Endowment 
The need of scientific and educational institutions for permanent 
endowment funds, conservatively invested, has been ereatly em- 
phasized by the world-wide economic conditions which now prevail. 
As noted in my Report for 1930, it has only recently been argued 
that the effect of permanent endowment on institutions is likely to 
be unfortunate in one way or another, and that, anyway, cach 
generation should meet the current needs of such institutions and 
will, indeed, do so if the work of the institution demonstrates that 
it is worthy of support. The gradual falling off of the contribu- 
tions to our Collections Fund from $9,882 in 1927 to $6,157 in 
1932, in the face of generally recognized and increased need of the 
Garden’s services, illustrates the importance of an institution being 
assured of an annual income that does not greatly fluctuate with 
the ups and downs of the market—with general prosperity and the 
periodic variations of the ability of people to give. Perhaps it 
will not seem inappropriate for these reports, each year, to urge 
the need of additional endowment for the Garden until that need 
is met. The income from one million dollars of additional endow- 
ment at 514 per cent., added to the present private funds income, 
will provide for the enrichment and expansion of our work for 
some time to come. It is an urgent need. Certain it is that the 
Garden cannot continue to function effectively without a sub- 
stantial increase in its annual budget. This should be guaranteed 
by the income from permanent endowment. 
APPENDED REPORTS 
In the reports on research for 1932, the administrative depart- 
mental reports, and Appendices 1-7, which follow this report, may 
be found detailed information of importance for those who are 
interested in the development and progress of the Garden. 
Respectfully submittec 
C. STuART GAGER, 
Director. 
fl. 
