1893 - State Library Information Center

OO-OPEEATIVB BUILDING AND LOAN ASSOCIATIONS. 459and undivided profits amounting to $150.67. During the year1893 series No. 10 was started, and shares as follows were withdrawnand cancelled:3d series, 6 shares cancelled; 4th series, 20 shares; 7th series,75 shares; 8th series, 50 shares; 9th series, 92 shares; so thatat the close of the year 1893 the sharea to participate in profits,or, in other words, the capital invested can easily be found byadding the dues for the current year to the shares remaining andmultiplying the amount by the number of shares as follows:riea12345678910Shares• ' 73:• 78589481373303522315350Value of Share$196.51143.66122.51102.9384.9067.9552.3537.8924.4712 00Value of SerieB$12.1552311205.887,105 589,675.426,876 9011,755.3515,862.0519,777 587,708 054,200.00Total 1 profit-sbairing capital$106,321.64I think you will agree with me that the above figures give theactual capital absolutely and beyond question. Yet you see thereis no finding of powers or even equatation of payments. Thereis no additional bookkeeping and the method needs no morearithmetic than any officer, however poorly educated, possesses.Having settled the method of arriving at the capital, the nextstep will be to find the actual profit made during the .year. Indoing this we must not lose sight of the fact that those who withdrewduring the year drew their share of the profits last declared,and probably their share of this year ; s earnings. - So that whilethe first named must be charged up against last year, the lattermust go against this year. We muBt therefore post up profit andloss, crediting it with undivided profits of last year, interest onloans, interest on deposits, entrance fees, fineB, premiums, rentsand any other receipts of a like nature; and debiting it withsalaries, expenses, interest on withdrawals accruing during thecurrent year, losses actually made during the year. . :