The report of the treasurer of the H. A. A. reveals a state of affairs in the association's finances which is decidedly unfortunate. Last year it was pretty clearly shown by the small number of entries for the winter meetings and by the small attendance that interest in them was for that year at least at a very low ebb. Doubtless these meetings have been one of the causes of the present deficit in the treasury. They cost money and bring a very inadequate return. Moreover, we remember at least one outdoor meeting last year when there were practically no spectators at all. The cause of the trouble, however, is rather in the greatness of the expenses than in the smallness of the receipts. In the first place, the year opened with old debts amounting to over $500.00. Then the training table bill was enormous. Right here it seems to us must come the remedy. The team should be taken to a training table where no profits were made. Such a place is in existence and can probably be used. Expenses in smaller items should also be cut down. Unless something like this is done, the graduate treasurer will have a serious problem on his hands for another year.