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241_ Appendix B - page 5. The suburban land itself is in excellent condition. The pond just at the base of the Pyramid Road has been filled in and I was both interested and amused to find that the manager of the farm had sold the fish in it for $22.50. Our cotton crop has been harvested and was in bales ready for shipment, but fortunately had not been sold. Fortunately, because the price of cotton is moving forward. As has been mentioned, the University has been exempted from the pay-ment of the registration fee of $7400 for the transfer of the property from W.T. Cleland and R. S. McClenahan to the American University at Cairo. Just as it is possible for trained observers to determine when there is an upswing or a downswing in the stock market or in business cycles, so it ought to be possible for a trained observer by carefully reading the signs of the times to determine when the present real estate boom in Cairo is on its last legs. There was considerable discussion on this point in the committee meetings in Cairo and every one seemed to be impressed with the necessity of finding some man who knew the real estate market so well that he could give us this expert advice. Misrahi who is an expert on real estate, seems to be such a man, but the committee decided this matter was so important that they ought to check still further. Is it not possible that some of the Trustees may have had such experience in real estate matters that they know the signs one ought to be looking for in order to unload before the market prices go down It should also be borne in mind that we have two properties to watch. City property is selling at unbelievably; high prices. The suburban property is not yet at its peak. External vigilance is necessary if we are to get the most out of both situations. In conclusion, we must watch carefully the trend of the real estate prices in order to unload what we intend to sell before the prices go down. The character of the development along the Pyramid Road is good but until zoning restrictions are made, we cannot be absolutely sure of what the future will bring. The plans for the erection cf buildings and for the development of the campus as prepared by the Building Committee of the Council in Egypt will be presented in a separate report. 3. Study carefully the University and its personnel and report on the conditions in the various departments, the duality of the work being done, and the progress being made in the direction of the Christian purpose of the University. The University site becomes more valuable each year. The so-called "Chinese Wall" across the street from the University is being demolished. While there has been talk of building a palace for the Governor of Cairo on this site, nothing definite has been decided upon, but we are safe in counting on government buildings with real architectural merit. There is some talk of making this and the ground now occupied by the British barracks a part of