MARINE BIOLOGICAL LABORATORY. 



Cost of books and periodicals purchased in 1916, 



1917, 1918, and 1919 set up 3-9SI-I5 



$92,687.44 

 Deduct cost of mess hall equipment destroyed by 



fire March 17, 1920 3.577-04 89,110.40 



$376,267.63 



January 20, 1921. 

 MR. D. BLAKELY HOAR, 

 161 Devonshire Street, 

 Boston. 



Dear Sir: We have completed our audit of the accounts of the 

 Marine Biological Laboratory for the year ended December 31, 

 1920, as kept both at your office in Boston and at Woods Hole, 

 and report thereon in the accompanying exhibits and schedules: 



Exhibit A Balance-Sheet as of December 31, 1920. 



B Income-and-Expense for the Year ended December 



31, 1920. 

 Schedule I Investments (Book Values). 



II Cash Receipts and Payments on Account of 



Investments. 

 Ill Summary of Inventory of Land, Buildings, and 



Equipment. 



IV Depreciation Reserve. 



V Supply Department Income-and-Expense for the 

 Year ended December 31, 1920. 



We certify that, subject to the comments herewith, the balance- 

 sheet and income-and-expense statement shown in Exhibits A 

 and B are in accordance with the books and correct to the best of 

 our knowledge and belief. 



Very respectfully, 



HARVEY S. CHASE & Co., 

 Certified Public Accountants. 



