"Smad" duly received its copy of the 37th Report to the Association, and now firmly believes the statement that the Executive is handicapped by a mass of hack work. Perhaps the past year can be best described as a "solid year" with occasional purple patches. For instance, the Executive is to be congratulated on paving the way for the new "Smad," and, from the sublime to the ridiculous, checking the loss on the Cafeteria. Capping—the best for years—was carried through be the hard work and enthusiasm of the organisers and a large body of the students, while of Otago goes all the credit for Tournament. "Smad" notes with extreme disapproval that the Building Committee did not meet once during its term of office. As all University reports are taken as read, we publish below some of the more interesting extracts which indicate future action.

Building Committee.

Your Executive reappointed last year's representatives. . . . . . The Committee has not met. However the past year has been one of considerably greater activity in this respect. During the visit to Wellington of the Director of the Carnegie Institute your Executive attempted without success to obtain a grant from this source. Considerable publicity centred on the project during the Capping Celebrations, and your Executive earnestly recommends that the numerous vague theories at present in circulation be subjected to early and close scrutiny, and if found workable put into operation. The end of the coming year should at least see a site chosen, the plans drawn and an active and continuous convass for funds in progress. During the year the fund has increased from interest, Students' Association grant, proceeds of the Capping Book, sales of "Spike," and grants made by the Dramatic club. Your Executive records its warm appreciation of the Club's action in paying profits from their productions into the New Building Fund, and suggests that it is an example well worthy of emulation by other clubs.

Numerous replacements and repairs have been effected in the Gymnasium, but its annual upkeep is a constant drain on the Association's finances, and its facilities, even when bolstered up to the very limit, are so pathetically inadequate that your Executive appeals to every member to spare no effort in working towards that most cherished ideal of Victoria University College—a new and adequate Students' Union Building.

"Smad."

Your Executive was of opinion that "Smad" in many respects was failing to fulfil its objects, and accordingly introduced a complete change of organisation and format to provide for its issue as a weekly publication in newspaper form. That this course was justified may be gathered from the fact that the number of members who are annual subscribers has risen from 80 at the end of the 1934 session to something over 300 at the present time. Your Executive recommends that definite steps be taken to increase the subscription list, as even 300 is a relatively small number when it is realised that there are some 700 students at Victoria College. The extremely favourable business arrangements of 1935 may not be available in 1936, and this is a fact which should be provided for.

The Tournament Report.

Tournament 1935 was for us an unforgettable occasion. The Wooden Spoon again found its way to Wellington, but the least we can say is that our six points were four times as many as we got last year. With Tournament at Wellington next year we should be able to field our best representatives, and the prospects must be counted as bright.

As everyone knows, the responsibility of next year's Tournament lies with us. It will be for us to ensure first, that every detail of the vast organisation necessary is carried out thoroughly, and secondly, with the machinery running smoothly, to spare no effort to repay the hospitality and kindness which we have received at the hands of our hosts of recent years.

Finances.

Although we have ended this year with a small surplus of income over expenditure, it was mainly brought about by reduced grants to clubs and a smaller transfer to the Building Fund, last year there being an additional £50 transferred. Our main source of income, Student Association fees, fell this year by £90, while smaller profits were made on the various functions with the exception of the Capping Revue, which netted a handsome profit of £109. The total transferred to the Building Fund from the Association's funds amounts to £125/9/7, it being decided to transfer the profits from both "Spike" and "Cappicade" to the fund this year. Unfortunately the results from the Cafeteria are not very satisfactory, but after due consideration during the long vacation certain alterations were made in the running of the Cafeteria, with the result that for the three months of this year there has been no loss on trading.