"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.