Cash on hand July 1, 1901 (interest account), $665.04 Interest on $700.00 @ 7%, 49.00 " " 3000.00 @ 5%, 150.00 " " 1050.80 @ 4%, 42.03 ------- $906.07 (If no part of the principal is needed as a loan by the Publishing Board, add also) Interest on (say) $1500.00 invested at 4%, 60.00 ------ Estimated total, $966.07 The following report of audit was appended: At the request of Charles C. Soule, treasurer of the Endowment Fund, we have examined his accounts and securities, and find evidence of investment of $3700 in mortgage loans, of deposit of $1050.80 in the Brookline (Mass.) Savings Bank, and of $2102.18 in the International Trust Company, of Boston. We also find his accounts correctly cast, with proper vouchers for all expenditures. JAMES L. WHITNEY, } _of the_ CHARLES K. BOLTON } _Finance Committee_ Mr. SOULE: In submitting this report, I would call the attention of the Association to the fact that the permanent fund is not as large as it ought to be. If you will remember, the attempt at collection, made with much vigor at first, had to be abandoned on account of general financial trouble through the country. No systematic effort has since been made to increase the fund. The work of the Association would be very much furthered if this fund were large enough to provide $5000 or $6000 of income, so that the Association could have two or three, or one or two, permanent paid officers, with a good allowance for travelling and incidental expenses. If any of you should be asked where an amount of say $100,000 could be placed with advantage to the general library cause, I hope you will bear in mind the inadequate funds of the Association. The report was accepted. In the absence of W. L. R. GIFFORD, chairman, the secretary read the REPORT OF THE CO-OPERATION COMMITTEE. The exhaustive report on co-operative cataloging rendered by the Co-operation Committee of last year has disposed for the present, so far as this committee is concerned, of the most important subject which has of late years been brought to its attention.