The trade of the Federation had fallen off somewhat during the fifth year, owing to the fact that several of the societies had been asked to withdraw and that the trade of one or two others was declining. The turnover was 7,514 sacks, as compared with 7,955 for the preceding year, thus showing a decline of 441 sacks. The average price of bread had been slightly higher, however, for the cash value of the goods sold was £22,153, an increase of £131. The average dividend paid had been 5½d.—4d., 6d., 6d., and 6d. respectively for the four quarters—and the reserve fund had been more than doubled during the year, while depreciations to the amount of £719 had been made. The capital of the society was still very small in proportion to the turnover, however, being only £2,300. The societies themselves were mostly small; they had not very much capital to spare for investment, and those of them which were members of the U.C.B.S. had to divide that between that Federation and the S.C.W.S. Added to this was the fact that several of the societies which were members of the Federation were in a position which was gradually becoming more hopeless, with the result that not only were they unable to invest in the Federation, but they were barely able to pay for the bread they bought. EXTENSIONS AND A FIRE. At the quarterly meeting which took place in December 1874 it was decided that the erection of the flour loft, which had been held over for more than a year, should be proceeded with, but a disaster which befell the Society at the end of the month put a stop to the carrying out of that particular proposal for some time. This disaster was the burning down of the premises adjacent to the bakery and the property of the Society, which were being utilised as a bolt and rivet works by tenants of theirs. The reconstruction of this property occupied the attention of the committee for the next few months, and it was not until May that estimates for the completion of the flour loft were received and the contracts placed. When the accounts for the rebuilding of the burned-out property had all been submitted it was found that they were £70 less than the sum which had been received in insurances on the property, and the manager was presented with £5 and was granted a fortnight’s leave of absence. The insurance on the property and stock of the Society was now increased by £2,000 to £7,000. RESIGNATION OF MR CRAIG.