IDO NOT HAVE final figures at this time, but based on preregistrations, it appears that this Convention will be the most intimate MLA meeting since 1962. Undoubtedly, a number of members have been prevented from attending because of the interesting financial situation with which we are all familiar ; whatever the reasons for the relatively small attendance—and other factors could no doubt be considered—there is no indication of a similar decline in MLA membership. On the contrary, we have already added nearly 3,000 new members for 1972, and dues for continuing members are coming in at an unprecedented rate. It appears that next year we will again exceed 30,000 members, which makes one suspect that with all of our wrongs, real or imagined, the MLA must be doing something right.

THE MANAGING TRUSTEE, Mr. Gordon N. Ray, has asked me to present to you the Report of the Trustees on the status of the MLA endowment funds at the end of the 1970–71 fiscal year. At the close of that period (31 August 1971) the market value of our securities stood at $249,000, compared with $202,000 the year before. The Trustees have approved the actions of the United States Trust Company in the management of the funds.1