THE CO-OPERATIVE REPORT.

The report of the Co-operative Society shows a gratifying increase in membership and volume of business. The Co-operative has established itself as an efficient business concern and a "satisfactory servant of Harvard students." It is yearly catering to more men, providing an ever increasing variety of purchases at prices fully as low if not lower, than can be found elsewhere.

The membership this year increased over 150, which shows that more men are finding profit-sharing business worth while. Gross receipts have made large gains and net profits have increased from 37 to 46 per cent on the capital stock. Such a record proves beyond a shadow of a doubt that co-operative management of business is not only entirely feasible but exceptionally profitable.

The reduction of the dividend from 9 to 8 per cent. is entirely justifiable in view of the present business conditions and difficulty in procuring ready money. The margin of profit which the Society earned is very small--less than three cents on the dollar and the only reason that so large a dividend can be declared is because of a large proportion of sales to non-members.

The Society has well merited the support of all Harvard men, and we look forward to the day when it shall continue to serve the student body in a new home which shall be commensurable with the future growth of the Society.