REPORT OF THE TREASURER.

The treasurer of the Econometric Society reports on the expenditures and finances of the Society in 1997. Since 1980 the financial objective of the society has been to stabilize the ratio of end-of-year net worth to adjusted total revenues. As a result of the buoyant performance of the U.S. stock market, the Society's net worth has surged upward in 1995 to 1996 and at end-1996 has reached 108 percent, despite the provision of substantial travel grants to the 1995 World Congress, suspension of dues increases and publication of Members' Directories.