Following Officers present:

The International Treasurer sent apology for absence.

2. The Minutes of the 1973 A.G.M. held Hong-Kong were read and approved

3. The President welcomed all those present, about 100, and stated the Class was more popular than even before. Despite rising costs, boats were still in great demand, and many orders are being placed by countries all over the world.

It was also a happy situation, in that, instead of the Class decreasing, as so many slowly do, 380 to 400 new boats are built every year.

4. The International Secretary presented his report. He again stressed that the number of boats are increasing, and it was hoped a new Association of the Class would soon be formed in Norway.

He pointed out that there were two Secretaries in France, the International, and one the French Section. The International Office was at 10, Rue Margueritte, Paris XVIIe, and the French Office at 165, Doulevard Haussisann, Paris 8e.

The Secretary requested articles, notices, and anything of interest, relating to the Class, for the International Bulletin. To date, the response had been poor, and much more is required, if the Bulletin is to be truly International,

5. The International Secretary, in the absence of the International Treasurer, presented the Statement of International Accounts. Questions were raised as to the fees from National Associations. The International Office wanted these fees to be paid in French currency. It was pointed out, that this means greater increases for some countries, and as there appeared to be a substantial surplus in the Accounts, in this respect, the Meeting did not think an increase appropriate. The Committee, in question, should review the fees, from the National Associations, and consider reductions.

The Meeting was concerned, that a substantial amount of money was shown as owing for registrations. The International President thought this must be an error. The Secretary could not explain this part of the Accounts. Mr. John Turgoose (GB) expressed his surprise that such errors were apparent, and requested clarification on the following points - Why were notes not made, as to any monies received early 1974, in aid of the 1973 Accounts.

The Accounts were vague, and not appropriate to be presented to the Meeting. There was no clarification as to Registration and levy fees. He was of the opinion, that steps should be taken to investigate, and improve, the accounting system. (Mr. Turgoose is a highly qualified Accountant.)

The International Auditor could not give his report, as he only received the Books on the l6th of August. The Auditor was requested to look into the Registration Fees, and other points raised. The meeting stressed the importance of the financial books etc. being handed over to the Auditor, in good time, at least 3 months before the next Annual General Meeting.

The International President expressed his regret, for any apparent lack of attention, in regard to these matters, and stated, he would go into the books and figures, with the InternationaI Auditor, and trust some clarification be forthcoming. The President stated he had every confidence in the International Treasurer, but thought, perhaps, that a more efficient system of accounts desirable. A report on the findings will be made to all members of Govering Committee. (Later.)

A report from the International Auditor has been received by the President, and copies are being despatched to Governing Committee Members. Unfortunately, the International Auditor is still unable to accept them pending further report from the International Treasurer.

6. The Measurement Committee, in the person of Derek Farrant, presented a new edition of the 505 Measurement Rules, with the changes, as agreed, at the AGM 1973 in Hong-Kong.

The Chairman of the Measurement Committee suggested, that the Gate Start should be practiced in Championship races. This has successfully been used in England. It was agreed, that the Gate Start should be used in the 197d European Championships in England. This would give everybody a chance to practice this starting procedure before 1976. If this should turn out satisfactory, this way of starting may be used in the 1976 World Championships in Australia. Rules for the Gate Start procedure will soon be printed in the 505 Bulletin, and they will also be sent, as soon as possible, to all International Secretaries, by the British Secretary. All Nations were invited to the I.Y.C.F Cup Team Race, to be held in England. Boats and equipment will be provided by the Host Country. France, Germany, Switzerland and Denmark, had already reported that they were prepared to participate, and other Nations were welcomed to send their entry before the end of the week at Marstraand,

7. Elections of International Officers.

Secretary A. Lallemand France
Auditor M. Dobeyn South Africa
Treasurer Jean Marc-Beadier France

Mr. B. Moss had proposed, and Mr. N. Boyes seconded, that Mr. John Turgoose be appointed International Treasurer.

The President pointed out this was un-acceptable, as the International Constitution called for the International Treasurer to reside in the Country of the International Office.
Mr. Moss thought the Constitution should be changed.
There were some expressions of opinion, that communication from the International Office should be improved.

International President reported that in accordance with the International Constitution, his term of Office expires 31st December 1975.

8. The International President presented a letter from the 505 Association, in Bermuda, giving details, in regard to their arrangements for the 505 World Championship, in 1975. They proposed that the Races should take place in October. A member of the French Section suggested that European Nations should try to get a Charter Flight, which would include Hotel accommodation and which could be inexpensive.

It was agreed the 1976 World Championship would be held in Australia. The Australian representative was asked many questions about the arrangements, costs of shipment of boats accommodation, cheap flights etc. He promised to go into this, and report. France applied for the 1977 World Championship, and this was agreed. Great Britan applied for the 1976 European Championship, which was agreed.

There was a question raised, in regard to the ever increasing entry fee, and it was requested that Nations who would arrange both European and World Championships, would state their proposed entry fee, to the International Committee, who were requested to endeavour be keep the fees as low as possible.

The European Championship for 1975 will be held in St. Moritz, Switzerland, 10/16th, August

Dennis Surtee MD USA, proposed that the Hellerup type course, with double triangles, should be used in future. He also suggested that the reaching mark should be changed into an irregular triangle, 60 90 30 degrees. Mr. Eric Lockeyear, Hong Kong, said, these suggestions be made to the International Committee who should propose that the Host Country use this course in Championship Races. This was agreed.

(Dennis Surtees has since sent the detailed description of this type of course, which has been passed to the Measurement Committee, for necessary action)

The President closed the meeting with expression of thanks to the Royal Gothenburg Yacht Club, Messrs Dunhill, and to the Swedish 505 Association and their very efficient Lady helpers, including the lady Secretary, who did the Minutes. These thanks were acclaimed in the usual manner by those present. A vote of thanks was made to the President for his excellent work on behalf of the Class.