leaving a balance of . . . . . . . . . . . . 1,445.27 from which deducting the amount of doubtful debts contracted this year . . . . 284.43 -------- we have . . . . . . . . . . . . . . . . . . $1,160.84
which is to be divided according to the Constitution.
"By the last yearly report of this Direction it appears that the Association has been a loser up to November 1, 1843, to the amount of $2,748.83. In this amount was included sundry debts against associates amounting to $924.38 which should not have been included. There were also some small discrepancies which were afterwards discovered, so that on settling the books, the entire deficit appeared to be $1,837.00.
"To this amount should be added the proportion of the damage done to the tools, furniture and general fixtures and depreciation in the live stock, by the use of the two years which the Association has been in operation previous to that time. The whole damage of this property by the use of these years has been ascertained by inventory to be $365.54, according to the estimates and statements prepared by Messrs. Ryckman and Hastings, which are herewith submitted.
"Of this sum, $365.54, we have charged one third, $121.85, to the account of the current year, and two thirds, $243.69, to the account of the two preceding years. To the same amount should also be added sundry debts which have since proved to be bad, amounting in all to $678.08, and also an error in favor of I. Morton amounting to $17.74, which has since been discovered in his account, so that the total deficit of the preceding years will appear to be as follows:--
Deficit on settling the books..... $1,837.00 Damage on furniture and fixtures..... 243.69 Bad debts, including debts of associates considered doubtful....... 678.08 I. Morton............................ 17.74
Total.............................. $2,776.51
"From this amount is to be deducted the value of the farm produce consisting of hay, roots, manures, etc., on hand November 1, 1843, which was not taken into the amount of last year, but which has been ascertained to be $762.50, as well as the value, $49.13, of the family stores which were on hand at the same time, but were also omitted from the amount.