REPORT OF THE TREASURER.

The article presents the annual report of the Treasurer of the Econometric Society for the year 1978. It is reported that in the year 1977, the Econometric Society earned a small profit, despite its gift of free services to its members in the form of two extra issues of "Econometrica" and a printed membership list. The profit of $3,003 was $4,974 short of the $4,977 predicted previously. It is reasoned that because the Society collects about half of its subscription income before the end of the year preceding that when it delivers its journal, it can live comfortably with its fund balance at this modest level. At no time during 1977 did the Society hold less than $50,000 in liquid assets. When examined in more detail, the accounts for 1977 reveal that the accurate forecast of net profits conceals relatively large errors in forecasting individual categories of revenue and expense. Further, it is informed that the total expenses exceeded the forecast by 3.5 per cent, and revenues by 2.5 per cent.