THE Reading-Room has been re-opened this year with fairer prospects of success than ever before, since this year an attempt will be made to conduct it as far as possible on a "cash basis." The old policy of engaging papers before the subscriptions were paid has been abandoned, and the room was not opened till a sum had been subscribed sufficiently large to insure the payment of this year's bills. We hope that the present committee will be able to continue this business-like beginning. Now that the pictures have been removed, we hope that the College will not object to smoking in the room. It has been proposed to confine the privileges of the room to those who pay for them by giving latch-keys to the members; so that the officers will no longer waste valuable time in dunning men who are unwilling to pay for the use they have made of the room. Subscriptions will still be received at 3 Hollis.

But while the Reading-Room has recovered its footing, the Boat-Clubs are fast sinking into the slough of debt. It would seem that it is almost entirely through Mr. Blakey's generosity that the clubs will have boats for their crews to-morrow. When the present system was founded, in order to insure him what the originators of the plan considered a fair profit, he was guaranteed two hundred members, each paying $15 a year, in return for which he has provided boats enough to allow one third of the members to row at the same time. As there is an impression that he is in some way making an inordinate profit on these boats, we have collected a few figures to show the present condition of his investment. The number of paying members is as follows: in Holworthy, 10; in Matthews, 17; in Weld, 31; in Holyoke, 20. This must be compared with the number last year: Holworthy, 39; Matthews, 61; Weld, 70; Holyoke, probably as many as in Matthews or Weld, but the records cannot be found. The totals are: paying members this year, 78; last year, probably 235. In training for the races, Weld alone has been entitled to boats for both crews, while Holworthy, using 10 seats, had a right to 3 3/1. Thus it is seen that boats which last year were provided for about 235 men, paying $3,500, are used by 78 men, who have paid sometimes only half a year's assessment; so that so far Mr. Blakey's receipts are this year less than a third of last year's. Most of his boats are lying useless on his hands, or are used by men who will not pay promptly, and who, by the Constitution, should be prevented by the club officers from rowing.

If Mr. Blakey's profit is too high, which seems impossible at the present rate, since the boats will need to be renewed every three or four years, the club officers should investigate the matter, and ask him to reduce his charges, instead of allowing men to think that he "exacts" or "extorts" too much. Mr. Blakey has assured us that he is willing to act fairly toward the students and reduce the assessment as soon as it is possible; we therefore hope that, if the club officers have reason to think that $15 a year is too much, they will publish their figures and ask a reduction. At present, students have no right to ask concessions from him, since he is receiving less than a third of the sum he was led to expect annually.