146 JOURNAL OF FORESTRY 



DISBURSEMENTS 



Publication and distribution of 



Proceedings $1,280.00 $1,215.35 $-64.65 



Miscellaneous printing . 85 . 00 



Stationery 35 . 00 



Postage (exclusive of Proceed- 

 ings) 60.00 



File clerk, stenography, and type- 

 writing 85 . 00 



Addressing notices, envelopes, 



etc 10.00 



Express, telegraph, and telephone 5 . 00 



General meetings 50 . 00 



Directory, Washington Academy 



of Sciences 5 . 00 



Miscellaneous 5 . 00 



$1,620.00 $1,530.31 $-89.69 



In other words, we have actually received $155.32 more and spent 

 $89.69 less than we estimated, making a net gain during the year of 

 $245.01. Since this is the first time since 1911 that there has not been 

 a net loss, such a substantial increase in our balance is decidedly note- 

 worthy. It is evidently due in part to economies in administration, 

 in part to increased subscriptions to the Proceedings, and in part to 

 several large sales of back numbers. In this connection it is worth 

 noting that during the past year the expense of publishing and dis- 

 tributing the Proceedings has amounted to 38 cents a copy for an 

 edition of 800 copies. As a consequence, every copy sold now means a 

 net return to the Society instead of a net loss, as has sometimes been the 

 case in the past when the cost of printing has amounted to more than 

 the price at which single copies are sold (50 cents) . 



In the present report the custom of previous years has been followed 

 of not reporting the Society's supply of back issues of the Proceedings 

 as an asset. That these actually have a considerable value is, of course, 

 obvious, but it has seemed best not to include them in the financial 

 statement because this value is a difficult one to appraise and because 

 it cannot be converted into cash at will. The suggestion of the former 

 Treasurer that the proceeds from the sale of back numbers be used to 

 defray the expense of printing the reserve supply of 200 copies of the 



