REPORT OF THE EXECUTIVE COMMITTEE. 



The Executive Committee of the Board of Eegents respectfully submit 

 the following report iu relation to the funds of the Institution, the 

 receipts and expenditures for the yea.r 1871, and the estimates for the 

 year 1872: 



Statement of the fund at the beginning of the year 1872. 



The amount originally received as the bequest of James 

 Smithson, of England, deposited in the Treasury of the 

 United States, in accordance with the act of Congress 

 of August 10, 1840 $515, 109 00 



The residuary legacy of Smithson, received in 1865, deposited 

 in the Treasury of the United States, in accordance with 

 the act of Congress of February 8, 1867 20, 210 03 



Total bequest of Smithson 541, 379 03 



Amount deposited in the Treasury of the United States, 

 as authorized by act of Congress of February 8, 18G7, 

 derived from savings of income and increase in value of 

 investments 108, 020 37 



Total permanent Smithson fund in the Treasury of the 

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

 semiannually in gold $650, 000 00 



In addition to the above, there remains of the extra fund 

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

 $88,125.20, now valued at 35, 500 00 



The cash balance in First National Bank, 

 January, 1872 $16, 315 02 



Amount of congressional appropriation for 

 the fiscal year ending June 30, 1872, $10,000, 

 one-half of which available January, 1872 . . 5, 000 00 



21,315 02 



Total of Smithson funds January, 1872 $706, 815 02 



The interest due on the Virginia bonds, instead of being paid, has 

 been funded by the State, and has thus increased the amount of the 

 bonds from $72,760, as stated in the last report, to $88,125.18, as given 

 in the foregoing statement. The market value of this stock, which was 



555 



