REPORT OF AUDITORS. 



New York, November 28, 1916. 

 To the Executive Committee, Carnegie Institution of Washington: 



Dear Sirs : We beg to report that we have audited the accounts of 

 the Institution for the year ended October 31, 1916. 



The securities representing the investments have been exhibited to 

 us and we have ascertained that the income therefrom has been duly 

 accounted for. We counted the cash on hand and verified the cash in 

 bank with certificates from the depositaries. 



Properlj^ approved vouchers and cancelled checks have been exhib- 

 ited to us for all payments made during the period by the administra- 

 tive office at Washington, but we did not audit the books of the various 

 departments, as these departments are audited by the Bursar under 

 authority of your Committee. 



We checked the appropriations and allotments with certified copies 

 of the minutes of the Trustees and of the Executive Committee. 



In accordance with the established practice of the Institution, real 

 estate and equipment are carried at cost, and all publications on hand 

 at their selling value, and both the unexpended appropriations and the 

 balance of income receivable for the calendar year are taken up in the 

 balance sheet of October 31, 1916. Securities owned are carried at 

 original valuation or cost, the aggregate of which is less than the market 

 value. 



Subject to the foregoing explanation, we certify that the statements 

 printed on pages 41 to 47 of the Year Book for 1916 are in accord with 

 the books of the Institution and are correct. 



We found the books to be accurately and carefully kept and every 

 facility was afforded us during the course of our audit. 



Yours very truly. 



Price, Waterhouse & Co. 



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