Special Meeting of the Co-Operative Society.

The Directors of the Harvard Cooperative Society submit the following statement to its members :

NET INCOME AND OUTGO FROM SEPT.

18, 1884, TO JAN. 1, 1885.

NET RECEIPTS.Dues (790 members) $1,975.00

Profit (on sales of $16,000), 525.15

Servoces rendered, 147.71

Surplus from last year, 80.00

2,727.86

EXPENSES.Salaries, $1,106.82

Arrears of Sup't's salary, 193.00

Fixtures, furniture and carpentering, 109.36

Rent, 55.00

Store and office supplies, 82.70

Expressage and printing, 150.21

Fuel and gas. 55.12

Miscellaneous, 100.39

$1,852.60

Balance, $875.26

$2,927.86

CONDITION OF SOCIETY JAN. 1. 1885.

RESOURCES.Casl, and claims equal to cash, $1,391.90

Stock, 2,111.94

$3,503.84

LIABILITIES.$2,628.58

Balance, 875 26

$3,503 84

Reducing the liabilities by $1,301 90, we have

Stock, $2,111.94

Liabilities, 1.236.68

Surplus, $875.26

During the month of January the stock, it is estimated, has been reduced to about $1,500. and the liabilities to about $1.000. The surplus at the present time is therefore, about $550.

These figures have disappointed the reasonable expectations of the direct ors in two respects. They had looked for a membership exceeding 1000, with a proportionally increased business ; and they had counted upon a rate of profit not less than five per cent. It is believed that the profits must have been greater than the figures indicate, and it is possible that the small percentage of profit appearing is due to mistakes in the inventory of stock recently taken.

The running expenses of the society for the rest of the year, (5 months), cannot be safely estimated at less than $1750. The income for the same time cannot be placed higher than $800. At the end of the year. therefore, the society, instead of having as now, a surplus of $550, would be confronted with a deficit of $400. Furthermore, this deficit would be materially increased by a forced sale, at a most unfavorable time of the year, of the society's stock, for the society would have to meet its obligations in June.

The directors have considered a plan by which the society should carry on its business for the rest of the year on a greatly reduced scale, but after full discussion, have decided that such a course is inexpedient, believing that the only sure way of avoiding a deficit, and a consequent assessment, is to close the business forthwith.

The directors, accordingly, voted at their last meeting, that in their opinion, the stock of the society should be disposed of so far as possible before February 15th, and the store closed for the remainder of the year.

This vote was passed with much reluctance, for the society is rendering very great service to its members. But the course herein recommended will enable the society to meet all its obligations and to start another year without embarrassment, and with an honorable record, in case it shall be deemed expedient to continue its good work hereafter.

The directors hereby call a meeting of the society, to act upon their vote, to be held in Sever 11, Monday, Feb. 2nd, at 7 P. M.

By order of the directors,

J. B. AMES, President.