The semi-annual report of the Co-operative Society presented to the Directors at their February meeting a few days ago shows a gain in business, for the first half of the current year amounting to about $15,000. If the rate of increase is continued, the business of the Co-operative for the entire year will amount to over $400,000. In membership there has been a gain of 118 over the corresponding figure for a year ago. The report also showed a slight decline in operating expenses, while the ratio of gross profits has been maintained. There is every probability, therefore, that the usual 9 per cent. dividend will be declared at the end of this year's business, with a chance that it will be raised to 10 per cent.

Accompanying the report is a statement showing the results of the Purchasing Agency arrangements made between the Co-operative and the University about a year ago. During the past eleven months the University has purchased, through the Co-operative, books, printing paper, stationery, and other supplies amounting to about $15,000. A careful record of the saving made by the purchasing agency arrangement has been kept, from which it appears that this amounted, on the average, to about 9 per cent. on all stationery supplies.