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Although the subscription price to members has not increased 
since 1918, the number of pages of published research delivered 
to members increased from 555 (small format) in 1918, to 1,065 
(large format) in 1930, dropping again to 950 in 1935. This in- 
crease was due, in small part, to the author-payment plan for 
prompt publication of papers. 
Furthermore, members obtained for their published papers the 
advantage of a quadrupled circulation. The advantage to con- 
tributors of a large circulation is often lost sight of. 
The total annual difference (for the entire membership) between 
the subscription price to non-members and to members has varied 
from $291 (291 members @ $1.00) in 1914 to a maximum of 
$3,689 (1,054 members @ $3.50) in 1930, with an average (1914— 
1935) of $2;205) 
The total amount of the cash benefits received in this way by 
the Society through its individual members for the 22 years of the 
Journal's existence is $48,513. Against this, the Society has made 
annual contributions (of interest and other income) totaling $9,- 
8.29, leaving a net cash benefit derived by the members of the 
eee of $39,044.71 ($48,513—$9,468.29 ). 
During 1935 the Journal has been sent gratis to 32 corresponding 
members of the Society. 
Also, during 1935 the Journal has been sent to 97 exchanges. 
The Agreement provided that there should be exchanges. The 
journals received in exchange have been freely at the disposal of 
members of the Society, and they have been frequently loaned to 
the libraries of other institutions for the use and convenience of 
the members. The cost of printing the copies of American Jour- 
nal of Botany sent in exchange is estimated at approximately $30 


a year. 
The cash value of the journals received in exchange would be 
laborious to calculate on account of the fact that their subscription 
prices are largely in terms of foreign currencies, and the rate of 
exchange constantly fluctuates. The subscription value of the 
exchanges received in 1935 has been estimated at approximatel 
$300. For most years it has been considerably below that figure. 
In no case has a subscription ever been converted into an 
exchange, and it 1s doubtful if any of the current exchanges could 

LA 
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be converted into subseriptions. 
