"The medical faculty of to-day have strong grounds for satisfaction in the present state of the school; for they have made great changes in its general plan and policy, run serious risks, received hearty support from the profession and the community, and now see their efforts crowned with substantial success. By doubling the required period of study in each year of the course, instituting an admission examination, strengthening the examinations at the end of each year, and establishing a voluntary fourth year of instruction, which clearly indicates that the real standard of the faculty cannot be reached in three years, they have taken step after step to increase their own labors, make the attainment of the degree more difficult, and diminish the resort of students to the school. They have deliberately sacrificed numbers in their determination to improve the quality of the graduates of the school. At the same time they have successfully carried out an improvement in medical education which required large expenditures. This improvement is the partial substitution, by every student, of personal practice in laboratories for work upon books, and attendance at lectures. The North Grove street building, erected in 1846-47, contained only one small laboratory for students, that of anatomy. The new building contains a students' laboratory for each of the five fundamental subjects--anatomy, physiology, chemistry, histology and pathology--and that a large part of the building is devoted to these working rooms. It was a grave question whether the profession, the community and the young men who year by year aspire to become physicians and surgeons would support the faculty in making these improvements. The answer can now be recorded. "The school has received by gift and bequest three hundred and twenty thousand dollars in ten years; it has secured itself in the centre of the city for many years to come by the timely purchase of a large piece of land; it has paid about two hundred and twenty thousand dollars for a spacious, durable and well-arranged building; it has increased its annual expenditure for salaries of teachers from twenty thousand dollars in 1871-72, to thirty-six thousand dollars in 1882-83; its receipts have exceeded its expenses in every year since 1871-72, and its invested funds now exceed those of 1871 by more than one hundred thousand dollars. At the same time the school has become a centre of chemical, physiological, histological and sanitary research, as well as a place for thorough instruction; its students bring to the school a better education than ever before; they work longer and harder while in the school, and leave it prepared, so far as sound training can prepare them to enter, not the over-crowded lower ranks of the profession, but the higher, where there is always room.