12 CARNEGIE INSTITUTION OF WASHINGTON. 



able long-term leases), and ten vessels. Investigations have been carried on 

 in more than thirty different fields of research and the geografical range of 

 this work has extended to more than forty different countries. One hun- 

 dred and sixty-seven volumes of publications, with an aggregate of more than 

 40,000 pages of printed matter, have been issued directly by the Institution 

 to date, and twenty-five volumes are now in press. These works are distrib- 

 uted gratuitously to a limited list of the greater libraries of the world and they 

 are also offerd for sale at the nominal cost of publication. In addition to 

 these publications issued by the Institution itself, upwards of twelve hundred 

 shorter papers have been contributed to the current journals of the world by 

 departmental investigators, by research associates, and by collaborators. 



Except for a few gifts from friends of the Institution and its investigators, 

 the costs of the work accomplisht and of the property acquird have been 

 paid wholly from the interest on the endowment of the Institution. The 

 total amount of funds derivd from this source, from interest on tempo- 

 rary investments and bank balances, and from miscellaneous sources is 

 $4,723,570.45. The total amount of funds appropriated for expenditure to 

 date is $4,947,401, which includes $329,442, which have been reverted and 

 afterwards reappropriated. The total amount expended to date is $4,590,- 

 820.90. Of this amount $1,540,840.37 are represented in land, buildings, 

 vessels, equipments, and publications in stock; $371,415.35 have defrayd the 

 expenses of administration ; $281,223.96 have been spent for publications, and 

 $2,418,708.45 have been applied directly to the prosecution of research. 



The printed financial statements issued monthly from the offis of adminis- 

 tration exhibit the details of receipts and expenditures for each month of any 

 year, the aggregates of receipts and expenditures from 

 Status the beginning of any year, and the corresponding aggre- 



of the Institution. g a tes f or the period which has elapst since the founda- 

 tion of the Institution. But while these publications show that the present 

 financial status of the Institution is sound and that it may be kept so by 

 living within an income of about $615,000 per year, they make no refer- 

 ence to the very adverse economic condition to which institutions dependent 

 on fixt incomes are now subject. This adverse condition arises from the 

 world-wide increase in prices of commodities and in the cost of living 

 which has been going on since 1897. Conservativly stated, it may be said 

 that the increase in question has been upwards of 20 per cent since the 

 foundation of the Institution ; so that the purchasing capacity of our pres- 

 ent income of $600,000 per year is no greater than that of the original in- 

 come of $500,000 would be under such economic conditions as obtaind in 

 1902. Moreover, existing circumstances point clearly to a still further rise 

 in world prices, or to a still further diminution of the purchasing capacity of 

 the Institution's income. Attention was cald in my report of a year ago to 



