REPORT OF CO-OPERATIVE.

The report of the directors of the Co-operative Society for the fiscal year ending July 31, 1904, is issued today, and may be obtained by last year's members at the cashier's office in Lyceum Hall. The report covers a period of 13 months, as the close of the fiscal year was changed from June 30 to July 31 in order to comply with that provision of the corporation law which requires the annual meeting of the stockholders to be held within ninety days after the close of the fiscal year.

An abstract of the report is given below. It shows that profits for the 13 months were $5,849.78, as against $12,426.33 in 1902-03. This is, however, the clear profit after charging off $700.00 of bad debts contracted prior to July 1, 1903, and $600.00 for decrease in the value of fixtures; after deducting $8,000,00 from the inventory of unsalable merchandise brought forward from previous years; and after paying $4,760.00 for expenses and alterations of Lyceum Hall. The charging off of the bad debts and the deduction on the valuation of old stock were necessary to put the Society on a sound basis. Interest and taxes on Lyceum Hall, which were during the past year extraordinary expenses, will hereafter be counter-balanced by the saving of the rent previously paid by the Society. As the Society was obliged to leave Dane Hall because the University desired to make other use of that building, the purchase of Lyceum Hall became practically a necessity. It is to be remembered, also, that in the year 1902-03, the Medical Branch contributed nearly $6,000.00 to the profits, but that during the past year the Society has conducted only the Cambridge departments. The dividends declared for last year are at the rate of 4 per cent as against 8 per cent in 1902-03.

The statement of receipts and expenditures for the 13 months ending July 31, 1904, is as follows: RECEIPTS. Men's Furnishing Department,  $52,573.66 Book Department,  76,744.16 Stationery Department,  46,776.07 Tailoring Department,  33,007.35 Furniture Department,  19,214.37 Coal and Wood Department,  17,201.98 Membership Fees,  2,576.00 Interest and Discount,  3,663.45 Sundry receipts (net),  1,617.79 Lyceum Hall rents,  2,270.83   255,645.66 EXPENDITURES. Cost of Merchandise sold,  $208,898.15 Salaries,  22,749.62 Rent,  2,990.00 Taxes,  759.20 Advertising,  608.39 Express and Carting,  1,839.26 Lyceum Hall alterations,  2,559.40 Other expenses,  5,064.30 Lyceum Hall Expenses,  2,125.06 Interest,  2,202.50 Balance, profit,  5,849.78   $255,645.66

COMPARATIVE STATEMENT OF SALES BY DEPARTMENTS.    13 mos.  1902-03.  1903-04.Men's Furnishings,  $47,841.33  $52,573.66Books,  72,259.72  76,744.16Stationery,  42,149.57  46,776.07Tailoring,  32,770.19  33,007.85Coal and Wood,  19,009.63  17,201.98Furniture,  18,738.56  19,214.37  $232,764.05  $245,517.59COMPARATIVE STATEMENTS.    13 mos.  1902-03.  1903-04.Expenses,  $37,624.13  $34,010.77Amounts added to capital,  7,893.68  1,000.00Amount of Dividends,  12,426.33  5,294.70Rate of Dividends,  8 per ct.  4 per ct

COMPARATIVE STATEMENT OF SALES BY DEPARTMENTS.    13 mos.  1902-03.  1903-04.Men's Furnishings,  $47,841.33  $52,573.66Books,  72,259.72  76,744.16Stationery,  42,149.57  46,776.07Tailoring,  32,770.19  33,007.85Coal and Wood,  19,009.63  17,201.98Furniture,  18,738.56  19,214.37  $232,764.05  $245,517.59COMPARATIVE STATEMENTS.    13 mos.  1902-03.  1903-04.Expenses,  $37,624.13  $34,010.77Amounts added to capital,  7,893.68  1,000.00Amount of Dividends,  12,426.33  5,294.70Rate of Dividends,  8 per ct.  4 per ct