THE ASSOCIATED PRESS FIFTH ANNUAL REPORT OF THE BOARD OF DIRECTORS ΤΟ THE MEMBERS AT THE SIXTH ANNUAL MEETING, HELD AT NEW YORK, TOGETHER WITH THE PROCEEDINGS OF THE MEMBERS AND THE BOARD OF DIRECTORS THE ASSOCIATED PRESS INCORPORATED UNDER THE LAWS OF THE STATE OF NEW YORK %1X-51 REPORT OF THE BOARD OF DIRECTORS. To the Members of The Associated Press: Board of In accordance with the provisions of the By-Laws, Annual Report. your Board of Directors present herewith their report of the operations of the Association for the fifth fiscal year, which ended on June 30, 1905. It will be observed, from the Auditor's report, that the expenditures for the year exceeded the income by $43,279.22. This was due to the heavy burdens imposed by the Russo-Japanese war and the disturbed condition of affairs in European Russia. Your Board fully anticipated such a result, and the deficit occasions therefore neither surprise nor alarm. In the last Annual Report your Board made the following announcement: "Fortunately, by establishing a surplus in advance, it has not been found necessary to make any general increase in assessments, nor does your Board anticipate any contingency which will require such an increase." Although the demands upon the Association have been heavier than could have been foreseen, it is gratifying to be able to assure the members of The Associated Press that the prediction made a year ago is likely to be fulfilled. An examination of the financial tables will show that the entire deficit for the year resulted from the operations of the first three months, and that, although the necessity for heavy 3 |