A reduction print is a print of a large-size format film converted to a smaller size format (for example, a 70mm print converted to 35mm). Often this is necessary because not all theaters have a screen of the size required to show a film in large format, or indeed the projection equipment.  This is especially true of some screens in multiplex theaters. In former days, it was true of the neighborhood theatres located outside of downtown areas.
Conversely, a "blow-up print" is a regular format film converted to larger size (i.e., 35mm to 70mm). This was once often done so that "regular-sized" film would seem even more impressive on screens such as the ones in Cinerama theaters. 
In relief printing, a reduction print is a multicolor print in which the separate colors printed from the same block at different stages. Usually, the lightest color of the design is printed first, then the block is "reduced" by carving to the areas which the artist wants to print the second color from, and so forth. The disadvantage of reduction printing as opposed to printing from multiple blocks is that once the first color is printed, the matrix for it is destroyed in the creation of the printing matrix for the second color. It is impossible to undo mistakes.
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