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193 Appendix A Page 13. bound to grow and every large work is in the cost of its operation. So far of the work by exploring local income ations in cost from year to year have capital or improvement charges over a bound to have unexpected fluctuations we have tried to meet increased expansion such as Government-grant-in-aid. Fluctu-been dealt with by distributing certain period of years. Dr. McClenahan's success in securing a renewal in 1937-38 of most of the gifts from leading Egyptians reported in 1936-37 calls for special commend-ation. This calls for much more elaborate personal cultivation than would be the case with similar sums in America, largely because they represent gifts from Moslems to a Christian institution. A correct picture can be gained by asking how much cultivation would be required to get a Christian business man in America to contribute to a Moslem institution operating in the United States. CONCLUSION. The year 1937-38 opened amid political disturbances that made work in mart' ways difficult. Gaps in the teaching ranks due to resignations or furloughs added seriously to anxiety and strain. But the saving feature in the situation which yielded success and brought the year to a happy conclusion was a spirit of goodwill, sympathy and cooperation within the University and its staff, which enabled everyone to work to his maximum efficiency. Once again, in behalf of myself and my associates. I wish to thank the Trustees for stand-ing by this work so loyally and sacrificially through another year and Mr. Lwn, as administrator of the home office, for his spirit of sympathy and courage in the heavy and trying responsibilities which are his. CHARLES R. WATSON President. Cairo, Egypt September 12, 1938