REPORT OF CO-OPERATIVE

The directors of the Co-operative Society voted on Thursday to declare a dividend of 9 per cent. on the business of the past year, and this vote was confirmed by the stockholders of the society at their annual meeting yesterday. This dividend, which will amount to $18,705.30, is the largest dividend disbursement in the 29 years of the Co-operative Society's existence. It will be paid at the main store during the second week of November.

Mr. F. A. Laws '97, who has been superintendent of the Co-operative for the past eight years, tendered his resignation to accept a more remunerative position with the Amoskeag Manufacturing Company. The directors accepted this resignation with much reluctance and voted to place on record their appreciation of the loyal and efficient service which Mr. Laws has given the society since he assumed the post of superintendent and managing director in 1903. Mr. M. H. Goodwin, head of the furniture department, was appointed acting superintendent for the present. Mr. W. M. McInnes '85 resigned the treasurership of the society, and Mr. John L. Taylor, assistant comptroller of the University was appointed to fill out the unexpired term.

Reports on the business of the Co-operative for the fiscal year ending July 31, 1911, were presented. These show that the total business of the Co-operative, at its two stores, amounted to $378,170.19, an increase of $12,921.91 over the sales of the year preceding. The sales by departments during these two years were as follows:   1909-10.  1910-11. Men's Furnishings,  $81,049.63  $85,760.33 Books,  96,711.60  94,587.99 Stationery,  60,744.95  64,851.76 Tailoring,  42,310.10  46,506.33 Furniture,  30,201.42  28,700.35 Coal and Wood,  33,822.29  36,895.41 Branch Store,  20,408.29  20,868.02   $365,248.28  $378,170.19

The gross profits of the year from the sales of merchandise amounted to $69,521.05 or 18.38 per cent. of the total. output. Thus the Co-operative realized a gross earning of about 18 cents upon every dollar's worth of goods sold. Income from members' fees and other incidental sources amounted to $7,000.66, so that the gross income for the fiscal year was $76,521.71. The general expenses of business, including wages, taxes, insurance, allowances for depreciation, reserves, etc., amounted to $57,586.57, or 15.23 per cent. of total sales. Thus it cost the Co-operative, for all charges, about 15 cents to sell each dollar's worth of goods. The close margin upon which the business of the society is carried on appears from the fact that a net profit of less than four cents is realized upon every dollar of sales. A dividend of 9 per cent. is made possible only by the fact that a large part of the total sales are made to non-members who draw no dividend at all. During the past year these non-dividend-bearing purchases amounted to $170,333.44, or about 45 per cent. of the whole. The membership of the society is, however, steadily increasing; it numbered 2754 in 1910-11 as against 2700 in 1909-10.

The following is a summary of the profit and loss account, and a condensed balance sheet showing the condition of business at the close of the fiscal year:

Profit and Loss, 1910-11.General expenses,  $54,212.48Reserves and depreciations,  3,374.09Balance, profit and loss,  18,935.14Department profits,    $69,521.05Fees,  2,754.00Interest and discount,  4,246.66  $76,521.71  $76,521.71Condensed Balance Sheet, August 1, 1911.Real Estate,  $60,000.00Less Notes on Same,  40,000.00  $20,000.00Fixtures,  2,886.31Stable,  1,385.60Stock on hand,  57,039.31Cash on hand,  1,914.39Claims, expense inventory,  1,372.52Accts. receivable  40,550.40Capital Stock,    $50,000.00Surplus,    4,662.16Notes payable,    5,000.00Accts. payable,    29,249.56Reserve, Dept. mdse, 20 per cent.,    11,407.86Overdue accts.,    3,393.81Building Fund,    2,500.00Undivided profits,    18,935.14  $125,148.53  $125,148.5

The gross profits of the year from the sales of merchandise amounted to $69,521.05 or 18.38 per cent. of the total. output. Thus the Co-operative realized a gross earning of about 18 cents upon every dollar's worth of goods sold. Income from members' fees and other incidental sources amounted to $7,000.66, so that the gross income for the fiscal year was $76,521.71. The general expenses of business, including wages, taxes, insurance, allowances for depreciation, reserves, etc., amounted to $57,586.57, or 15.23 per cent. of total sales. Thus it cost the Co-operative, for all charges, about 15 cents to sell each dollar's worth of goods. The close margin upon which the business of the society is carried on appears from the fact that a net profit of less than four cents is realized upon every dollar of sales. A dividend of 9 per cent. is made possible only by the fact that a large part of the total sales are made to non-members who draw no dividend at all. During the past year these non-dividend-bearing purchases amounted to $170,333.44, or about 45 per cent. of the whole. The membership of the society is, however, steadily increasing; it numbered 2754 in 1910-11 as against 2700 in 1909-10.

The following is a summary of the profit and loss account, and a condensed balance sheet showing the condition of business at the close of the fiscal year:

Profit and Loss, 1910-11.General expenses,  $54,212.48Reserves and depreciations,  3,374.09Balance, profit and loss,  18,935.14Department profits,    $69,521.05Fees,  2,754.00Interest and discount,  4,246.66  $76,521.71  $76,521.71Condensed Balance Sheet, August 1, 1911.Real Estate,  $60,000.00Less Notes on Same,  40,000.00  $20,000.00Fixtures,  2,886.31Stable,  1,385.60Stock on hand,  57,039.31Cash on hand,  1,914.39Claims, expense inventory,  1,372.52Accts. receivable  40,550.40Capital Stock,    $50,000.00Surplus,    4,662.16Notes payable,    5,000.00Accts. payable,    29,249.56Reserve, Dept. mdse, 20 per cent.,    11,407.86Overdue accts.,    3,393.81Building Fund,    2,500.00Undivided profits,    18,935.14  $125,148.53  $125,148.5