$500 more than in the previous year. From the statement of resources and
liabilities, we find that the various colleges, schools, stations,
buildings, and property constituting what may be termed the plant of the
Association, amount, at their estimated value, to $745,849. This is a
large sum, but the investment yields no pecuniary return to the
Association. It represents the fixed property with which the Association
carries on its work, and the figures may serve in some measure to
apprise us of the magnitude of the work being carried on by the
Association.

The Daniel Hand Fund is a separate and distinct trust, and its income
cannot be used for the general work of the Association, and may demand
some further notice before this report is closed. The general condition
of the fund is found on the printed abstract already mentioned.

We find the system of keeping the accounts clear, convenient, and well
adapted to exhibit from month to month the exact pecuniary condition of
the Association, and the restrictions upon drawing money from the
treasury well calculated to insure safety in that respect, and we find
the management of the Treasurer's accounts and office in all details
satisfactory and deserving our commendation. Comparing the gifts and
work of the Association for the last year just closed with the previous
year, and the recommendations of the Finance Committee a year ago, we
find that the year 1888 closed with a deficit of over $5,000, that the
amount of receipts for that year had been $320,953.42; that the Finance
Committee then recommended that the friends of the Association should
raise for the year $375,000 for its current expenditures. It is a source
of great gratification to find that this recommendation has been nobly
met, and $376,216.88 have been received during the year just closed, an
increase of over $55,000; that the deficit of the former year has been
supplied, and that the Association commences the current year with a
fund in the treasury of $4,471.67. This we deem substantial indorsement
of the Association and its work, by the churches, Sunday-schools,
missionary societies and its individual friends. This report might stop
here with congratulations for the prosperous year just closed, but the
duties so well done, and work so well performed, must simply furnish the
Association a standing place and vantage ground for a greater work on
its part, and grounds for greater sacrifices and gifts by its frie