On the motion of Mr. Eliott, seconded by Professor Segar, it was resolved that, except by resolution of the Council, interest on the Hutton Fund shall not be added to the Capital Fund, but shall be treated as revenue. This revenue may be invested in Government Stock or other trustee securities. At the request of one of the members of the Council, it was decided to incorporate the capital accounts in setting out the statements of trust accounts. Carter Legacy: Professor Evans reported on the action taken by the Standing Committee to enable the Carter Legacy, which had been left by the late C. R. Carter for the erection of a brick room in which to house the collection of books left to the Society and the Museum, to be utilised in such other ways as seem to accord with the object of the legacy, namely, the safe-keeping of the books. The sum of £50 had been left for this purpose, and accrued interest had increased the sum to £266. This, however, was entirely inadequate for the purpose of the legacy, and an application (through Messrs. Brandon, Ward, Hislop and Powles) had been made to the Supreme Court to allow the fund to be used:— (1) For the purchase of steel bookcases in which to house the books in question; (2) In binding one complete set of the pamphlets (at present in duplicate) which formed part of the book collection; (3) In the upkeep of the books and in adding as opportunity offers further books on or relating to New Zealand. On the 15th May a copy of the order of the Supreme Court was received approving the above application and authorising the Public Trustee to hand over to the Society the sum of £50 which was still in his hands. Hon. Editor's Report: Honorary editor's Report. During the year ending March 31, 1940, the four parts of Volume 69, comprising 524 pages and 75 plates, have been published. The material for the first part of Volume 70 has been sent to the printer. The following table shows the number of manuscripts handled:— Manuscripts in hand from preceding year 1938-39 19 Manuscripts received during 1939-40 26 Total 45 Manuscripts printed in Volume 69 34 Manuscripts returned for revision 1 Manuscripts being printed in Volume 70 (1) 7 Manuscripts in hand 3 — 45 The average length of time between the receipt of papers as finally approved and their date of publication has been five months, a reduction of one month compared with the previous year. The longest period for any paper has been nine months and the shortest three months. Dr. C. O. Hutton has given valuable help as Associate Editor, and Dr. H. H. Allan and Miss L. B. Moore have done much of the proof reading. J. Marwick, Honorary Editor.