This is the report of 69 land-grant institutions for the year ended June 30, 1948. Overall, the number of staff, student enrollments, degrees conferred, income, and expenditures increased from 1946-47 to 1947-48. A new fund, the Flannagan-Hope fund for research and marketing, is reported for the first time in this bulletin. It became available to the institutions through Public Law 733, passed by the Seventy-ninth Congress, and is divided between two functions--research and extension. This bulletin includes a brief history of the development of privately- and publicly-controlled institutions of higher education in the United States, and the establishment of land-grant colleges and universities. (Contains 1 footnote and 19 tables.) [This bulletin was prepared under the direction of Emery M. Foster and in consultation with Frederick J. Kelly. Best copy available has been provided.]