274 OCEANOGRAPHY 1961 — PHASE 3 



Dr. Fye. It does, indeed. We are very conscious of this, very aware 

 of it. Our total endowment and resources, gifts, and other funds re- 

 sulting from that, is very small compared to the public funds which 

 we are handling and spending. 



Mr. Vanik. It has been my own concern that where there is so much 

 public investment there should certainly be a stronger effort to coor- 

 dinate, to marshal the information, to make it readily accessible to 

 all other public and private sources to which it may be important. 



I will yield at this point to Mr. Ellsworth, 



Mr. Ellsworth. No question, Mr. Chairman. Thank you. 



Mr. Vanik. Mr. Bauer, will you proceed with your questions at 

 this point? 



Mr. Bauer. Thank you, Mr. Chairman. 



Now, if 90 percent of public funds go into the operation of Woods 

 Hole, how much of that 90 percent a year goes into increasing the 

 capitalization of the assets of Woods Hole ? 



Dr. Fye. None of that money. I was speaking, sir, of the operating 

 budget alone. 



Mr. Bauer. Have your assets grown in the last 5 years? 



Dr. Fye. Sir? 



Mr. Bauer. Have your assets grown in the period of the last 5 

 years ? 



Dr. Fye. Our assets have grown. Our endowment now is about 

 $514 million in market value, which, as you see, is about comparable 

 to our operating budget. 



Mr. Bauer. Then, if the National Science Foundation gives you 

 this ship, that is an asset of Woods Hole, I presume. 



Dr. Fye. Yes, sir, in that sense. 



Mr. Bauer. Well, is there any other sense. Dr. Fye ? 



Dr. Fye. I think it is also an asset of the country as a whole, be- 

 cause we are very conscious of the fact that we are spending public 

 funds, and we do our very best to arrange our program in the national 

 interest. 



Mr. Bauer. True. But you do have the title, do you not? 



Dr. Fye. That is the current plan, yes. 



Mr. Bauer. How much is the ship costing? 



Dr. Fye. I do not know the actual costruction cost. The budget 

 for the ship, together with design, is $4% million. 



Mr. Bauer. That has gone up since the last year's testimony, has 

 it not ? It started off at $3% million, as I remember. 



Dr. Fye. The original grant from the Science Foundation was $3 

 million. There has been an increase in the actual cost of the ship be- 

 cause of a change in design from the original proposal which was sub- 

 mitted some 2 years ago. 



Mr. Bauer. Now, if the Government sujpplied the ship and did not 

 give it to you, that $5 million would certainly finance a lot of opera- 

 tions in the field of research, would it not? 



iDr. Fye. $5 million would support Woods Hole for about 1 year 

 at our current rate. 



Mr. Bauer. So by increasing the capital assets, then, essentially, 

 if you have that much money appropriated by the Congress for re- 

 search in oceanography, if you could take some of that out and make 

 it into a capital asset of a particular institution, you have depleted 

 the funds available to all institutions, have you not, by $5 million? 



