In commencing a new volume the Editors desire to convey their thanks for the generous support they have received during the past year from contributors and subscribers. They still, however, find themselves faced with financial difficulties of a serious nature, arising from the continued increase in the cost of production, For the first half of 1920 a small profit was made, but this was almost wiped oyt by a considerable further rise in the cost of printing in the middle of the year. An important item in expenses is the cost of plates, and they are regretfully compelled to inform their contributors that it will under persent conditions be impossible to produce plates at the expense of the magazine. They feel sure, however, that their friends will not hesitate to incur the expense involved in meeting the cost of the illustrations, which are so voluntarily in the past, and the editors trust that even under the present conditions, that bear so heavily on people of moderate means, they will be able to continue to provide them.