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(3) The editors observe in the memorandum sent by the Committee the following statement: "The Committee does not feel that the University can continue to support so heavily an activity which relatively reaches so small a number of people regardless of the fact that the Committee is fully cognizant of the high standing of this magazine in literary circles." The editors wish to call the attention of the Committee to the fact that the influence of the magazine is not to be determined by the number of subscriptions. A substantial percentage of the circulation of the magazine is with libraries, and the editors have received a good deal of evidence to indicate how heavily such copies are read. For instance, one library has a triple subscription, and it has been reported by one correspondent from Harvard that the copy of the magazine was worn out before he had the opportunity of using it. A second point may be made in this connection: it concerns the character of the audience which the Review reaches. It is an audience which is vocal and influential. In reaching such an audience, the Review, it may be maintained, does not merely render a service to the University but also makes a worthy contribution to society at large.