FIRST BIENNIAL STATEMENT 25 



four years; and it became entirely out of the question to 

 ask that organization to do more, either in 1913 or 1914. 



To the writer, the gathering of further campaign funds 

 by annual subscriptions also had become impossible. The 

 inexorable logic of the situation demanded an endowment 

 fund, yielding an annual income sufficient for our campaign 

 work. The result was the founding of the Permanent 

 Wild Life Protection Fund, with a minimum capital of 

 $100,000, and an annual income of between $5,000 and 

 $6,000. 



The raising of such a fund seemed like an attempt to 

 climb a Matterhorn 50,000 feet in height ; but the demands 

 of the wild life cause left no opportunity to shirk the task. 

 It was hoped that the idea of a fund that will work and 

 fight for the protection of wild life during the next 200 

 years would successfully appeal to all the friends of that 

 cause who have funds that can be spared. 



The following subscription conditions were formulated 

 and printed, compressing into a few paragraphs the basis 

 of a far-reaching foundation, destined to be elaborated 

 later on: 



SUBSCRIPTION CONDITIONS. 



For the purpose of providing a permanent endow- 

 ment fund, the annual income of which shall be ex- 

 pended in measures designed to secure the best possi- 

 ble preservation and increase of wild life, on broad 

 lines and by practical results, we, the undersigned, 

 subscribe the sums set opposite our respective names, 

 on the following conditions: 



1. That the work prosecuted by the aid of this fund 

 shall be national in its scope, and as a rule shall avoid 

 local issues. 



2. That the principal of the fund shall be handled 

 by two trustees, at least one of whom shall be an officer 

 in a New York bank or trust company, who will act as 

 investment trustees. 



3. That the first persons to act as such trustees will 

 be A. Barton Hepburn, of the Chase National Bank, 

 New York, and Clark Williams, of New York. 



4. That during his lifetime, or until his retirement, 

 the annual income accruing from the permanent fund 



