56 Transactions op the 



otherwise than that all our industries would feel the effects of the con- 

 test. They did feel it. General disappointment at the turn things had 

 taken ensued, and general depression of all kinds of business was the 

 consequence. The natural resources of the State are too great and valu- 

 able to lie dormant. The determination, perseverance, and energy of our 

 people cannot be conquered, and we now see on all sides evident indica- 

 tions of change for the better. Greater prudence and economy in life 

 and business is the order of the day. Large tracts of land, heretofore 

 held at extravagant speculative prices, are being broken up into small 

 farms and sold for agricultural purposes at reasonable rates. A greater 

 variety and diversity of agricultural and mechanical industries are being- 

 introduced. A healthy commerce is growing up between the Pacific and 

 Atlantic States, to the mutual advantage of all The surplus capital of 

 foreign countries is feeling and preparing its way for safe and permanent 

 investment among us, and promises to reduce to reasonable rates the 

 interest on money. Rents and labor are moderating their demands in 

 accord with the general changes of the times, and the Board feel war- 

 ranted in congratulating the people of the State upon the flattering pros- 

 pects of substantial progress and improvement in the immediate future. 



PERMANENT IMPROVEMENTS. 



During the past year the Board have made many valuable improve- 

 ments and additions to the society's property. In connection with the 

 county, which has always manifested the most enlightened liberality 

 toward the society, an addition has been made to the pavilion which has 

 increased the capacity of the building for exhibition purposes one half. 

 Other improvements of an important and permanent character have also 

 been made to the building. At the park all the stalls have been raised 

 and furnished with permanent roofs and doors. Over the different gate- 

 ways, other than the main entrance and exit gate's, have been constructed 

 comfortable sleeping apartments for the accommodation of grooms and 

 others having the care of valuable stock during the Fairs. Also, new 

 and appropriate judges', reporters' and visitors' stands have been erected, 

 and other valuable and necessary improvements of a permanent charac- 

 ter made. The expense to the society for these improvements has been 

 the sum of six thousand dollars. 



PURCHASE OF REAL ESTATE. 



The northern half of the inclosed grounds used by the society has 

 heretofore belonged to an association known as the Union Park Associ- 

 ation. The original cost of the property to the association was seven 

 thousand two hundred dollars, divided into seventy-two shares of one 

 hundred dollars each. By an understanding at the organization of the 

 association, the society were to have the free use of the ground for pur- 

 poses of the Fair for an indefinite time, but the rents went to the associ- 

 ation. The society have purchased lifty-tw r o shares of the property at 

 the original cost, or five thousand six hundred dollars, and will probably 

 be able to obtain the remaining sixteen shares at the same rate. The 

 south half of the park grounds are held by the society under a lease of 

 ninety-nine years, at a nominal rent. The whole park has been rented 

 for the ensuing year for three thousand six hundred and sixty dollars; 

 the lessee at his own expense to put the whole place in condition for the 

 society's Fair. 



