165 [ 23 ] 



Whenever any amount of treasury notes is sold, the interest from 

 that source, of course, ceases. Whatever annual amount, therefore, be- 

 yond the above |45.310, shall, in the course of four years after the 19th 

 of March, 1848, be expended by the institution, that amount, together 

 with six per cent, interest on each item of treasury notes sold, from the 

 date of the several sales to the 19th of March, 1852, will be so much de- 

 ducted from the present investment; that is to say, from the sum of 

 |T55,169. 



It remains to be seen what the annual excess beyond the above annual 

 income will be in each of the four years next following the 19th of March, 

 1848, if the suggested scale of expenditure be adopted, and how much of 

 the present capital of the institution the said excess will absorb. 



The balance on hand, to meet current expenses, on the 1st instant, as 

 will appear by reference to the bank book of the institution, herewith sub- 

 mitted, was $2,991. The amount of interest which will be received by 

 the institution previously to the 19th of March next, is $22,655, to wit: 

 on the 1st of January next $15,455, and on the ITth of February next 

 $7, 200. These two items added to the balance in hand give $25,64(3; 

 being the amount available, without encroaching on the present invest- 

 ment, up to the 19th of March next; that is to say, up to the termination of 

 the first year of the building contract. 



The committee, after consultation with the Secretary of the institution 

 as to the several amounts which may be required in the course of the 

 winter and spring, for the various objects intrusted to him; after carefully 

 calculating, also, the expenses to arise from this time to the 19th of March, 

 have introduced a series of resolutions, appropriating the above amount of 

 $25,646. 



The committee learned from the Secretary that the expense of the first 

 volume of the Transactions of the institution would be considerable, on 

 account of the number of plates; and, at his suggestion, they have put the 

 appropriation for that object, out of the above fund, at $2,000, instead of 

 $l,iiOO, as formerly voted. At his suggestion, also, they have set apart 

 for apparatus one thousand dollars. In accordance with a request made 

 in the report of the building committee to the board, they have also in- 

 creased the appropriation for the forthcoming volume on Public Architec- 

 ture, from one thousand dollars to two thousand dollars. The items for 

 contingencies, including the expenses of the board and its committees, 

 they have put at $1,646. If, as the committee recommend, a resolution 

 be passed that there be hereafter but one annual meeting of the board, its 

 expense will not exceed $500 or $600, which will leave a margin of up- 

 wards of one thousand dollars for incidentals and contingencies, inclu- 

 ding the seal of the institution, not yet paid for. 



After these various items have been, as the committee think, all fully 

 provided for, so that they shall not fall upon the current expenses of the 

 year commencing on the 19th of March next, there still remains, out of the 

 above $25,646, the sum of seventeen thousand dollars, to be appropriated 

 to the building fund, as by the following synopsis of receipts and appro- 

 priations will more clearly appear. 



Proposed appropriations, viz: 



For first number of Transactions ----- ^^'^^^ 

 For work on " Public Architecture" - - * ■ ^j^^^ 



