24 TRANSACTIONS OF THE 



especially considering the fact of the volume of business necessary to be 

 transacted, and the handling of large and small sums of money during the 

 limited space of time permitted during the State Fair. 



The system used for the receipts and disbursements of moneys that per- 

 tained to the speed contests is particularly creditable to the officer respon- 

 sible, no error being found that was detrimental to the society, and only 

 one that could be to its patrons, and that was corrected immediately after 

 its discovery and the proper voucher shown for it. 



We find the total number of premiums unpaid and uncharged to be 

 $388 — from 1881 to 1887, both years included. All other claims and 

 accounts appearing against the society, exclusive of those shown in the 

 profit and loss account, and balance sheet for 1887, are paid and vouchers 

 on file. We append herewith a full statement of receipts and disburse- 

 ments, together with the profit and loss account for each year, showing in 

 the latter account a loss of $5,285 69 on December 31, 1887, being the 

 net loss (showing indebtedness on this date) for the years 1881 to 1887, 

 inclusive. 



We find that the amount of the appropriations received from the State 

 of California from 1881 to 1887 was $77,500; that the amount paid for 

 premiums was $77,995 36, and, further, that the disbursements on 

 account of permanent improvements made by the society, exclusive of the 

 appropriations made by the citizens of Sacramento and of the State of 

 California for the building of the exhibition building, have been up to 

 December 31, 1887, $57,382 87. We inclose herewith the balance sheets 

 for the several years named in this report, with our signatures attached to 

 same, which have been in our possession since proof. 



Respectfully submitted. 



[Signed:] "ARTHUR W. BELL, 



J. M. La RUE, 



Accountants. 



INDEBTEDNESS. 



The continual improvements to the property under the supervision of 

 this Board, made necessary by its long usage, compels us to expend each 

 year more than our resources will permit, in order to render the property 

 useful. It is our intention to continue these improvements until the 

 property has an appearance in keeping with the age and not the dilapi- 

 dated look of twenty-five years use. 



On February 1, 1888, our indebtedness was - $5,968 28 



Expended in building and improvements 1888 i8,642 42 



Making total indebtedness September 1, 1888 ...$24,610 70 



At the end of the fiscal year February 1, 1889, we find our assets and 



liabilities as follows: 



Liabilities. 



D. O. Mills & Co., loan $6,991 68 



Bills payable account 8,028 26 



Stakes due, race accounts 2,880 00 



$17,899 94 

 Assets. 



Entrances due, account races. $2,260 00 



Bills receivable 401 66 



Cash . 901 31 



$3,562 97 



Net indebtedness, February 1,1889 - $14,336 97 



