[1 ] 



62 



From the foregoing exhibit it will be seen that the funds of the Institu- 

 tion have been carefully husbanded, are now in a good condition, and that, 

 though the cost of the building will exceed the first estimate, yet the origi- 

 nal plan of saving a portion of the accrued interest to increase the capital, 

 will, in due time be carried out. 



The Committee are of opinion, that an expenditure of twenty-five thou- 

 sand dollars may be allowed from the annual income for defraying the ex- 

 penses of the Institution, and for carrying on the several parts of the pro- 

 gramme, during the present year, and they will hereafter introduce a 

 resolution to that effect. 



Signed, A. D. BACIIE, 



J. A. PEARCE, 

 JOS. G. TOTTEN, 

 Committee. 



REPORT OF THE TREASURER OF THE INSTITUTION. 



Up to the 3d of July, 1850, the accounts of the Institution, were kept 

 by the Chairman of the Executive Committee, who also acted as Treasurer. 

 At that time a new system of accounts w\as adopted, according to which 

 they were placed under the charge of the Secretary and the Executive 

 committee, and I was appointed Treasurer. Agreeably to this arrangement, 

 there was deposited to my credit with Corcoran & Riggs, for the current 

 expenditure of the Institution, sums amounting to $49,880 78, of unex- 

 jiended income of *^he preceding half year, as detailed and accounted for in 

 the accompanying statements. 



Signed W. W. SEATON, Assistant, 



Acting as Treasurer. 



[The Treasurer's statement is included in the preceding detailed account,] 



No. III. 

 REPORT OF THE BUILDING COMMITTEE. 



The Building committee, in compliance with their appropriate duty, pre- 

 sent the following report of the operations, expenditures, and progress on 

 the building, during the year 1850. 



At the last session of the Board, resolutions were adopted, directing a 

 survey of the whole building, and a report on the manner and faithfulness 

 in which the building* conti-act had been executed, and the best plan for 

 finishing the remainder of the building. 



It was found by this examination, that the exterior of the building had 

 been well constructed, but that in order to reduce the cost, a plan had been 

 adopted and materials employed for the interior, not proper for a building 

 destined to contain property too valuable to be exposed to even a re- 



