CAMBRIDGE, Feb. 3rd.

To the University:-

Very few men realize the difficult position in which the Governing Committee of the Boat Club finds itself and how many obstacles hamper its effective administration of rowing matters. The aim of the committee is, above all things, to administer the finances wisely and economically, and, to do this, desires to work on a cash basis only.

Last year's captain was confronted with a debt, and not knowing in advance how much money he could depend upon, was prevented from ordering boats, oars, etc., early enough to receive them in proper season.

In consequence, he did not receive the support he needed, and was prevented from doing justice to the University, his crew and himself. The responsibility now rests with the University to support their committee.

Manager Keyes, who is now hard at work obtaining subscriptions, has a duty which is not a light one to perform, and the committee appeals to every one in the University to do his utmost to render the work of Mr. Keyes as successful as possible. Messrs. Hallowell, Holden and Wood, '88, Storrow, McPherson and Moore, '89, and Crehore and Slocum, '90, have volunteered to assist Mr. Keyes, and are deserving of no little credit for the energy with which they have worked and their gratifying success thus far.

The thing which gives the committee the most anxiety is the fact, revealed by the records of former years, that the larger part of subscriptions is paid after the first of May. It is of the utmost importance that every dollar necessary for this year's expenses be subscribed immediately and paid before March 1st, at the very latest, and as much before that date as possible; in fact, at once.

It is simply impossible for the committee to carry out its plans, if it has no funds to work with, hence the necessity of asking that subscriptions be paid in at once; before the first of March in any event. If this is done the committee believes the club will have no debt for '89 to assume.

In former years, subscriptions have, as stated already, been paid near the end of June, and consequently extensive credit, which means higher prices, has of necessity been asked during the spring of all parties with whom the Boat Club has had dealings.

In order to economize, the Boat Club must do business on a cash basis; but the committee is tied hand and foot if it has not enough cash on hand, as is the case at present. As a consequence, many plans will be delayed and chance of success put in danger.

Some of the debt of the Boat Club, as it stood on November 1st, 1887-amounting to $2,187.28-has been paid, and propositions for paying off the rest as rapidly as possible are under consideration. A statement of that whole matter will be made shortly.

Meanwhile it is of the greatest importance that money to meet this year's current expenses be paid in now, and that the whole amount necessary for this year's administration be available at the earliest possible date.

Manager Keyes has received, thus far, only $1000.00 in all upon subscriptions, and has to contend with the serious obstacle of promises instead of cash payments. Judging by the expenses of the last three years-at Yale and Columbia, as well as here-at least $5000.00 will be needed for the current expenses of '88. There are nearly 2000 men connected with the University, and it seems to the committee that it ought to be possible to obtain the $5000.00 at once,

Without this sum in hand before the first of March the plans of the committee cannot be carried out as they wish. The committee therefore asks every one to subscribe liberally-something at any rate. The necessity and importance of ready money cannot be over-estimated, and the committee appeals to the loyalty of the whole University.

E. C. PFEIFFER.Secretary to the Graduate Governing Committee.