REPORT OF THE SECRETARY. 3 



It is in the interests of economy that this expenditure should, be met 

 from some common source, owing- to the limited size of the establish- 

 ments in question, some of which are rather assimilable to divisions 

 than to bureaus. It is evident, for instance, that an appropriation of 

 $17,000 for international exchanges, or an appropriation of $10,000 for 

 an observatory, can not each so well bear the separate provision of a dis- 

 bursing officer, a stenographer, and the other like employes, as in the 

 ease of larger bureaus, but that their limited needs cau be better and more 

 economically managed by not duplicating such offices. There is, how- 

 ever, no practicable way of arranging this in compliance with the pres- 

 ent terms of the appropriations, which may be said to tacitly assume 

 that each of these bureaus or divisions is thus completely provided for. 



It is in some cases impossible that it should be so without the expen- 

 diture of greatly more than the appropriated sum, and the terms of the 

 appropriations should in the interest of economy, either recognize the 

 propriety of meeting each bureau's share of these common expenses out 

 of each one's appropriation, or else out of a special appropriation made 

 in their common interest. 



FINANCES. 



The permanent funds of the Institution remain the same as at the 

 time of my last report, and are as follows: 



Bequesl of Smithson, 1846 $515, 169.00 



Residuary legacy of Smithsou. 1867 26,210.63 



Deposits in mi savings of income. 1867 108, 620. 37 



Bequest of James Hamilton, 1875 1, 000. 00 



Bequest of Simeon Habel, 1880 500.00 



Deposits from proceeds of sale of bonds, 1881 51, 500. 00 



(oft of Thomas G. Hodgkins. 1891 200,000.00 



Total permanent fund 903, 000. 00 



This sum of $903,000 is deposited in the Treasury of the United 

 States, and by act of Congress bears interest at 6 per cent per annum, 

 the interest alone being used in carrying out the aims of tlie Institution. 



At the beginning of the fiscal year, July 1, 1892, the balance on hand 

 was .$47,875.33. Interest on the invested funds, amounting to $51,180, 

 was received during the year, which, together with a sum of $3,792.54, 

 received from the sale of publications, and from miscellaneous sources, 

 made the total receipts $57,972.54. 



The total expenditure during the year was $18,755.05, for the details 

 of which reference is made to the report of the executive committee. 

 The unexpended balance on June 30. 1893, was $57,092.82, which 

 includes the sum of $10,000 referred to in previous reports, $5,000 hav- 

 ing been received from the estate of Dr. Kidder, and a like sum from 

 Dr. Alexander Graham Bell, the latter a gift made personally to the 

 Secretary to promote certain physical investigations. 



