There have been but 7 members from the Divinity School, while the Scientific School and special students number together 38. It seems improper, therefore, that the former should have the right to be represented on the board of directors, while the latter have not. The whole number of members outside the undergraduate department and exclusive of the faculty and the Law School is ninety-five. It is proper that their interests should be represented on the board, and a common director from them all, would be sufficient and just.

PRICES.The aim of the society is to supply its members with goods at the lowest possible prices, subject only to the addition of a slight percentage to cover expenses. As the price of each book and every article of stationery is determined, relatively to the ordinary retail price, by the terms of the various agreements that have been made by the superintendent with the firms by whom we are supplied, it would require a detailed statement of these prices to show the exact advantage of the members of the society over other persons.

Such a statement would hardly be within the scope of this report. It will be sufficient to state that the society buys as a rule at wholesale prices and in no case are the prices of the society higher than the retail market price, and in many instances they are lower in a surprising degree, as in certain cases the society has been able to make arrangements which enable it to sell at prices with which the ordinary retail dealer cannot hope to compete.

Besides the direct advantages reaped by the members of the society, all the other members of the university, and, indeed, all the inhabitants of Cambridge, enjoy in common with them, the general fall in the prices of small stationery and like articles. For by the extremely low charges made for such goods as examination books and all kinds of paper, the society has forced down the prices in all other stores, so that instead of the exhorbitant prices which prevailed before the foundation of the society, and which in part led to it, there has actually prevailed among the retail dealers of stationery in Cambridge a rivalry as to which should sell these articles at the lowest price.

The following is an estimate of the amount saved by members through the use of the society:

On coal, 9 per cent $400.00

On wood 50.00

On second-hand books, 10 per cent 50.00

On second-hand furniture 100.00

On cash sales 1,200.00

On orders, 15 to 16 per cent 900.00

Through discount from affiliated tradesmen estimated 1,800.00

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Total $4,500.00

All of which is respectfully submitted.

H. G. CHAPMAN, JR., Treas.