The permanent funds held in trust by the Association, the income of which is used according to the direction of the donors, amounts to $203,863.60. These funds are invested mostly in U.S. government bonds and in first mortgages on productive real estate, which are an ample security for the amounts which they represent. The entire safety of these investments speaks well for the financial officers of the Association, and the wisely conservative regulations of the by-laws of the Executive Committee regarding investments warrants the fullest confidence in the continued security of funds committed to their care. The permanent investment of the Association in lands and buildings for church and educational purposes in the South, of which it holds undisputed titles in its own name, is inventoried at $483,370. Berea College, Hampton Normal and Agricultural Institute, and Fisk and Atlanta Universities hold their own property by their own boards of trustees. The estimated present value of all these properties amounts to at least one million of dollars. Here are a million dollars worth of tools and machinery, all in good running order, exactly adapted to the business in hand and located at the best possible points for doing it. Does not this fact appeal mightily to the churches to see to it that this great investment which they have made be used to the best possible advantage? He would be a poor business man, who would invest a million of dollars in a “plant” and then scrimp his business for lack of current funds. That would be a poor business, which with that amount of money well invested for its purposes could not secure the working capital necessary to use it to its full capacity. It takes a long time and much hard work to gather from the benevolent a million dollars and to expend it judiciously in the erection of churches, school-houses and colleges. Every dollar of this money is freighted with prayer and winged with love. It will be found again presently as treasure laid up in heaven. It is like an inspiration to think how much of Christ’s spirit is represented in these buildings built for the love of Him. But they must be used. The very stones and brick will cry out against us, if we neglect to follow up what has been done with still greater work in the future. The Executive Committee in their annual report call for one thousand dollars a day, as needed for current expenses the coming year. In order to raise this sum the ordinary contributions must be increased to $225,000, an advance of one-half over last year. In view of the great issues at stake, and the unexampled opportunities of the Association for doing its work, your Finance Committee recommend that this increase be made. Let this be the key-note of our appeals this year: _One thousand dollars a day; 50 per cent. advance on all contributions._ All of which is most respectfully submitted, ERASTUS BLAKESLEE, for the Committee.