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I I I - 4 - of the fund by shifting away from the preponderance of oil stocks. There appeared to be no restrictions with regard, for instance, to the Rockefeller gift, which had originally involved 1,500 shares of Standard Oil of New Jersey. Mr. Payne touched briefly on the University's urgent need for fur~her dollar assets and the possibility that a further cash loan would have to be sought against the endowment fund. Mr. Payne also raised the question of the pos!dhle desirabi.lity of paying off the University's loans, noting that there had previously been some desirable features of showing an indebtedness when applying for funds to the United States Government. He noted that the interest paid on the loans used up a significant part of the University's un­restricted dollar operating fund. The Chairman noted that the Sub-Committee was empowered to act on the Board's behalf. Mr. Payne's report, on a motion proposed and seconded, was unanimously approved, with the sense of gratitude on behalf of the Board. The Need for Funds Dr. Dirks reviewed briefly the University's over-all needs for funds in both pounds and dollars. He noted that, in a~dition to the funds which might be expected from the Government and other private sources, there appeared to be a considerable need for an additional $200,000 a year in dollars. Dr. Dirks reported on a meeting the week before attended by himself, Messrs. Barco, Cole and Thoron and the following representatives of the United States Government