That the business of the Co-operative Society has been considerably affected by conditions imposed by the war is the substance of the semi-annual report issued by the Society. For the six months ending December 30, 1917, the total sales at the main store and its branch amounted to $204,085.47 as against $260,513.37 for the corresponding period in 1916, which represents a decrease of $56,427.90. A year ago, however, the Society made a phenomenal showing in net profits so that the present shrinkage is more considerable in comparison. The gain indicated by the report is as large as in some previous years under normal conditions.

It is in the two departments supervising the sale of books and furniture that the loss was most evident. Gross profits from dealings at the main store and its branch amounted to $43,283.98, as compared with $54,586.26 a year ago. This shows a decrease of $11,302.28. Considering receipts from membership fees and incidental income the not profits for the half-year were $15,605.60.

The earnings of the Technology Branch, as revealed by the semi-annual statement, more than prove that the establishment of such a store was a profitable experiment, and with reasonable prosperity during the remainder of the year that branch will earn for its members a higher rate on the dividend than will be earned on the business of the main store. The latter, however, has accumulated from the proceeds of preceding years a surplus which can be used to make up for any loss. A considerable reduction in expenses also was made. The reason assigned for the difference between the amount of sales at the University and Technology is the decrease in the University enrolment.

University Membership Declines.

The total membership of the Co-operative Society on December 30, 1917, was 3,573, as compared with 4,117 at the same time last year. The number of University members has been reduced by nearly 900 as the result of the 40 per cent, falling off in the total registration. On the other hand, at Technology, where there has been no substantial decrease in attendance, the membership of the Society has been augmented by approximately 350.