Receipts and disbursements National Research Council from July 1, 1928, to June 30, 1929-Continued National Research Council, condensed balance sheet as of June 30, 1929 Federal land bank bonds 5 per cent 1941/1931; Wichita, due May National Research Council, condensed balance sheet as of June 30, 1929-Contd. ASSETS-Continued General maintenance fund-Continued. Ohio Public Service Co. 5 per cent first mortgage and refunding Texas Power & Light Co. 5 per cent first mortgage due June 1, Paris-Orleans Railroad Co. 51⁄2 per cent external sinking fund Imperial Japanese Government 61⁄2 per cent external loan of 1924, Government of the Argentine Nation 6 per cent external sinking fund gold bonds due June 1, 1959; Nos. M16652, M33319M33322; 5 at $1,000 each.. Kingdom of Denmark 6 per cent 20-year external loan gold bonds Swiss Confederation 51⁄2 per cent external loan gold bonds due Republic of Finland 6 per cent 22-year external loan sinking fund Baltimore & Ohio Railroad Co. 41⁄2 per cent 20-year convertible International Critical Tables: Detroit Edison Co. 6 per cent first and refunding mortgage gold American Telephone & Telegraph Co. 4 per cent collateral trust, Tropical Plant Research Foundation: Canadian National Railway Co. 412 per cent 5-year gold bonds, due Feb. 15, 1930; Nos. 04450, 07322-07334, 09769-09774; 20 at $1,000 each... National Research Council, condensed balance sheet as of June 30, 1929-Contd. Income receivable as shown under column "Budget balance," receipts, page 60- $286, 878.73 35, 676.30 210, 791. 86 29,276.81 Total assets.. LIABILITIES Capital invested in property... Current liabilities: Division appropriations as shown under column "Budget balance," disburse 562, 623, 70 $29, 276. 81 19, 965. 00 10, 450.00 57, 721. 53 691. 60 94, 839.46 5, 540. 00 533, 346. 89 562, 623. 70 JULY 31, 1929. JOSEPH S. AMES, Treasurer. REPORT OF THE AUDITING COMMITTEE Dr. T. H. MORGAN, SEPTEMBER 25, 1929. President National Academy of Sciences, Washington, D. C. DEAR DOCTOR MORGAN: Your committee appointed to audit the accounts of the treasurer of the academy and of the National Research Council for the year ending June 30, 1929, has performed the duty intrusted to it and begs to report as follows: We have verified the record of receipts and disbursements maintained by the treasurer and the agreement of book and bank balances. We have examined all securities in the custody of the treasurer and the trustee of securities and found them to agree with the book records and the Schedule B attached hereto. We have compared the stated income of such securities with the receipts of record and have set forth the result on Schedule B. We have examined all vouchers covering disbursements for account of the academy, including the National Research Council and the Tropical Plant Research Foundation, together with the authority therefor, and have compared them with the treasurer's record of expenditures. We have examined and verified the account of the academy with each trust fund. We have examined the trust agreement made with the Bank of New York & Trust Co. especially in relation to the classification of securities and have set forth a summary on Schedule B. We found the books of account well and accurately kept and the securities in charge of the trustee conveniently filed as well as securely cared for. All information requested by your auditors was promptly and courteously furnished. We certify the schedules attached hereto in our opinion correctly present the financial condition of the academy (including the National Research Council and the Tropical Plant Research Foundation) and its operation for the fiscal year ending June 30, 1929. In accordance with the requirement of Rule V, section 5, this audit was performed between July 1 and August 1, 1929. Your committee has availed itself of the authorization contained in Rule V, section 5, and has employed the Capital Audit Co., certified public accountants, to aid the committee in the examination of the accounts of the treasurer, in the verification of bank balances, and of the list of securities deposited in banks and trust companies. Very respectfully yours, ARTHUR KEITH, Chairman, C. S. HUDSON. Auditing Committee, National Academy of Sciences. APPENDIX NATIONAL RESEARCH COUNCIL 1. EXECUTIVE ORDER ISSUED BY THE PRESIDENT OF THE UNITED STATES, MAY 11, 1918 The National Research Council was organized in 1916 at the request of the President by the National Academy of Sciences, under its congressional charter, as a measure of national preparedness. The work accomplished by the council in organizing research and in securing cooperation of military and civilian agencies in the solution of military problems demonstrates its capacity for larger service. The National Academy of Sciences is therefore requested to perpetuate the National Research Council, the duties of which shall be as follows: 1. In general, to stimulate research in the mathematical, physical, and biological sciences, and in the application of these sciences to engineering, agriculture, medicine, and other useful arts, with the object of increasing knowledge, of strengthening the national defense, and of contributing in other ways to the public welfare. 2. To survey the larger possibilities of science, to formulate comprehensive projects of research, and to develop effective means of utilizing the scientific and technical resources of the country for dealing with these projects. 3. To promote cooperation in research, at home and abroad, in order to secure concentration of effort, minimize duplication, and stimulate progress; but in all cooperative undertakings to give encouragement to individual initiative as fundamentally important to the advancement of science. 4. To serve as a means of bringing American and foreign investigators into active cooperation with the scientific and technical services of the War and Navy Departments and with those of the civil branches of the Government. 5. To direct the attention of scientific and technical investigators to the present importance of military and industrial problems in connection with the war, and to aid in the solution of these problems by organizing specific researches. 6. To gather and collate scientific and technical imformation at home and abroad, in cooperation with governmental and other agencies and to render such information available to duly accredited persons. Effective prosecution of the council's work requires the cordial collaboration of the scientific and technical branches of the Government, both military and civil. To this end, representatives of the Government, upon the nomination of the National Academy of Sciences, will be designated by the President as members of the council, as heretofore, and the heads of the departments immediately concerned will continue to cooperate in every way that may be required. THE WHITE HOUSE, May 11, 1918. WOODROW WILSON. 2. ARTICLES OF ORGANIZATION, NATIONAL RESEARCH COUNCIL PREAMBLE The National Academy of Sciences, under the authority conferred upon it by its charter enacted by Congress, and approved by President Lincoln on March 3, 1863, and pursuant to the request expressed in an Executive order |