10- de the same job as it did for each student in 1939. The University budget has increased 600%, and we are now spending over $20,000,000 annually in contrast to a mere $3,400,000 twenty years ago. However, if we deduct the amount of money received from the government for research, we find that the Stanford budget has gone up just about four times. In other words, financially we have just barely kept pace with the increase in students and the increase in prices. To do this we have had to increase the tuition from $336 to over $1,000 annually. This three-fold increase corresponds to the three to one increase in disposable per capita income that has taken place in the country during this period, so that the difficulty of paying for an education at Stanford today is roughly comparable to what it was in 1939. fortunately, the amount of money available for student aids for scholarship grants, etc. has increased rather sharply during this same period and has helped to prevent Stanford's becoming more of a rich man's school. Tuition remains the major source of income, providing approximately 41% of the annual budget today against 44% twenty years ago. Endowment income available for current operations is now about $3,000,000, compared to $1,250,000 in 1939. Gift support, particularly the total gifts the University receives, has shown an encouraging rate of increase. However, many of the gifts are designated for special purposes and are not available for general use. The unrestricted gift available for current operations and to provide for those things which the University feels are most essential to it has not kept up with our growth. Unrestricted gifts available for this year's budget amount to about $1,100,000, an increase of a little better than three-fold and insufficient to keep pace with our needs. It is sad but true that the Nation in the midst of the Cold War is devoting only 1% of its Gross National Product to