, 1918

ASSETS
Current Assets.
Cash (in bank), Schedule No. 1.

$44,017.33 Investments, Schedule No. 2.

65,805.00 Accounts receivable, Schedule No. 3.

74,257.02 Inventory

15,159.96 Prepaid royalties

1,193.83 Total Current Assets

$200,433.14 Balance

.$157,078.55 Furniture and fixtures,

100.00

$157,178.55 LIABILITIES Current Liabilities. Accounts payable, Schedule No. 4.

$41,475.57 Advanced payments, Schedule No. 5.

1,879.02 Total current liabilities......

$43,354.59 Balance (excess of current assets over current liabilities) 157,078.55

$200,433.14 Reserve fund. Balance, January 1, 1918.

$7,894.09 Cash receipts

240.00

$8,134.09 Surplus. Balance, January 1, 1918...

$95,923.11 Add: Net profit for the year ended December 31,

1918 (for details see Exhibit A, Schedule No. 6)

53,121.35

149.044.46 $157,178.55

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