48 Mis No. 48. 



[N. B. The proceecls of the lectures at Princeton^ 

 $?1,000, have been paid by the Secretary.] 

 House rent of Secretary for two years - - {kooQ 00 



Payments to Secretary on account of salarj?" - - 3,824 31 



Funds of the Institution. 



Amount of Smithson's bequest - - $515,169 00 



Interest due thereon to 1st July, 1846 - 242,129 00 



68,880 \1 

 Disbursements as exhibited by previous reports * 37,670 02 



106,550 19 



During the same time, there has been received from in- 

 terest and the sale of treasury notes, the sum of - ^115,964 60 

 Prom the Secretary's lectures at Princeton - - 1,000 00 



116,964 60 



Leaving a balance on hand of - • ' " 10,444 41 



$757,298 00 



Balance on hand 1st January, 1849 - 10,444 21 



Treasury notes on hand - - 226,000 00 



Permanent fund ... - 515,169 00 



, 751,613 41 



If to this we add the premium of 8 per cent., which 



treasury notes now bear, say - - - 18,000 00 • 



The funds of the Institution will be - - - 773.613 21 



Thus showing, that after an expenditure of ,f 106,550 19, the cash on 

 hand and the value of the cash investments, exceed the amount on hand, 

 on the organization of the Institution, in September^ 1846, by nearly 

 ^16,000, subject, however, to a few outstanding accounts not yet present- 

 ed, estimated at $7,500. 



The committee are confident that by continuing the system of finance 

 recommended by the committee and adopted by the Board of Regents at 

 their last annual session, the building can be completed and the institution 

 be put into full operation at the end of three years from March next, \vith- 

 out withdrawing more than $100,000 from the fund of $242, 169 set apart 

 by Congress for buildings, &c., leaving the residue, $142,000, to be 

 added to the amount of the original bequest of Smithson, and making the 

 permanent fund of the Institution $657,000, yielding an annual income of 

 $39,420, (which may thereafter be readily increased to $40,000 per an- 

 num,) for the increase and diffusion of knowledge. 



During the past year the committee has held frequent meetings at the 

 call of the Secretary, for consultation with that officer on the affairs of the 

 Institution. The several operations mentioned in the Secretary's report 



