1 6 MARINE BIOLOGICAL LABORATORY. 



Thus an actual loss in 1918 was converted into a reasonable 

 profit both in 1919 and 1920. But all departments show in- 

 crease of expense, and all earning departments increase of income. 



The financial difficulties of 1920 came not from the cost of 

 ordinary operations, but from the losses incident to the fire, and 

 the increased insurance which it was felt necessary to place on 

 the buildings and equipment, and from other capital expendi- 

 tures. The cost of replacing the mess hall and equipment 

 amounted to $20,814.90 in 1920. The insurance received on the 

 old mess hall and contents was $6,318.54. The net expenditure 

 on this item was therefore $14,496.36. The cost of new insurance 

 was $4,194.72, and, although this covers three to five years 

 insurance, the payments had to be made during the year. 

 Expenditures on the new Supply Department Laboratory ex- 

 ceeded Mr. Crane's special gift by $705.08 during the year. 

 $2,500.00 was invested in new stock of the General Biological 

 Supply House. These expenditures, amounting to $21,896.16, 

 will explain how a cash balance of $14,277.69 on December 31, 

 1919, was reduced to $772.52 on December 31, 1920, and why it 

 was necessary to borrow $5,000.00 from the Falmouth National 

 Bank. With the cessation of such capital expenditures the 

 current income is adequate to carry all ordinary current expendi- 

 tures. 



Since 1896 the charge for tuition in each of the courses has 

 been $50.00. In 1920 the cost of instruction was $6,615.36 

 and the income $5,960.00. The salaries paid the instructors, 

 though somewhat increased in the last two years, have been 

 kept consistently low. There are no charges for use of the boats 

 or for equipment, rent, or depreciation. Applications for ad- 

 mission to courses have exceeded accommodations in the last 

 two years. As our Laboratory is primarily a research institution, 

 it is believed that instruction should be self-supporting and of a 

 rigorously professional type. It was therefore decided to raise 

 the fee for each course of instruction to $75.00 beginning 1921. 

 It is hoped that the increase will not debar any who are pro- 

 fessionally interested; a hindrance that will exclude any not so 

 interested will not be harmful to the research activities of the 

 Laboratory. 



