THE REPORT OF THE TREASURER. 5 



mittee from their own number, and to delegate to such Committee such 

 of their own powers as they may deem expedient. 



VII. The accounts of the Treasurer shall be audited annually by a 

 certified public accountant. 



VIII. The consent of every Trustee shall be necessary to dissolution 

 of the Marine Biological Laboratory. In case of dissolution, the prop- 

 erty shall be disposed of in such manner and upon such terms as shall 

 be determined by the affirmative vote of two-thirds of the Board of 

 Trustees. 



IX. These By-laws may be altered at any meeting of the Trustees, 

 provided that the notice of such meeting shall state that an alteration 

 of the By-laws will be acted upon. 



X. Any member in good standing may vote at any meeting, either in 

 person or by proxy duly executed. 



IV. THE REPORT OF THE TREASURER. 

 To THE TRUSTEES OF MARINE BIOLOGICAL LABORATORY. 



Gentlemen: As Treasurer of Marine Biological Laboratory, I 

 herewith submit my report for the year 1926. 



The books have been audited by Messrs. Seamans, Stetson & 

 Tuttle, Certified Public Accountants (Successors to Messrs. Har- 

 vey S. Chase & Company, who for a number of years have audited 

 the books) . A copy of their report is on file at the Laboratory and 

 is open to inspection by any member of the Corporation. 



The principal of the Endowment Fund at the close of the year 

 consisted of securities of the book value of $906,337.50 and cash 

 $112.00. The Income from the Endowment Fund was $47,517.48, 

 and the fee of the Trust Company as Trustee was $787.50, leaving 

 a net income from the Endowment Fund of $46,729.98. A full 

 list of the securities will be found in the Auditor's report. 



There was no change in the securities of the Lucretia Crocker 

 Fund during the year. The cash in this Fund at the end of the 

 year was $587.77. 



The land, buildings, library and the equipment of the Laboratory 

 excluding the Gansett and Devil's Lane property and the buildings 

 under construction, represents an investment of $1,263,343.05, and 

 after deducting $107,444.95 for depreciation, a net book value of 

 $1,155,898.10. 



