REPORT OF THE EXECUTIVE COMMITTEE. 



The Executive Committee of the Board of Eegeuts respectfully' sub- 

 mit the followiug report in relation to the funds of the Institution, the 

 receipts and expenditures for the year 1872, and the estimates for the 

 year 1873 : 



STATEMENT OF THE FUND AT THE BEGINNING OF THE YEAR 1873. 



Amount originally received as the bequest of James Smith- 

 son, of England, deposited in the Treasury of the United 

 States, in accordance with the act of Congress of August 

 10, 1S4G $515, 109 00 



Eesiduary legacy of Smithsou, receive<l in 1865, depos- 

 ited in the Treasury of the United States, in accordance 

 with the act of Congress of February 8, 1867 26, 210 63 



Total bequest of Smithson 511, 379 63 



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 108, 620 37 



Total permanent Smithson fund in the Treasury of the 

 United States, bearing interest at 6 per cent., payable 

 semi-annually in gold 650, 000 00 



In addition to the above there remains of the extra fund 

 from savings, &c., in Virginia bonds, at par value, 

 $88,125.20, now valued at 37, 000 00 



Cash balance in First National Bank, 1st January, 1873.. 17,811 36 



Total Smithson funds 1st January, 1873 704, 811 36 



The Virginia stock has risen in value during the past year, and as 

 the prospect is that the legislature of the State will make provision for 

 the regular payment of the interest, the probability is that this stock 

 will continue to rise. 



During the past year, the Institution has received from its agents, 

 Messrs. Biggs & Co., on account of back interest on Virginia bonds, 

 after deducting expenses, $3,001.90, in regard to which a detailed account 

 is given in a communication of the Secretary to the Board at its meet- 

 ing of Januarv 16th. 



