It shall be the duty of such officers of the Michigan state agricultural society, as it may elect for that purpose, annually to regulate and award premiums on such articles, productions, and improvements, as they may deem best calculated to promote the agricultural and household manufacturing interests of the state, having special reference to the most economical or profitable mode of competition in raising the crop or stock, or in the fabrication of the article offered: Provided always, That before any premium shall be delivered, the person claiming the same, or to whom the same shall be awarded, shall deliver to the president of the society, in writing, an accurate statement and description, verified in such manner as the officers aforesaid may direct, of the character of the soil, and the process of preparing it, including the quantity of manure applied in raising the crop, or the kind and quantity of food in feeding the animal, as the case may be, also the kind and cost of labor employed, and the total expense and total product of the crop, or the increase in value of the animal, with a view of showing accurately the resulting profit.