This is the semi-annually magazine published by the Centre for Magical Arts by Bill Kalush. The price is half of a "Charlier" subscription to the centre. It contains four long(ish) articles about historical subjects and a number of colour pictures.
It is very interesting for the early story of conjuring, although this issue is particularly concerned about early gambling. I think the first article (about the "yawning mouth") is the most interesting (to me, at least), while the one on German early gambling is the most boring one... Nevertheless, it is worth to be studied and its contents remembered.