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The annual report of the president of the Co-operative Society and the statement of the financial circumstances shows a completely satisfactory state of affairs. A few years ago the condition of the Society seemed rather precarious. Careful management, however, put the organization on a firm basis again; and the exceedingly judicious administration of the past two years has brought the Society to a level far higher than of any previous period. Its financial credit is perfectly established and the Society, as now conducted, is bound to meet with continued and increasing prosperity.

The secret of the success lies in both the theoretical and practical management of the organization. It is run on the strict theoretical principles which economists have recognized as essential to successful co-operative movements; and on the practical side it is under the management of a thoroughly capable and energetic superintendent. During his term of office the Society has increased its business wonderfully, and has reached a position to accomplish well-high perfectly its purpose of helpful student co-operation.