The reports of the secretary and treasurer of the Co-operative Society, which appeared in our Wednesday's issue, give a very clear idea of the progress this society has made and of the benefit it has been to the university. In the secretary's report are seen the amendments of the constitution made by the board of directors. All these seem to have been well advised. The total cash that has passed through the hands of the society in its first year amounts to $14,763.87, and the treasurer estimates that the saving to the members of the society has amounted to $4,500. This then has been the gain to the members of the society alone, through the lowering of prices, but the actual saving to students through the lowering of prices, due to the society, has been very much larger. It is sometimes argued that so long as the membership of the society is large enough to keep it in existence, those who have not joined can reap the full benefit of the society, i. e., the lowering of prices, while they need not pay the yearly dues of two dollars. But this is not strictly true, for the larger the membership of the society the lower prices can fall. Besides there is a sound of selfishness in this, for, while such men enjoy to a certain extent the benefits of the society, they have contributed nothing to its maintenance. There are, moreover, other good results flowing from the society which it would hardly be possible to express in figures, and which will extend beyond our college life. We refer to the habit of cash payment which, it is to be hoped, students, having learnt at college, will carry with them through life.

The society starts the second year of its existence with a capital of $363.86. Thus it is placed on a surer foundation and a margin is afforded through which the sphere of usefulness of the society may be extended. At present the membership is thirteen, but it will probably increase gradually as the needs of the students lead them to join, and after the unqualified success of the first year it is to be expected that the membership will soon be larger than ever. We would, however, advise all to join at once. Those who put off joining until they have very decided need of the use of the society may meanwhile incur in small things some unnecessary expense. Those who expect to return another year will experience the advantages of the last year, while seniors on the payment of one dollar will in addition be able to dispose of their furniture through the society.