The Council has the honour to present to the members of the Society for the Promotion of Roman Studies, their Report for the year 1931.

1. It will be seen from the Income and Expenditure account for 1931 that subscriptions at £559 were slightly in excess of those received in 1930 and that there were no life composition fees, so that the amount received from members was smaller.

The income from the investments is slightly smaller, due chiefly to increased taxation which it is hoped to recover. On the expenditure side, publications cost £920, of which £250 was specially provided the previous year to cover vol. XX, part 2. Administration expenses remained almost the same. Library expenses at £279 w e r e slightly higher, due to additional cost of stationery and postage and reduced sales of lantern slides. Donations to excavation funds, etc., were £92 compared with £80 in 1930 and there wer no subscriptions to be written off. The result of the year's working was that the expenditure exceeded the income by .£240 as compared with £201 the previous year. It is obvious that in order to carry on the admirable work done by the Society new subscribers are urgently needed. It is hoped that members will make every effort to help the Society by bringing its merits before their friends.