8 TRANSACTIONS OF THE AMERICAN INSTITUTE. 



Tlie Institute at a meeting held on the 5th day of June last, 

 referred to the Trustees the duty of appointing a person to report 

 the meetings of these clubs, which resulted in arrangements being 

 made with a skillful short hand reporter for accurate reports of 

 the proceedings and discussions of both clubs. The manner in 

 which the duty has been performed the Trustees believe has 

 been satisfactory. 



The Board of Managers of the Annual Fair, after mature 

 deliberation, deemed it advisable to defer holding any general 

 exhibition during the past year, but in order to continue the 

 encouragement which the Institute has held out to Farmers and 

 Mechanics for more than thirty years, the Managers offered thirty 

 special premiums for improvements in Agriculture and the 

 Mechanic Arts, and the subjects for which premiums were offered 

 were referred to the Farmers' Club and Polytechnic Association, 

 the competing articles after due examination by the respective 

 clubs, to be reported upon to the Board of Managers. 



The lease of the property of the Institute, Nos. 351 Broadway 

 and 89^ Leonard street, expires in May next. 



The premises were leased in 1859, for three years, at. a rent of 

 $11,000 per annum, but in consequence of the depressed state of 

 the country, the full amount of this rent, will not be collected 

 the present year. 



The taxes on this property for 1861, were |1,631.46, being an 

 excess of $290.47 over the previous year. An assessment of |500 

 has also been made on the property for the widening of Worth 

 street. 



The lease of the rooms now occupied by the Institute in the 

 Cooper Union, for which an annual rent of $1,750 is paid, expires 

 on the 1st day of May next. The Institute has a refusal for three 

 years more at the same rent. The Trustees are of opinion that 

 if the Institute should take a new lease it should only be done at 

 a considerably reduced rent. 



The Trusteees do not deem it necessary to more than allude to 

 the continued usefulness and popularity of the Library. The 

 Report of the Library Committee will exhibit its improved con- 

 dition. 



The Transactions of the Institute and of the New York State 

 Agricultural Society have been received by the Institute from 

 the Secretary of State, and have been distributed to members as 

 called for. The Transactions of the Institute have been for- 



