16 TRANSACTIONS OF THE 



ers in not sooner obtaining the improved breeds. They are now awakening 

 to the fact that the best breeds are the most profitable, and to that end are 

 indefatigable in their efforts to build up this lagging industry. More capi- 

 tal is needed, which will be forthcoming when farmers find it is to their 

 advantage to raise a variety, and not the same productions each year. It 

 is this change that is most needed to render farming most profitable. 



PERMANENT IMPROVEMENTS. 



Notwithstanding the indebtedness of the society at the commencement 

 of this last fiscal year, it was found absolutely necessary that additional 

 room should be furnished for the accommodation of exhibits in the 

 machinery and agricultural implement department. In consequence 

 thereof, the Board decided to build an addition to the machinery hall of 

 158x168 feet, covering the southeast court. This entailed an expenditure 

 of over $7,000. which, together with the purchase of engine, and improve- 

 ments made at Park and on main building, swell our permanent improvement 

 account to $12,921 30. This necessary expenditure prevented the payment 

 of our before incurred indebtedness. Had it not been for this we would 

 have been able to wipe out at least one half of it. 



INDEBTEDNESS. 



For reasons before stated, Ave have not been able to reduce the indebted- 

 ness of the society during the past year, and as we now stand our liabili- 

 ties amount to $31,858 37, distributed as follows: 



National Bank of D. O. Mills & Co., secured note and overdraft $29,031 85 



W. K. Vanderslice & Co., accepted draft 1,371 52 



Occident Stakes, 1886, 1887, 1888 1,455 00 



Total liabilities. .$31,858 37 



As an offset to this, we have as available assets, this day: 



Cash $331 49 



Entrances due : 1,180 00 1,511 49 



Leaving our net indebtedness $30,346 88 



We do not say anything about the realty under control of the Board, and 

 upon which this indebtedness has been expended, for the reason that it is 

 now the property of the State, and cannot be counted by this Board as 

 available assets. 



The security given for the amount of our indebtedness is the individual 

 responsibility of the members of this Board, who have not only served the 

 State without remuneration, and paid their own expenses, but have put 

 their names to notes for the purpose of raising the necessary funds to make 

 improvements to the property belonging to the State. This indebtedness 

 was not caused by mismanagement, nor losses sustained through any other 

 source, but is represented by property the title of which is vested in the 

 State, and this money should be paid by the State. Xo benefit is derived 

 from it by any individual, association, or corporation. It is wholly the 

 property of the State, maintained by the Board for the benefit and develop- 

 ment of the resources of the State, and it is to be regretted that the Legis- 

 lature cannot recognize it, and aid the efforts of this Board by making 

 liberal appropriations. The money thus expended returns to the pockets 



