20 
The City appropriations increased from $14,550 for I911 to 
$85,245 for 1925—an increase of nearly 600 per cent. During 
the same period the private funds budget increased from $5,600 
in I9I11 to over $60,000—an increase of over I,000 per cent.— 
until, as pointed out on page 53, nearly 45 per cent. of the 
total annual budget for 1925 was provided from private funds. 
In the meantime the world war came and went, with its legacy 
of high prices. The purchasing power of the dollar became about 
fifty cents, or less, and institutions like the Botanic Garden 
found themselves with effective resources of not more than one 
half their former face value. The normal expansion of our work 
was made possible only by the efficiency and devotion of an 
inadequately compensated staff, and by the generous response 
of loyal friends to our annual appeal for contributions. 
There still remains a large and important program of scientific 
and educational work and of civic service, wholly untouched for 
lack of sufficient funds. 
Of the total private funds budget of $61,000 adopted for 1926, 
it should be pointed out that for over $22,000 we are dependent 
on annual contributions, most of which have to be solicited. 
An addition of $500,000 to our permanent funds would, at 5.5 
per cent. (the present average rate of interest on our endowment), 
provide an income of $27,500, or only about $5,000 more than 
the amount now secured by solicited contributions. 
In other words, the income from the fund to be secured by. 
duplicating Mr. Rockefeller’s pledge will only serve to place our 
present work on a permanent basis, but will provide for practically 
no expansion, except in so far as the annual contributions are 
maintaine 
Greer are now obliged to meet from their personal funds 
part of the expenses of their field work, important field work 
has been left undone for lack of funds, manuscripts embodying 
the results of research work have been ready for the printer for 
more than a year, but are still unpublished for the same reason. 
Plans have been outlined for enriching and extending our edu- 
cational work in response to public demand, but cannot be 
realized except with additional equipment and personnel. 
Since the urgent Botanic Garden needs should be kept con- 
tinuously before us until they are met, it may not seem amiss to 
