Your committee beg leave to report that they have had under consideration the matters committed to them. They have been attended by your Treasurer, and they have examined his reports submitted, particularly the detailed statement of receipts and expenditures for the year closed; also statement of trust funds of the Association; also 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.