4 REPORT OF THE SECRETARY. 



FINANCES. 



At the beginning of the fiscal year, July 1, 1897, the unexpended 

 balance, as stated in my last annual report, was $61,532.50. The total 

 receipts for the year were $67,178.22, being $56,400 derived from the 

 interest on the permanent fund in the Treasury and elsewhere, and 

 $10,778.22 received from miscellaneous sources. 



The disbursements for the year amounted to $62,907.70, the details of 

 which are given in the report of the executive committee. The balance 

 remaining to the credit of the Secretary on June 30, 1898, for the 

 expenses of the Institution, was $65,803.02, which includes $10,000 

 referred to in previous reports, $5,000 of which was received from the 

 estate of Dr. J. H. Kidder, and a like sum from Dr. Alexander Gra- 

 ham Bell, the latter a gift made personally to the Secretary to promote 

 certain physical researches. This latter sum was, with the donor's 

 consent, deposited by the Secretary to the credit of the current funds 

 of the Institution. 



This balance also includes the interest accumulated on the Hodgkins 

 and other funds, which is held against certain contingent obligations, 

 besides relatively considerable sums held to meet obligations which 

 may be expected to mature as a result of various scientific investiga- 

 tions and publication s in progress. 



The permanent funds of the Institution are as follows : 



Bequest of Smithson, 1846 $515,169.00 



Residuary legacy of Smithson, 1867 26,210.63 



Deposits from savings of income, 1867 108, 620. 37 



Bequest of James Hamilton, 1875 $1,000.00 



Accumulated interest on Hamilton fund, 1895 1, 000. 00 



2, 000. 00 



Bequest of Simeon Habel, 1880 500.00 



Deposits from proceeds of sale of bonds, 1881 51, 500. 00 



Gift of Thomas G. Hodgkins, 1891 200,000.00 



Portion of residuary legacy, T. G. Hodgkins, 1894 8, 000. 00 



Total permanent fund 912,000.00 



The Regents also hold certain approved railroad bonds, forming part 

 of the fund established by Mr. Hodgkins for investigations of the prop- 

 erties of atmospheric air. 



By act of Congress approved by the President March 12, 1894, an 

 amendment was made to section 5591 of the Revised Statutes, the fun- 

 damental act organizing the Institution, as follows: 



The Secretary of the Treasury is authorized and directed to receive 

 into the Treasury, on the same terms as the original bequest of James 

 Smithson, such sums as the Eegents may, from time to time, see fit to 

 deposit, not exceeding with the original bequest the sum of $1,000,000: 

 Provided, That this shall not operate as a limitation on the power of 

 tlie Smithsonian Institution to receive money or other property by gift, 

 bequest, or devise, and to hold and dispose of the same in promotion of 

 the purposes thereof. 



