3 MAY 1913, Page 18

"THE MODERN CHURCHMAN."

[To THE EDITOR OF THE " SPECTATOR." J SIR,—Whilst thanking the Rev. E. D. Stone for his kind letter and acknowledging the accuracy of his assertion that The Modern Churchman "does not yet pay its way," I feel it would be unjust both to our cause and to our generous supporters if I allowed his statement to pass without adding that our accounts for the year just closed show a credit balance of £90 14s. 10d. Thanking you for your kindness in per- mitting me to make this explanation, I am, Sir, &c., (Editor of The Modern Churchman).