THR BEE-KLEI'LRS- REVIEW 147 



place May 1st, although the contract was dated June 1st. we had $50.84 on hand. 

 You must remember that the Review was purchased at a time of the year when 

 it is supposed that a publication will hardly pay expenses, because the renewals 

 are at that time practically all in and the only source of income is the advertising 

 and the new subscribers, and what few renewals there may be at that time of 

 the year. You will remember in this respect, that one of the other bee journals 

 mentioned editorially that po.ssibly the Directors might have to go down in their 

 pockets and tide the Review over a hard time, but I am pleased to state to you 

 that we have conducted the business during the year, paid all our bills as they 

 came due. and the Directors have not had to advance one cent towards the main- 

 tenance of the Review. 



I regret very much that the Directors, who so kindly and loyally came to 

 Detroit for a Directors' meeting in January, have not had their expenses of that 

 trip paid, but I hope we will be in a position in a very short time to take care 

 of those outstanding accounts. At the Directors' meeting there were also two 

 law suits presented to them for consideration, and they voted that the National 

 should pay these suits on the same basis as previous suits had been paid, which 

 was one-half of the actual expenses involved. One of these claims was presented 

 by H. G. Sibbald, of Claude, Ontario, and the amount paid him was $18.64; the 

 other was by George Laing. of Toronto. Ontario, and the amount paid him was 

 i!^29.()3. 



Income. 



Ilalance on hand January 1st, 1912 $ 28.09 



Membership fees 24.5.50 



Subscriptions ; 2,036.17 



Advertising 883.15 



Miscellaneous 243.40 



$3,436.31 



DiSBUK.SEMENTS. 



Printing $1,732.67 



Office fixtures and supplies • 101.46 



Postage and mailing Review 372.86 



Law suits 48.27 



Secretary's commissions 696.82 



Engravings for Review 149,47 



Stenographer 157.98 



Expenses Secretary attending convention 32.90 



Envelopes for mailing Review 58.01 



Princ'pal and interest paid in cash on Review 158.63 



Miscellaneous 84.12 



Total $2,993.19 $2,993.19 



Balance on hand $ 443.12 



The above financial report will be more encouraging when you realize that 

 in addition to paying the current expenses throughout the year, there has 

 l)een $300.00 paid on the purchase price of the Bee-Keepers' Review, which was 

 ?1,000.00, leaving a balance yet to be paid of $700.00. In addition to the $300.00 

 paid on the Review, there has also been paid over $100.00 in office furniture, 

 which includes a filing case and an Underwood typewriter. The typewriter has 

 not yet been paid for in full as it was purchased on the contract plan. This 

 makes a total of over $400.00 paid by the Association during the year for articles 

 which it has on hand at present. 



At the January meeting tlie Directors passed a resolution that the Secretary 

 be instructed to correspond with the contributors of the League Fund where 

 more than $25.00 had been contributed, asking their consent to transfer the 

 League Fund to the general fund. My letter to the dififerent contributors read 

 as follows: "Would you have objections to the part your Company contributed 

 to the League Fund being turned over to the General Fund of the National 

 Association? I am writing you as one of the contributors, according to direc- 



