The evidence is overwhelmingly convincing that where a great disaster has occurred contributions of the people are willingly and generously given to relieve suffering, but unlike the people of some foreign countries, our own do not seem to be as ready to join the Association in great numbers and by their annual dues supply the means for maintaining our organization in a constant state of readiness to respond instantly on call for help. Fortunately, the ordinary general expenses of conducting the business of the Association in Washington are small, since we have no rent to pay and no salaries to pay, save to the National Director, the Secretary and Treasurer, and for one or two clerks, but the stationery, Quarterly Bulletin, printing, telegraphing and postal charges are considerable. The annual revenues available for administration, derived from the half of the yearly dues, are not sufficient to properly conduct the work entrusted to the Association. The income from the Endowment Fund is also small because the fund is small and to the increase of this fund it seems to the Committee special effort should be directed. Considering to what proportion the endowments of certain public institutions and beneficent organizations have grown through donations and legacies, it does not seem to be an unjustified expectation that the Red Cross Endowment should certainly reach a million dollars, yielding at least $40,000 a year, which sum, with other income, would be sufficient and ample to meet all administrative expenses and leave a considerable balance for application to emergency relief, before measures could be matured for securing gifts from the general public directly appliable to such relief. With respect to this matter the Committee does not ask for enlarged powers, since the Central Committee a year since took action looking to the appointment of a Committee on Endowment, but for reasons all appreciate the time was not deemed propitious for undertaking the propaganda to this end, but members of the Board of Incorporators can, in their individual capacities, do much to forward the interests of the Association by their suggestion and personal influence. The statement presented by the Treasurer will show the financial history of the Corporation for the year 1908. REPORT OF THE TREASURER For the Fiscal Year Ended November 30, 1908. BEEKMAN WINTHROP, _Treasurer_. ENDOWMENT FUND. RECEIPTS. Balance December 1, 1907 $ 2,516.25 Contributions from: Mrs. Russell Sage $ 25,000.00 Mr. F. A. Keep 1,000.00 Admiral Robley D. Evans 400.00 Miscellaneous 121.00 ----------- 26,521.00