REPORT OF THE EXECUTIVE COMMITTEE. The Executive Committee of the Board of Regents respectfully submit the following report in relation to the funds of the Institution, the receipts and expenditures for the year 1871, and the estimates for the year 1872: Statement of the fund at the beginning of the year 1872. The residuary legacy of Smithson, received in 1865, deposited Total bequest of Smithson. Amount deposited in the Treasury of the United States, as authorized by act of Congress of February 8, 1867, derived from savings of income and increase in value of investments . Total permanent Smithson fund in the Treasury of the United States, bearing interest at 6 per cent., payable semi-annually in gold..... In addition to the above, there remains of the extra fund derived from savings, &c., in Virginia bonds, at par value $88,125.20, now valued at...... $515, 169 00 26, 210 63 541, 379 63 108, 620 37 $650, 000 00 35,500 00 The interest due on the Virginia bonds, instead of being paid, has been funded by the State, and has thus increased the amount of the bonds from $72,760, as stated in the last report, to $88,125.18, as given in the foregoing statement. The market value of this stock, which was given last year at $48,000, has fallen, during 1871, to $35,500, on account of the uncertain policy of the State. The balance at the beginning of the year 1872, viz, $21,315.02, is very nearly the same as that at the beginning of the year 1871, which was $21,477.81. This balance is not invested as a part of the permanent fund, because it is required in order to pay cash for bills as they become due, and previous to receiving the semi-annual income. Statement of receipts from the Smithson fund for 1871. Interest on $650,000, at 6 per cent. in gold $39,000 00 Premium on gold, June and December, 125 and 83. 4,192 50 Total receipts... 43, 192 50 Statement of expenditures from the Smithson fund for 1871. Meteorology, computations, rain-gauges, &c... 2,000 55 744 03 Explorations, natural history, and archæology. 1,301 07 285 00 15, 431 93 MUSEUM, LIBRARY, AND EXCHANGES. Museum, in addition to the sum drawn from the appropriation by Congress, ($4,976)......... $8, 132 95 Literary and scientific exchanges through agencies in London, Paris, Leipsic, Amsterdam, Milan, &c..... Purchase of books and periodicals.. $4,201 50 Total expenditures, (repayments having been de- $12,588 31 $48, 355 29 From the above statement, it appears that the expenditures were $5,162.79 in excess of the receipts; but to meet this deficiency, $5,000 of the congressional appropriation for the museum, as was stated before, is still in the Treasury of the United States. Had this sum been drawn during the year, it would have been deducted from the $8,132.95 charged to the museum. During the past year the Institution has advanced money for the payment of freight on specimens and articles directed to its care, and for fitting out the expedition toward the north pole. It has also sold publications, old and useless material, and meteorological instruments, the payments for which have been deducted from the several items of the previous accounts of expenditures, as follows: From the museum, for repayments for freight.. $592 92 scientific exchanges 945 17 .... From explorations, for repayments on account of Hall's expedi Appropriations and expenditures from Congress on account of the museum and care of the Government collections. In addition to the receipts from the Smithson fund, the following amounts have been received: From appropriation by Congress for fitting up halls for collections... From appropriation by Congress for annual care of collections, being part of the $10,000 appropriated for the fiscal year ending June 30, 1871, ($5,024 having been drawn. in the year 1870) . $20,000 00 4,976 00 24, 976 00 The appropriation of $20,000 was expended, under the direction of the Secretary of the Interior, and accounted for to that Department, in ceiling, flooring, plastering, and painting the large hall in the upper story of the main building, repairing the roof, fire-proofing the west wing, and fitting up the basement of the same for the preparation of specimens and storage. The appropriation of $4,976 was expended for salaries, taxidermy, labor, &c., in preserving the Government collections, and was accounted for to the Interior Department. The estimates for the year 1872 are as follows: The Executive Committee have examined seven hundred and fiftyseven receipted vouchers for payments made during the four quarters of the year 1871, both from the Smithson fund and the appropriations from Congress. In every voucher the approval of the Secretary of the Institution is given, and the certificate of an authorized agent of the Institution is appended, setting forth that the materials and property and services rendered were for the Institution, and to be applied to the purposes stated. The quarterly accounts-current, bank-book, check-book, and ledger have also been examined and found correct, showing a balance in bank December 31, 1871, of $16,315.02. Respectfully submitted. PETER PARKER, MARCH 13, 1872. Executive Committee.* * Major General W. T. Sherman, member of committee, absent, in Europe. WASHINGTON, D. C., January 25, 1872. A meeting of the Board of Regents of the Smithsonian Institution was held this day in the Regents' room, at 7 o'clock p. m. Present: Hon. H. Hamlin, Hon. L. Trumbull, Hon. G. Davis, Hon. L. P. Poland, Hon. S. S. Cox, Hon. P. Parker, Hon. H. D. Cooke, and Professor Henry, the Secretary. Mr. Hamlin was called to the chair. The Secretary stated that an act of Congress had substituted the governor of the District of Columbia as an ex-officio Regent, in place of the mayor of Washington, the latter office having ceased to exist. Governor Cooke was then introduced as a member of the Board. Dr. Parker, from the Executive Committee, presented a preliminary statement of accounts. On motion of Mr. Trumbull, the report was accepted. The Secretary made a statement relative to the Virginia stocks held by the Institution. It had been deemed advisable that the registered stock should be converted into coupon bonds, because the coupons were receivable for taxes, and the State had not paid interest on its stock for several years. The transfer had therefore been made for the Institution by Riggs & Co. On motion of Judge Poland, the Secretary was directed to deposit the Virginia coupon bonds, now in Riggs' Bank, in the Treasury of the United States for safe-keeping. The Secretary gave an account of the improvements made in the building during the past year. A communication from Dr. C. H. F. Peters, of the observatory at Clinton, New York, was read, asking the Institution to defray the expense and act as the medium of communicating discoveries of planets, comets, etc., by ocean telegraph. The Secretary stated that he had applied to the ocean telegraph company for the free transmission of astronomical discoveries, but had not received a reply. Several of the Regents expressed the opinion that the Institution |