STATE AGRICULTURAL SOCIETY. 21 



ELEVENTH ANNUAL MEETING. 



Sacramento, January 29th, 18G4. 



In accordance with previous notice, a meeting of the California State 

 Agricultural Society was held this day, at twelve o'clock m., at the Pa- 

 vilion, in Sacramento. 



A quorum not being present at the hour assigned, on motion, the 

 meetiug adjourned to three o'clock p. m. 



At the meeting in the afternoon, the Chair was taken by the Presi- 

 dent of the Society, (Isaac Davis,) who called to order, and remarked 

 that the law regulating the acts and duties of the society required its 

 annual meeting to be held in January. In accordance with that require- 

 ment, they had convened on that occasion to transact the usual business. 



He would suggest that the reading of the reports of the Board of 

 Directors and of the Financial Secretary would then be in order. 



The Secretary then read the following : 



REPORT OP THE BOARD OP DIRECTORS. 



Gentlemen : — When the present Board were elected, on the twelfth 

 of March last, and assumed the duties of their offices, they will in can- 

 dor confess that the affairs of the society were not in a very satisfactoiy 

 condition, and its prospects for the future were anything but flattering. 

 The condition of its finances first engaged their attention. The debt of 

 the society, as shown by the Financial Secretarj^ for eighteen hundred 

 and sixty-two, was, on the first mentioned date, twenty-six thousand 

 four hundred and twenty-three dollars and fifty-eight cents. The assets 

 of the society, set down by the same officer, were a little less than ten 

 thousand dollars, but nearly all were found to be of such a character as 

 were required by the society in the prosecution of the objects for which 

 it was created, and hence unavailable for the immediate cancelling of 

 any portion of the debt. 



A considerable portion of the society's property had been pledged to 

 secure the payment of money borrowed at a high rate of interest, and 

 the balance of convertible property had been attached and was in the 

 hands of the Sheriff, and its sale postponed only by the intervention of 

 a bond for the security of the debt. 



In looking over the whole matter, the Board, acting on the principle 



