2O MARINE BIOLOGICAL LABORATORY. 



become an almost impossible one. Many have come here at a great 

 sacrifice of comfort and convenience for the sake of the opportunity to 

 carry on their studies. The provision of adequate accommodations for 

 students and families will make it possible for many to come who 

 might otherwise be deterred ; and will enable those who do come to 

 live free from unnecessary care. Comfortable living quarters will now 

 be available at all seasons, so that the period during which the Labora- 

 tory may be used will be greatly extended. 



We feel that the new developments made possible by these gifts, fol- 

 lowing the completion of the new laboratory building, mark an era in 

 the history of the Institution, enabling us to look forward to a period 

 of greatly increased activity, which we hope may serve to justify in 

 some measure the confidence of the Members and Trustees of the 

 General Education Board. We shall be glad to have you transmit our 

 message to your Board, and beg to remain 



Yours very sincerely, 



Signed by R. G. HARRISON, 

 H. S. JENNINGS, 

 F. R. LILLIE. 



3. The Report of the Treasurer shows assets of $2,281,219.79 

 at the close of 1926; at the end of 1925 the assets of the Labora- 

 tory were $2,182,630.50. An income balance of $7,796.31 was 

 carried to current surplus which at the end of the year amounted 

 to $83,503.64. The attention of the members of the Corporation 

 is called to the report for 1925 in which the necessity of maintain- 

 a surplus on current accounts for improvements of a permanent 

 nature is emphasized. The treasurer's report for 1926 shows very 

 clearly that while the income of the Laboratory suffices for current 

 operations it leaves very little for constructive development. The 

 budget of the Laboratory has to be prepared with the very great- 

 est care to avoid a deficit instead of a surplus. It is first outlined 

 for each year in the preceding summer and carefully revised by the 

 Executive Committee. It receives a final revision before the end 

 of the year. Thereafter it is necessary to adhere to it strictly. If 

 income should be shown during the year to be exceeding estimates, 

 leeway is provided for items outside of the budget ; otherwise not. 

 A very special responsibility for financial soundness rests upon an 

 organization of scientific men, that their judgment in practical af- 



