THE CO-OPERATE REPORT.

The report of the Co-operative Society gives evidence of another year of successful business activity. In spite of the fact that the work upon the subway underneath the society's store interrupted the business to a certain degree, the total sales of the year were $12,921.91 greater than during the year preceding. In view of the fact that the profit is less than four cents on every dollar's worth of goods sold, the dividend of nine per cent. seems very generous, and is only possible because nearly half the sales were made to non-members.

The loss of the services of Mr. F. A. Laws, who has been superintendent for the society for the past eight years, will be very great. The business of the society has increased fifty per cent. during the last five years that he has held the office. That the gross profits during the year amount to over 139 per cent., and the net profits total over 37 per cent. of the $50,000 capital stock of the society give striking proof of the feasibility of co-operative management and profit-sharing under modern business conditions.