At the annual meeting of the Co-operative Society last night the following officers were unanimously re-elected to serve for the next fiscal year: President, Professor L. J. Johnson of the Scientific School; secretary, H. R. Meyer; other members of the board of directors, Professor J. I. Westengard of the Law School, Professor J. H. Gardiner of the Faculty of Arts and Sciences, Professor F. B. Mallory of the Medical School, M. A. Sullivan 2L., S. Cunningham 1G., B. Wendell, Jr., '02, R. Ernst '03, and A. A. Ballantine '04.

Amendments to the present constitution were passed providing for a president's salary of $800 per year, for paying the secretary $10 for attendance at each meeting of the board of directors, for extending the privilege of membership in the society to the members of the Tufts Medical School and for clearing up several minor points in the constitution and by-laws which were ambiguous.

A motion was passed, empowering the board of directors to prepare complete plans for the reorganization and incorporation of the society, and the transfer of its assets to the corporation thus formed, and the vesting of the stock of the corporation in a staple board of directors. The plan drawn up by the board will be submitted to a vote of the members of the society by the Australian ballot system.

In the quinquennial period covered by the financial statement presented last night, the proportion borne by the average price paid for the merchandise sold, to the average price realized from the sale of merchandise, fell from 85.3 per cent to 83.5 per cent. In other words, in 1896-97 the Society paid, on an average, $85.30 for merchandise that it sold for $100, whereas, in 1900-01, the Society paid, on an average, $83.50 for merchandise that it sold for $100. That reduction of $1.80 on the cost of $100 of merchandise sold, was distributed as follows: $1.20 to profits, which rose from $2 90 per $100 of sales to $4.10; and $.60 to expenses, which rose from $11.80 per $100 of sales to $12.40. The increased profit arising from the fall in the average cost of the merchandise sold for $100, was thus distributed between increase of profits and increase of running expenses in the proportion of two to one. Over the whole quinquennial period, the total of profits was distributed between dividend account and capital account in the proportion of 2.6 to 1