Dear Time-Reader A bit of fiscal history in the form of an overdue debt came to light the other day in a letter from TIME Reader Don King of Dallas. He explained that he had been driving across the plains of Texas with an old newspaper friend, when they began talking about the thoroughness of TIME's worldwide news coverage. Wrote King:

As a newspaperman, foreign correspondant and TIME reader for 25 years, I could speak with some authority. During this discussion, I also remembered the time when I had some personal experience in reporting for TIME. I told my friend the story and he urged me to write and tell you about it.

It began on a June morning in Shanghai in 1932. I was then a correspondent for the United Press. In front of the North China Daily News Building on the Bund I ran into one of TIME's editors, who was on a trip through China. In the course of our chat he became interested in an extracurricular activity of mine, which was managing the Shanghai Amateur Baseball Club, the oldest U.S. organization in Shanghai. The club was originally formed in 1865, and it frequently played the Presbyterian Mission at Sungkiang, an all-Chinese team captained by onetime Premier Tang Shao-yi. Early competition was also found in the crews of clipper ships, later from visiting warships of the U.S. Navy, and finally mainly from men in the famed 4th Regiment, U.S. Marine Corps. The Fourth of July was always the big game of the year, the highlight of the American community's celebration that followed the consul-general's reception and the big party at the American Club.

As I explained this, the TIME editor became interested in the event as a bit of expatriate Americana and thought it might make a sport story for his magazine. He asked me to mail New York full background on the upcoming game between our club and the Marine Corps team, and after the game cable New York the score and the highlights of the day.

I did both. But the cable company credit manager refused to accept my message slugged RTF (receiver to pay). So I had to pay the cable tolls on the message. The next day I billed TIME, not for my services, just for the cable tolls that I had paid. I heard nothing more about it; except that later I did read a brief item in TIME based on my material (TIME, July 11, 1932).

I am not able to offer any proof of this obligation, since I lost all my records and almost everything else except my life, wife and daughter when I got out of Shanghai a couple of jumps ahead of the Communist occupation in 1949.

Actually, I'm not very anxious to collect. For years now I have been able to state, with quiet dignity, that TIME magazine owes me money. In fact, I have unfailingly so stated whenever the name of the magazine has been mentioned. Listing TIME among my accounts receivable is an asset out of all proportion to the amount of money involved, particularly since I always neglect to mention the sum—$10.60.

WITH belated commiseration to Reader King, whose team lost that 1932 ball game to the Marines 12-4, and embarrassed by the fact that his bank account is still short $10.60. TIME Business Manager James A. Thomason has finally squared the account.

Cordially yours,