The report of the Graduate Treasurer of Athletics for 1908-1909 has been so long in making its appearance that we find some difficulty in recalling the causes which brought about the various fluctuations in expenses and receipts. Two points, however, are made clear by a short study of the financial statement, namely, that the football expenses were greatly increased and that the large credit balance shown in 1907-1908 is missing. In fact, the credit balance last year was so small that without the money collected by subscriptions there would have been a decided deficit. The increase in the football expenses was, of course, due largely to the trip to New Haven-money well spent. However, we have always disbelieved in the practice of supporting teams by subscriptions, and it certainly seems as though the expenses should be kept within the receipts, exclusive of subscriptions. They are at best an uncertain form of income and their burden is unequally and unfairly distributed. There are many ways in which the receipts from the major sports could be increased, and the CRIMSON again repeats that it believes the system of collecting subscriptions should be discontinued.