The most notable feature of the annual report of the Graduate Treasurer of Athletics for the year 1911-12, which the CRIMSON publishes in detail on another page this morning, is that there is a surplus of nearly twenty-eight thousand dollars, more than twice the amount of the deficit which resulted at the end of the preceding year. And this surprisingly large surplus has been accumulated in spite of the huge vacuum in the treasury at the beginning of the year and in spite of the fact that the outlay for the maintenance of athletics was in many departments greater than ever before. This signal attainment is the direct result of more efficient, more practical management which has effected, at the same time, an increase in revenues together with more careful and judicious expenditure. It was not without misgivings as to the ability of athletics as a whole ever to be entirely self-supporting that we beheld the discouraging deficit in 1910-11, for it was explained as due in part to lack of support resulting from the total abolition of the old system of undergraduate contributions. The present report shows that it is entirely possible to live well within our athletic income and yet make appreciable progress not only in caring for the teams but towards the demonetizing of athletics. The CRIMSON desires to express its appreciation of the consciencious work of the men who have put Harvard athletics on a sound financial basis. The ideals of practical efficiency apart from luxury, of extensive as contrasted with too highly intensive athletics must characterize our policy in the future.