76 THE STORY OF THE U.F.O. 



been done during the first year's existence, 

 continues as follows: 



"We would direct your attention to the state- 

 ment attached to the Balance Sheet, in which is 

 seen the development of business in our Supply 

 Department during the four months October 

 1st, 1914, to February 1st, 1915. During this 

 period the volume of business has increased over 

 five-fold. The net revenue from commissions 

 has overtaken our current expenses, and we have 

 a substantial profit on our January turn-over. 

 The expense of doing business has decreased 

 from over three per cent, in October to less than 

 one per cent, in January, notwithstanding con- 

 siderable of our expense is chargeable to organiz- 

 ation work. And, when we include with this the 

 reductions in prices we have obtained under our 

 trade agreements, we have much reason to be 

 thankful." 



The following excerpts are also of interest: 



" up to date we have not 



been able to give sufficient attention to the 



selling end of our business . 



the major part of the paid up capital stock has 



gone for organization work 



no commissions have been paid on any subscrip- 

 tions of stock up to date we have 



thirty-three individual shareholders and fifty- 

 eight corporate shareholders " 



