REPORT OP THE SECRETARY. 5 



The practice of investing surplus funds in certificates of deposit 

 paying 3 per cent per annum has proved most satisfactory; the in- 

 come from this source amounting to $1,275 during the year. 



Instead of investing all surplus cash in certificates of deposit, the 

 Instiution purchased $10,000 of the United States Third Liberty 

 Loan, which will be carried on the books temporarily as a special 

 asset and later will be transferred to the Consolidated Fund. 



The income of the Institution during the year, amounting to 

 $165,135.02, was derived as follows: Interest on permanent invest- 

 ments and other sources, $63,552.02; repayments, rentals, publica- 

 tions, etc., $13,503.13 ; contributions from various sources for specific 

 purposes, $24,358.87; bills receivable, $55,000; proceedings from sale 

 of real estate, $8,721. 



Adding the cash balance of $9,232.56 on July 1, 1917, the total 

 resources for the fiscal year amounted to $174,367.58. 



The disbursements, which are given in detail in the annual report 

 of the executive committee, amounted to $173,077.68, leaving a balance 

 of $1,289.90 in cash and on deposit in the Treasury of the United 

 States and in bank. 



In addition to the above disbursements by the Institution, there 

 was included under the general appropriation for printing and bind- 

 ing an allotment of $76,200 to cover the cost of printing and bind- 

 ing the Smithsonian annual report and reports and miscellaneous 

 printing for the Government branches of the Institution. 



The Institution was charged by Congress with the disbursement 

 of the following appropriations for the year ended June 30, 1918 : 



International exchanges $35, 000. 00 



American ethnology 42, 000. 00 



International catalogue of. scientific literature 7, 500. 00 



Astrophysical observatory 13, 000. 00 



Observations, eclipse of the sun of June 8, 1918 2, 000. 00 



National Museum : 



Furniture and fixtures 25, 000. 00 



Heating and lighting 46, 000. 00 



Preservation of collections 300, 000. 00 



Building repairs 10, 000. 00 



Books : 2, 000. 00 



Postage 500. 00 



National Zoological Park... 100, 000. 00 



Increase of compensation (indefinite) 



Total 583, 000. 00 



RESEARCHES AND EXPLORATIONS. 



The researches and explorations by the Institution were greatly 

 limited in their scope during the past year on account of war condi- 

 tions. There was unusual activity, however, by members of the 

 scientific staff in investigations which related to the operations of 



