THE DIRECTOR'S REPORT. 



higher in 1912 than in 1911 owing to (i) the appointment of the 

 assistant director to give full time to the Laboratory, (2) increase 

 in the janitor and collecting service, (3) to slight unavoidable 

 increases in the running expenses of various departments. The 

 receipts from various sources have increased year by year, so that 

 the relation of earned income to total running expenses has not 

 varied much. The following table will be of interest in this 

 connection : 



The total expenses outside of the actual purchase of real 

 estate, building, and operation of the mess are given in these 

 figures. The credits that might naturally be allowed for perma- 

 nent improvements such as the building of an ice house and work 

 shop and the purchase of the motor boat Sagitta in 1911 do not 

 appear. 



It is obvious that the expense of operation is rapidly increasing 

 in correspondence partly with the growth in attendance and 

 partly in consequence of the endeavor to furnish more efficient 

 service. The estimates for 1913 show another probable increase 

 of $4,000 to $5,000 in running expenses, and in 1914, with the new 

 building in operation, yet farther increase is inevitable. The 

 growth of the Laboratory entails increased financial responsi- 

 bility. The only way of meeting the situation and proving equal 

 to the opportunity of scientific service that is ours is to under- 

 take at once to raise an endowment fund of not less than $500,000. 

 With this to rely on the institution could hold permanently all 

 that it has gained. Fortunately, the Laboratory has no debts, 



