MARINE BIOLOGICAL LABORATORY. 



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. 



We certify that, subject to the comments herewith, the 

 balance-sheet and income-and-expense statement shown in Ex- 

 hibits A and B are in accordance with the books and correct 

 to the best of our knowledge and belief. 



Very respectfully, 

 (Signed) HARVEY S. CHASE & COMPANY, 



Certified Public Accountants. 



V. THE DIRECTOR'S REPORT 



January i, 1920 

 To THE TRUSTEES OF THE MARINE BIOLOGICAL LABORATORY: 



Gentlemen: I beg to present herewith a report of the thirty- 

 second session of the Laboratory for the year 1919: The con- 

 clusion of the war found the Laboratory with its organization 

 intact and ready to continue its work. It was anticipated that 

 there would probably be a rather slow recovery of ground lost 

 during the war, and we were hardly prepared for an influx of 

 students and investigators that carried the attendance beyond 

 the previous high water mark. The demand for working places 

 by investigators and students was, however, so large that it was 

 necessary to refuse a considerable number of applications. The 

 Laboratory has in fact outgrown its accommodations in all 

 departments. 



It is felt by most members of the Laboratory that the student 

 attendance should not be increased, and that the tendency to 

 overcrowding must be dealt with by yet more rigorous require- 

 ments. On the research side, the situation is more serious; it 

 is practically impossible to accommodate all well qualified in- 

 vestigators who apply, and the effort to do so results in undue 

 crowding. This situation is aggravated by the fact that the old 



