49 
For the past seven years the percentages of the two budgets 
have been as follows: 
1928 1929 1930 1931 1932 1933 1934 
hax Udo et es caemenae arn om 48% 43% 44% 48% 50% 47.2% 49.2% 
Privatesbundsi2s. 4. -s 52 1p One, D2 aU 2218% 50:38% 
Endowment Increment 
By the Endowment Increment plan $5075.05 was added to 
the Principal of this account during 1934. This was derived solely 
as interest on the principal. During 1934 no transfers were made 
to this principal from other accounts. By the Endowment Incre- 
ment plan the permanent funds of the Garden have been in- 
creased by $130,064.31 since the plan was adopted 14 years 
ago (February 1, 1921). 
Comparisons with the peak budgets during the six year period 
ending December 31, 1934, are as follows: 
Tax Budgets Private Funds Budget Total Budget 
1931. $101,400.00 1929, $129 322.81 1930. $228,867.27 
1934, 82,699.25 1934, __ 85,550.99 1934. 168,250.24 
$ 18,700.75 $ 43,771.82 $ 60,617.03 
No comment is necessary to emphasize what a serious matter 
it is to have a loss of more than $60,000 in income in four years 
from a budget of only $228,000. 
APPENDED REPORTS 
The Reports on Research for 1934, the departmental adminis- 
trative reports, and Appendices 1—8 follow as integral parts of the 
Annual Report. 
— 
Respectfully submitted, 
>. STUART GAGER, 
Dtrector. 
