I WILL commence by drawing your attention to some of the satisfactory features of the Principal's report on the work of the Institute during the past year. It has been a year of great difficulties. Some of our staff are serving with the colours, and our classes have been depleted. But in spite of everything, we have done very well. First, the average result in the examinations has been good, surprisingly good in view of the present circumstances. The Governors attach great importance to the maintenance of a high average result; it is the best single test of efficiency. Again, our individual successes have been notable. We have gained--I say _we_ because we are all one in our pleasure at these successes--we have gained two £80 L.C.C. scholarships, nineteen exhibitions, in addition to a first-place, and medals, prizes and certificates. All this is very satisfactory. It tells of efficient teaching, and of hard work and regular attendance on the part of the students. We know that we are keeping up the standard of efficiency which in the past has been a source of pride to every one connected with this Institute. Now all this good work does not come about by itself without any one making an effort. Such a record requires our skilled staff of teachers and organisers. They have worked very hard during the last session under great difficulties, in order to create the successful result which we are here to celebrate. I know something about teaching. It is very exacting work, and can be made successful only by continual devotion. I am sure that I am voicing your feelings, and I know that I am expressing those of the Governors, when I thank the ladies and gentlemen of the staff very heartily for their services during the last session. Prize-givings are always pleasant occasions. We have come here to think about our successes, and to congratulate our students. There is no more satisfactory Governors' Meeting in the course of the year than when we meet on this occasion, and face our friends and tell them how pleased we are at the successful result of their hard work. This evening I am in a doubly happy position, for my colleagues have asked me to be their spokesman in tendering our good wishes to the prize-winners. You have worked hard and you have done well, and I am sure that you all deserve your successes; they are a pleasure not only to you, but in your homes and to your companions and fellow-students. Successful work here will enable you to acquire skill in your trades, and thereby the better to earn your living. Earning a living is on the average no bad test of service rendered to the community. A man who has made himself skilful in his trade and has done well for himself in his walk of life, has in general good reason to believe that he is a citizen who has benefited his country. It is an evil day for a nation when it loses respect for success in industry.