In this moment of hilarity and self-congratulation over three centuries of progress, Harvard can scarcely overlook the gratitude displayed by her alumni. The great majority of Harvard graduates feel, and rightly, too, that they have gained far more than they have given the University. As time passes, each alumnus sees more clearly that four years was a small portion of his life to pay for the experience which he obtained at Cambridge.

From a financial point of view alone, the endowment fund returns as an annual reinvestment in the University a sum nearly corresponding to the total of the students' payments. Expenditures in time and money are thus admittedly counterbalanced by tremendous gains, intellectual and human. A wealth of memories crowds all thought of "what might have been" from the minds of pessimists who argue that college is not worth while.

It is significant that the final impetus in Harvard's steady progress toward a position in the vanguard of world education has come during the short life of the Associated Harvard Clubs. The work of this group of interested alumni is characterized not only by generous contributions, but by the wise direction of these funds into useful channels. Typical are the Lionel de Jersey scholarship at Emmanuel College, Cambridge, and the appointment of an athletic director some years ago.

Perhaps more important to Harvard's perpectual growth than carefully selected contributions is the continuance of a spirit of intelligent inquiry among her graduates. Only insofar as this exists will Harvard's future sons be prepared to receive instruction and her professors stimulated to give it. Such organizations as the Copeland Alumni Association show that this spirit is vital, that the big men continue to attract their listeners long after the prescribed period of study has run its course. Harvard University is fortunate to be supported by a wide awake, interested body of students of all ages and walks of life.