The first six months of the present fiscal year of the American Missionary Association closed March 31st. The receipts are $18,961.74 more than for the same period last year. The increase in donations is $10,699, and in estates $6,433.24, exclusive of the reserve legacy account. The tuition and similar receipts are $1,829.49 more than last year. This is a favorable and encouraging showing. We gratefully acknowledge the generosity of the friends of the great missionary work carried on by this Association, as evident in their increased donations. The payments during this period have been $17,595 more than for the same months last year. The net balance, exclusive of the reserve legacy account, is $1,366.74 more favorable than that for the first six months of last year. The increase in current receipts has been expended in the mission fields which have been so greatly crippled by the enforced retrenchments during recent years. The Association rejoices in its freedom from debt and in the favorable showing for these first six months. The next six months include the summer season, in which missionary gifts are often greatly reduced and the income suffers. We would again remind the pastors, Sunday-school superintendents, officers of Endeavor Societies and Woman's Missionary Circles of the great and pressing need upon the Association, both in old and new fields, among the many millions for whom our faithful missionaries labor. Porto Rico demands increased gifts. The field is opening with great hopefulness both in educational and evangelistic lines. Word comes from missionaries there urging reinforcements, which means more consecrated money to meet this pressing necessity. * * * * * A WORD AS TO THE MAGAZINE. Letters frequently come to the editor of this magazine expressing regret that it does not reach the subscriber regularly each month. No one can regret this fact more than the editor. It must be remembered that the magazine is no longer a monthly, but a quarterly. This reduction in the frequency of the issue of our periodical was found necessary by the Executive Committee during the hard financial conditions through which we have recently passed. In order to economize in the expenditures, the four numbers per year were decided upon. The economy was necessary. The disadvantages, however, are very apparent. Large space in each magazine is necessarily occupied by the statistical report of receipts. This is essential. It is an important financial safeguard and an evidence of the thorough business administration of the Association.