UA-R-GC-1914-01-01-1931-10-30_Page-047

318 Investments: While the Secretary is not responsible for the University investments, he has been especially interested in working out a definite Uni-versity investment policy. in days like these an institution does not dare to boast today about its investments for fear that tomorrow may prove that its very best judgment has been none too good. However, of the $421,320 of the Univer-sity investments, the only loss in interest to date is six months' interest on a $1,000 South America bond given to the University and not purchased by the Investment Committee. Spiritual Resources: If ever the University needed adequate spiritual resources it is now. On the one hand, one needs sufficient faith to go ahead with the work that seems so clearly a part of God's plan for bringing in the Kingdom; and, on the other hand, one needs wisdom to know when we have gone far enough in adding to our financial burden. Surely we as a Board and as in-dividuals should back every movement which strives to lead the American people back to the deepest spiritual values and away from the alarming dependence we had come to place upon things material. Finally, the Secretary can best be described as sort of a liaison officer who on the one hand is constantly striving to attain as thorough a knowledge as possible of all phases of the work in Cairo, while on the other hand he is endeavoring to keep in close touch with the Trustees and friends and in a measure to interpret one group and its thoughts to the other. In closing, let me commend to the Trustees the faithful and efficient work of the•Philadelphia office force, Miss Anna Lister and Miss Ella M. Barley. And even though this is not a report for the year 1931-32, I cannot refrain froze mentioning the fine piece of cultivation work Dr. "AcClena.han has been doing in a most difficult time and the remarkable way, in which Mr. Yoder has taken hold of his new position in an effort to carry a large share of the work of the Philadelphia office. Respectfully submitted, HERMANN A. LU