12 - Our endowment has gone from a little over $30,000,000 in 1939 to over $80,000,000 at the present time and, if we value the securities at market, the income producing assets of the University are now in excess of $100,000,000. We have made substantial additions to our educational plant which now has a value of over $36,000,000 compared to less than $16,000,000 twenty years ago. However, much remains to be done. Many of the Stanford buildings are over fifty years old and require expensive maintenance, remodeling, and rehabilitation. Also, the demand for space and equipment has changed. Research today requires tools more expensive than a microscope and a Bunsen burner, a sharp pencil, a pad of paper and a library card. We cannot house in our existing structures even the scientific implements needed for teaching purposes, much less those needed for research. The type of space available directly affects our ability to attract or retain certain faculty members, for they cannot successfully perform their tasks without a suitable place to work. We have under consideration now a government research project known as Project "M", the original cost of which might well reach $100,000,000 and involves an operating budget almost the size of the present budget of the University. Obviously the government must bear the cost of such a project, for Stanford cannot but it serves to illustrate the cost of the modern tool necessary to explore the unknown. Much as I like to travel, the Space Age lost some of its appeal to me when I learned that, even if the scientists could devise, as some day they will, a vehicle that can sustain indefinitely an average speed of seven miles a second, it will take 30 days to reach Mars, 12 years to reach Pluto, and 100,000 years to reach the nearest star and that the climate is not appealing in any of these places. But my work causes me to travel by more conventional means in many countries throughout the world. Believe me, there is cause for