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meaning that it holds data or programs that are currently unused but
might be re-used in the near future.  14927K is currently used for I/O
buffers.  Approximately 385264K - (172972K + 14927K) = 197320K is in
active use.

I repeat, a low value for free memory doesn't indicate high memory
contention.

While, in general, it is good to use programs that minimize their memory
use, you don't need to be overly concerned at this point.  Your system
is not "out of memory".