Treasurer's Report.

Our Treasurer's Report is as usual very satisfactory. Our vested funds have, of course, been very considerably reduced, but we have the equivalent in two valuable properties from which we hope to derive yearly increasing revenues.

Our chief sources of revenue are the sale of ova and of trout fishing licenses; the sale of shooting licenses having for reasons before stated fallen off during the past two years—about fifty were issued last season. As a set oft" to this falling oft in the shooting it is pleasing to note that each year adds some new members to the discipleship of Walton, and it is especially gratifying to see a gradually increasing number of youths taking to this health-giving recreation. The action of the Council in granting 10s. licenses to boys under sixteen has no doubt contributed in a great measure to this effect.

Last year we issued close on 400 fishing licenses; this season we expect to issue thirty or forty more.

For the encouragement of fly fishing the Council have renewed their grant of a gold medal to the Otago Anglers' Association, to be fished for in the Lee Stream by the members of that body.