ANNUAL REPORT OF THE PRESIDENT 63 ment toward legislation affecting the manufacture and sale of cosmetics and toilet preparations. While of great value to those countries which have little or no legislation in this field, it is of somewhat less interest to us in the USA, where highly restrictive legislation already exists. As a mem- ber of the organization, however, we are following developments closely to see that our best interests are served. Both Sab and Ed deNavarre represented us at the September, 1963 meeting of the IFSCC Council in Geneva. According to Treasurer Richard Faust, our finances are in excellent condition, our total capital and operating assets amounting to approxi- mately $155,000. This includes general savings, investments, Special Award and IFSCC Congress funds. We are operating within our budget and will show an operating surplus for the year. Robert Kramer reports for the Investment Trustees that our invest- ments in saving accounts, stocks and bonds amount to approximately $100,000 on which we earn an average yield of 3.75%. In addition, we have an unrealized gain of approximately 6% in blue chip stocks and gilt edge bonds. Our committees are the functioning backbone of our Society. We are greatly indebted to Warren Dennis and the whole Advisory Committee, to Robert Goldemberg and the Literature Review Committee, to Harry Isacoff and the Library Committee, the Education Committee under Joseph Kanig and to Paul Lauffer, our expert on By-Laws. All our oHcers and directors have shown a devotion to our Society far beyond what is normally expected. Robert Kramer shouldered various re- sponsibilities in addition to his important function as Chairman of the International Congress Committee. He will come to the Presidency well prepared for the duties ahead. Both Richard Lehne and Richard Faust, uncomplaining, hard working and ericlent, have carried heavy loads as Secretary and Treasurer respectively. Our Directors and Chapter Chair- men have participated eagerly in many SOe•.T¾ activities which do not just culminate with today's meeting but rather will continue to benefit our organization for years to come. We owe a great debt to Mrs. Miner and her staff for the administrative functions which they carry out for us and an even greater debt for their suggestions and guidance, which comes out of the depths of a vast exper- ience, to help us on our way. In closing I wish to express again my sincere appreciation for the wonder- ful cooperation I have received from so many members of our SocIETY without whose assistance I would not have been able to present this opti- mistic annual report. It is now my pleasure to introduce to you our OHcers and Directors for next year:

64 JOURNAL OF THE SOCIETY OF COSMETIC CHEMISTS President--Robert Kramer to whom I will turn over the gavel at the conclusion of tonight's festivities. The newly elected Chapter Chairmen who have the status of Director at Board of Directors' meetings of the National Society: California Chapter Chairman--E. J. Karolyi Chicago Chapter Chairman--William D. Ackley New England Chapter Chairman--Winthrop E. Lange New York Chapter Chairman--Henry F. Maso H. J. Amsterdam, Chairman of our Nominating Committee, has re- ported the results of the election just held for 1964 national officers: Chairman-Elect--Paul Jewel Secretary--Richard Lehne (re-elected) Treasurer--Richard Faust (re-elected) Director--Maison G. deNavarre Director--Robert Goldemberg Members of the SocIETY oF Cos•ETIC C•uIsTs, I congratulate you for having elected a fine group of officers. Gentlemen, I salute you and offer you my best wishes for a successful term in office. Having now been duly elected and introduced you will consider yourselves installed in office as of the close of the meeting this evening. I am confident you will receive the same excellent cooperation that I have had in the past year. Congratulations and Good Luck.