4 Transactions of the American Institute. 



at that price, may be considered as fortunate for the interests of 

 the Institute. Should it become necessary, in providing the Insti- 

 tute with suitable permanent buildings for the holding of exhibi- 

 tions, to spend at the outset a large sum of money, the property 

 on BroadAvay might be sold for a satisfactory price, or should it be 

 deemed best not to sell, there will be no difficulty in obtjiiniug on 

 it, by bond and mortgage, at least one hundred thousand dollars. 



Several of the trustees have been engao-ed in examinins; various 

 localities, with the view of providing a permanent place for the 

 holding of annual exhibitions, and at an early day the board will 

 mjike a special report on the subject. 



The remarkable success attending the last exhibition, deserves 

 especial notice. The board of managers embraced members of 

 great experience in the business of conducting fairs, as well as 

 those who for the first time acted in that capacity, and who doul)t- 

 less had some new views in relation to the best course to be pur- 

 sued. They seemed to have been entirely harmonious in their delib- 

 erations, and their combined wisdom in giving efficiency to the new 

 by-laws of the Institute, relating to exhibitions, has resulted in a 

 return of profits more than twice as large as that from the most 

 stuccessful of all previous fairs, that of 1849. To fully appreciate 

 the importance of this result, it is only necessary to state, that by 

 the exhibitions of the years 1853, 1859, 1860 and 18G3, the Insti- 

 tute lost $13,128.94; that the total surplus from all of the exhibi- 

 tions from the years 1851 to 1867, was $25,370.26, the losses 

 within the same period being deducted from this sum, the actual 

 gain is found to be $12,241,32; now if we add the State appro- 

 priation, which has latterly been included in making up the final 

 balance sheet of profits, the actual surplus derived from the exhi- 

 bition of 1867, is shown to })e $16,187.50; an amount nearly four 

 thousand dollars greater than that derived from all the fairs held 

 by the Institute for the past sixteen years. 



Not less gratifying is the present aspect of other departments 

 of the American Institute. The Farmers' Club has met regularly 

 during the past year, and disseminated through various journals 

 which report its weekly proceedings, a vast amount of useful know- 

 ledge relating to practical agriculture. The Polj^tcchnic Associa- 

 tion ha.s never failed to assemble at the appointed hour to examine 

 new inventions and discoveries, and to contribute its share towards 

 the advancement of the sciences and their application to the arts. 



During the past year the American Photographical Society. 



