o2 
.in excess of assured income. Also for the first time in the history 
of the Garden we have closed a fiscal year (1923) with a de facto 
deficit. The financial statements which accompany this report do 
not show a deficit because a transfer has been made as a tempo- 
rary loan from a restricted account which should be reimbursed in 
1924. 
Endowment.—The director will welcome an opportunity to 
show to any one interested an itemized statement indicating the 
immediate and pressing need of an increased endowment of not 
less than $500,000. ‘To realize adopted plans more than twice 
that amount is necessary. A list (not complete) of objects for 
which additional endowment income is needed follows: 
1. Lo make curatorial salarics more nearly adequate, considering 
the professional requirements of incumbents and the living costs in 
a city of this size. Our present salaries are below what is paid 
in the larger and better universities, and in other scientific institu- 
tions comparable to the Botanic Garden. They are below what 
is paid in other scientific and educational institutions in this city 
for positions of equal (or in some cases of lower) requirements 
for appointment. 
2. Lo provide for certain greatly needed new positions. During 
the past few years many phases of our work have expanded out 
of all proportion to increase in staff. Much important work re- 
mains wholly untouched for lack of adequate personnel. 
3. Lo meet the need of larger annual expenditures for library, 
collections of living plants, herbarium, illustrative material, public 
lectures, and other similar purposes. 
4. Publication—scientific, popular, administrative. 
5. Exploration, field work, apparatus, and other equipment and 
expenses incidental to our scientific and educational work. 
6. Research. To place on a permanent and adequate basis im- 
portant research projects now in hand but financed only tempo- 
rarily or inadequately. To extend this work. 
7. Beautification of the grounds. 
8. To inaugurate a system of Retiring Allowances for members 
of staff and other employees. 
The items noted above are only some of the more important for 
which increased annual income is needed. As in the case of these 
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