10 MASSACHUSETTS HORTICULTURAL SOCIETY 



to this property, which yields but a comparatively small income, 

 we have invested funds amounting to $271,580.14, of which 

 $61,463.61 are held for special purposes. 



From our invested funds we receive an annual income of about 

 $12,000.00 a year, $2,500.00 of which must be specially applied, 

 and our income from all other sources which includes membership 

 fees, use of building for exhibitions and other purposes, state aid, 

 donations, and Mt. Auburn amounts to something over $9,000.00, 

 or a total income of about $21,000.00; I regret to say that the 

 Treasurer's figures when analyzed show that we are living beyond 

 our income, or in other words, for the last four years have used 

 part of our capital to pay running expenses. 



In order to show more graphically what I mean, let us put the 

 receipts and expenses for these past four years in parallel columns: 



We all know that if we live on our capital instead of our income, 

 we are certain to come to grief, and these figures indicate that in 

 the last four j^ears instead of adding something to our capital, we 

 have diminished it by the amount of $7,704.78. If we had not 

 used up this amount of capital, our annual income, figuring at 5%, 

 should be about $380.00 more per year than it is at present. 



It is too clear for argument that we must rectify this situation 

 either by increasing our income or decreasing our expenses. I 

 believe that there is opportunity by united effort to do both. We 

 should get a better net return from our exhibitions. 



In 1912 we received a net return from exhibitions of $3,099.62 

 " 1913 " " " " " " " " 1,116.42 



" 1914 " " " " " " " " 689.25 



" 1915 " " " " " " " " 2,097.22 



