EEPOET OF THE EXECUTIVE COMMITTEE. 535 



This sum is placed among the receipts for the past year, which, together with 

 the balance in the hands of the treasurer at the end of the previous year, mado 

 the total available funds $84,956 37 for the year 1865. 



The incidental expenses and the cost of the care of the museum are nearly 

 the same as in 1864, but in the previous year $4,000 were received from Con- 

 gress to defray the expenses, in part, of the care of the government collections 

 of the exploring expeditions, while, owing to the failure of the appropriation bill, 

 but $2,000 were received for this purpose during 1865. 



The great expenditure, therefore, of the year has been on account of the 

 building:, the particulars of which will be given in the report of the building 

 committee. 



The appropriation received for the preservation of the collections of the 

 exploring expedition of the United States, has been expended, as heretofore, 

 under the direction of the Secretary of the Interior, in assisting to pay the 

 expenses of extra employe's in the museum, and the cost of arranging and pre- 

 serving the articles. The specimens intrusted to the care of the Institution by 

 government are in a good condition, and the distribution of duplicates to other 

 museums has been continued during the year. 



From the examination made by the committee it appears that, notwithstand- 

 ing the loss and inconvenience in consequence of the fire, the operations of the 

 establishment have been continued with unabated energy, and that especially 

 the foreign correspondence and exchanges have been increased rather than 

 diminished during the past year. 



It appears from the statement of the Secretary, and the accounts rendered by 

 Riggs & Co., bankers of the Institution, that the remainder of the legacy of 

 Smithson, which amounted to $26,210 63 in gold, was sold at a premium from 

 105 to 107^ per cent., yielding, after deducting the cost of sale and United 

 States tax, $54,165 38. This amount was expended in the purchase of United 

 States bonds bearing 7^ per cent, interest at par. The following is a detailed 

 statement of the whole transaction : 



1864. 

 June 11. The amount received from Fladgate, Clarke & Finch, 



attorneys, London, as the residuary legacy of James £ 3. d. 



Smithson, was 5, 262 3 



This amount was deposited with George Peabody & Co., 

 bankers, London, who allowed interest on it to the 5th 

 of March, 1865 153 19 4 



5,415 19 7 



This amount was equivalent to $26,210 63 in gold, which was sold by Riggs 

 &; Co., under the direction of the Secretary of the Institution, as follows : 



$10, 000 00 at 207£ $20, 725 00 



15,000 00 at 206^ 31, 031 25 



1, 000 00 at 207 2, 070 00 



210 63 at 205 431 79 



26, 210 63 54, 258 04 



Less brokerage, £ $65 53 



Less United States tax, J* 27 13 



92 66 



Net amount realized from sale of gold $54, 165 38 



