statement of resources and liabilities, and of the income of the Daniel
Hand Educational Fund for the same period. These statements come to us
duly vouched for by the standing committee of auditors elected by the
Association. A summarized statement of receipts and expenditures has
been printed and distributed at this meeting, which accords with the
detailed report. Other reports show that the invested funds of the
Association, aside from the Daniel Hand Fund, are $230,875.78, being
$500 more than in the previous year. From the statement of resources and
liabilities, we find that the various colleges, schools, stations,
buildings, and property constituting what may be termed the plant of the
Association, amount, at their estimated value, to $745,849. This is a
large sum, but the investment yields no pecuniary return to the
Association. It represents the fixed property with which the Association
carries on its work, and the figures may serve in some measure to
apprise us of the magnitude of the work being carried on by the
Association.

The Daniel Hand Fund is a separate and distinct trust, and its income
cannot be used for the general work of the Association, and may demand
some further notice before this report is closed. The general condition
of the fund is found on the printed abstract already mentioned.

We find the system of keeping the accounts clear, convenient, and well
adapted to exhibit from month to month the exact pecuniary condition of
the Association, and the restrictions upon drawing money from the
treasury well calculated to insure safety in that respect, and we find
the management of the Treasurer's accounts and office in all details
satisfactory and deserving our commendation. Comparing the gifts and
work of the Association for the last year just closed with the previous
year, and the recommendations of the Finance Committee a year ago, we