endations as to changes in or additions to that
list, should be considered by the members.

It is desirable that the annual reports of the association should be
indexed and bound, but no hand has yet been found to do it.

Our ambitions have so far outstripped our sources of revenue that we
have come to look on an annual deficit as a normal and defensible thing.
I think it is indefensible. I think it is going to have a bad effect on
our attendance and our morals if the members have to look forward to
what amounts to a good big assessment at every convention. A deficit is
not inevitable. The secretary-treasurer was able to report a surplus at
the first, fourth, fifth, sixth and seventh meetings. The income from
membership dues should be enough to enable the printing of the annual
report. But if not I should be in favor of not printing the report until
funds were on hand to pay for it.

In rendering an account of the funds of the association I will first
state that there is on hand, cash in bank, $84.89. This amount must be
charged with the Bowditch hickory prize fund, $25, which leaves $59.89,
cash on hand. We owe Mr. Bixby for paying the stenographer's bill,
$135.00, and Mr. Olcott for printing, $24.58, a total of $159.58. This
makes our deficit $99.69, practically just one hundred dollars.

It should be recalled that in arriving at this result it was necessary
to use up our reserve fund from life memberships, amounting to $225.00.
If we count that in with the deficit, it amounts to $325.00.

A detailed account of receipts and expenditures is herewith submitted.
At the present moment, on account of a rush of other work, on account
of difficulties of other kinds, and because of a division of the work
between Mr. Hilliard and myself, I am unable to give the exact amount
received from memberships and sale of reports and bulletins. This I hope
to correct before the annual report goes to press.

RECEIPTS

Turned over by the Treasurer, Mar. 1, 1923:
Money for current expenses $ 89.66
From life memberships 95.00
Bowditch hickory prize 25.00
From Litchfield Savings Society 130.00
Membership dues
Sale of reports and bulletins

EXPENDITURES

Printing report $378.00
Misc. printing and postals