130 ANNUAL REPORT SMITHSONIAN INSTITUTION, 1925 



KESOIA'TION RELATIV?: TO INCOME AND EXPENDITURE 



The board adopted a resolution providinfj for the expenditure in 

 tlie usual manner of the income of the Institution during the fiscal 

 year ending June 30, 1926. 



NATIONAL MUSEUM OF ENGINEERING AND INDUSTRY 



The secretary brought before the board a petition from the Na- 

 tional Museum of Engineering and Industry, urging the setting 

 aside of a specified plot of ground south of the Smithsonian Build- 

 ing on which to erect a museum building; adding that the matter 

 had received the attention of the executive committee, 



A full discussion upon the various phases of the proposed project 

 ensued, after which the board adopted resolutions expressing its 

 sympathy with the proposal and its willingness to take definite 

 steps when sufficient funds to cover the initial cost involved had 

 been deposited with the Smithsonian Institution by the National 

 Museum of Engineering and Industry. 



ANNUAL REPORT OF THE EXECUTI\'E COMMITTEE 



The secretaiy sulimitted in printed form the annual report of the 

 executive committee, showing the financial condition of the Institu- 

 tion at the close of the fiscal year ending June 30, 1924. 



ANNUAL REPORT OF THE PERMANENT COMMITTEE 



Solar radiation researches. — This work has heen conducted for several 

 years hy Assistant Secretary Abhot at stations on Montezuma Mountain, Chile, 

 and on Mount Harqua Ilala, Ariz. The operations are financed hy an annual 

 grant of .?r>,000 from the Hodgkins fund of the Smithsonian Institution and 

 through the generosity of a public-spirited citizen, Mr. John A. Roebling. 



Freer sinking fund.— The permanent committee's last report mentions the 

 establishment of a sinking fund for the purpose of safeguarding the principal 

 and income of the Freer Foundation for Oriental Art. Under it the income 

 of the Freer bequest in excess of 6 per cent on the value of the foundation at 

 the time of Mr. Freer's death is to be reinvested in high-class securities and 

 real-estate mortgages until an amount equal to the original foundation is 

 reached. The amount thus invested to date is .$153,463.75. 



Consolidated fund. — Under the organic act the sum authorized to be depos- 

 ited in the United States Treasury at 6 per cent interest as the " Smithson 

 fund " is limited to .$1,000,000. This limit was reached in 1917, and bequests, 

 gifts, and interest earnings in excess of this amount have been constituted a 

 consolidated fund, which is invested in securities approved by your permanent 

 committee. This fund now totals ?213,386.50. 



ANNUAL REPORT OF THE NATIONAL GALLFJIY OF ART COMMISSION 



The fourth fiiinufil meeting of the National Gallery of Art Commission was 

 held DeoemI)er 9, 1924. 



Tlie annual report of the secretary of the commission for 1924 calls attention 

 to the instalhition during the j'ear of a collection of World War portraits in 



