STATE AGRICULTURAL SOCIETY. 25 



Showing net gain for the year to be as follows: 



Indebtedness, September 1. 1888 $24,610 70 



Indebtedness, February 1, 1889 - 14,33d !»7 



Net gain for 1888. --- - -- $10,273 73 



RESUME. 



It is with much gratification that we note the progress made, likewise 

 the interest taken by the public in our exhibitions each year. Our meth- 

 ods are progressive, and no doubt faults exist, but to all who are of the 

 belief that a public institution can be so managed as to satisfy everyone, 

 we can but say that theory and practice are at great variance in this 

 respect. The time given by the members of the Board in aiding the devel- 

 opment of the State's resources, is by no means a small item. The amount 

 of business transacted each year may not impress the casual observer with 

 its magnitude, but a little calm reflection and careful review of the multi- 

 farious labors performed in the extensive sphere under the jurisdiction of 

 this Board, can but convince that our achievements are an adequate reward 

 for the efforts put forth, and in full keeping with the dignity of the State, 

 and the world-wide renown so rapidly being acquired by California. 



We append our financial statement in detail, to which we invite careful 

 inspection: 



FINANCIAL SUMMARY. 



Amount on hand at commencement of year - - $409 15 



Total receipts from all sources — 92,391 73 



$92,800 88 



Total disbursements $91,899 57 



Cash on hand — 901 31 



$92,800 88 



L. U. SHIPPEE, 

 EDWIN F. SMITH, . President. 



Secretary. 



