The estimate of crew expenses published this morning, is the first of its kind which has ever been made, and is an outcome of the inquiries recently instituted by this paper. Its object is to place the financial affairs of our most important and costly athletic organization before the students, that they may see where it stands, and what it expects to do with regard to money matters. The estimate is very clear, and shows a state of affairs much more favorable than we had hoped for. While we still differ from the management in regard to the need of some of the minor expenses, we cannot but congratulate them on the business-like way in which they have set themselves to work to make the current expenses less than the assets, and also to reduce the debt very largely, instead of increasing it. The current expenses of this year will be much less than last year, if the managers come anywhere near their estimate. Add the sums $2172.72 already spent, and the estimate of future expenses, $4211.73, and then subtract the bills paid and unpaid, left from last year, $2054.91, and $470.00, the share of the class crews towards the running expenses and service at the boat house, and the result is $3859.54, or over $1100.00 less than the figures recently given, $4975.00, as the actual expenses of the university crew for 1883-84. But subscriptions cannot be lessened if the debt is to be reduced as the managers propose. Although the current expenses are smaller, there is the terrible load of over $2000 of debt to pay off, and men must respond liberally if they wish the managers to keep even with their figures.