"The work of our Publishing Board has been conducted this year on the same plan as the past four years, by a board of managers, a secretary, treasurer and general manager. The literary department has been conducted by an editor-in-chief, with an editorial staff. We are glad to say that every department of this work has been conducted on strict business principles. Our board has held three meetings in the rooms of the publishing house, examining the machinery and plant thoroughly, and has appointed an auditor, who has gone carefully over all of the books and accounts and attached his certificate to each quarterly report rendered by the Publishing Board. We are glad to say that the work is no longer an experiment, but a reality. We have the best and most thoroughly equipped publishing plant in America owned and operated by negroes. In our judgment, seventy-five thousand dollars ($75,000) is a very low estimate for this plant, for if it were capitalized for one hundred thousand dollars ($100,000) it would pay a reasonable dividend. This plant has only a small debt, and this is mostly on the real estate. It is strange that all of this has been paid for out of the profit arising from the business, and yet the Publishing Board has made large appropriations each year to missions. "Last year we called your attention to the fact that there had been so great an increase in the volume of business that we were compelled to make general improvements. We did not expect, however, at the time to make the improvements so extensive, but the great enthusiasm created by the delegates on returning from the convention at Richmond aroused such interest everywhere, that the volume of business has far surpassed the most sanguine expectations of the most hopeful friend of the Publishing Board. "The improvements begun last year are fully completed. We have also added a machine known as the arithmometer and two typewriters to our clerical department. We have added one roller backer machine and one book and pamphlet trimmer, together with a great deal of bookbinders' appliances to our bindery. We have added one more steam-engine and a full electric light plant to our power-house, three more printing presses to our press-room, a full set of linotype machinery, together with a large supply of printing material to our composing-room. "The greatest need to-day of our publishing plant is more room. We occupy three brick buildings, one, two and three stories respectively. These are crowded to their utmost capacity, and yet the board has work of its own and uncompleted contracts which are more than ninety days behind. "THE BUSINESS DEPARTMENT.