n8 Report of the Treasurer 



FINANCES, MAINTENANCE, ENDOWMENT 



It is a self-evident fact that progress in research, exploration 

 and the educational activities of the Museum is primarily de- 

 pendent upon the finances. The care of the finances, there- 

 fore, is one of the most important responsibilities that face the 

 Trustees, especially with respect to the investment funds of the 

 Museum. In these days of rapidly changing values of securi- 

 ties of all kinds, eternal vigilance is necessary to conserve our 

 resources. Realizing the importance of this matter, upon the 

 recommendation of the Treasurer, the Trustees early in the 

 year invited Messrs. Arthur M. Anderson, Francis D. Bartow 

 and Charles E. Mitchell to serve as an Advisory Committee on 

 Investments. All three accepted the invitation, and throughout 

 the year they have been gratuitously rendering extremely valu- 

 able service. The Museum is fortunate to thus have at its 

 disposal such expert advice. Under the recommendations of 

 the Advisory Committee on Investments, the Finance Com- 

 mittee has disposed of several of the less desirable securities, 

 which had been acquired by gift or purchase years ago, and 

 has converted the proceeds into holdings of greater security. 

 At the same time, new investments have received most careful 

 consideration. 



While the financial accounting of the Museum is becoming 

 more complex every year, with the increase in the amount of 

 the budget and the diversification of the Museum's activities, 

 the general methods of accounting have proven satisfactory 

 and no material change has been necessary. 



The work of the Treasurer's department, under the direction 

 of the Bursar, Mr. Frederick H. Smyth, has been very efficient. 



The receipts and disbursements of all accounts of the Mu- 

 seum are followed under a budget system. In February of 

 each year the Trustees approve a budget, itemized for each 

 character of expense, and at each meeting thereafter there is 

 submitted a statement showing in detail the net receipts and 



