-206-


Amount of On the basis of sales figures as reported un to January 31,
Assessments 1935, and estimating the sales-to the end of the budget
 period, March 25, 1935, the total assessments due from mem-.,
 bers of the industry will amount to about $115,000. 1
 The amount actually expended for Code work un to January 31.|
 1935 plus the estimated expenses to the end of the budget I
 period, March 25, 1935, '-ill amount to about .73,000,. 0
 leaving a surplus of approximately $42,000. The Code Auth*j
 ity passed a resolution to distribute, at the end of the
 budget year, March 25, 1935, $30,000,00 of this surplus to !l
 the members of the industry in pro-ortion to the amount co*
 tribute by each member to the Code Authority during the
 budget year. .
 The balance of the sur-lus amounting to about 1l2,000. willf
 be allowed to remain with the Code Authority so as to
 insure funds for the continuation of Code work.

Compara- The new budget, from March 26, 1935 to March 25, 1936, is
tive to be $23,000. less than the old budget from March 26, 193
Budget to March 25, 1935.
Figures The rate of assessment is reduced from one-third of one
 per cent to one-fourth of one per cent. '
 The method of assessment will remain the same, being based
 on the volume of sales, to all members of the industry
 alike. "
 The price of labels will remain the same, t2.50 a thousands,
 The method of assessment will remain the same the total
 amount paid for labels will be credited against assessment,
 Very truly yours,
 Very truly yours,


 .. CODE AUTHORITY
LADIES' HANDBAG INDUSTRY


AM:R:AS


(Siened.)


A. Mittenthal


A. Mittenthal
 Code Director


9811