REPORT OF THE TREASURER.

THE Treasurer of the American Antiquarian Society herewith submits his semi-annual report of receipts and disbursements, for the six months ending April 1, 1886.

At a meeting of the Council held in October last, on motion of the Treasurer, it was voted, that the Finance Committee and the Treasurer together be "a committee to consider whether any change is desirable in the metohd of keeping the accounts, or of making investments, or in the management and control of the funds."

The committee, after due consideration, decided that it was advisable to modify somewhat the plan of keeping the accounts and of making the semi-annual statements, and requested the Treasurer in preparing his semi-annual reports, to give, in addition to the condition of the several funds, a list of the securities owned by the Society, showing their par value and also the market value at the time of making the report. It was also decided to credit the income derived from the investments to one account, and at the close of each six months, ending April 1 and October 1, to transfer to each of the funds such a sum as the income should warrant.

This report is made up in accordance with the action of that committee, the expenditure on account of each fund being given, and the amount of income carried to each. The Finance Committee has directed the Treasurer to transfer to each fund, from the income of the investments, two and one-half per cent. on the amount of each fund as it stood October 20, 1886. After doing this there remains to the credit of income $237.33.

By direction of the same Committee, the Treasurer has sold fifty-nine shares of stock of the Worcester and Nashua

Railroad Co., on which was realized a premium of $1,049.12, which sum now stands to the credit of the Premium Account.

A detailed statement of the investments of the funds of the Society, showing the par and market value of the various stocks and bonds is given as a part of this report.

The total of the investments and cash on hand April 1, 1886, was $97,656.57, divided among the several funds as follows:

In addition to the amount carried to the Publishing Fund from the income on investments, the sum of $151.50 from the sale of the "Lechford Note-book," and $33.25 from the sale of the "Proceedings" has been added thereto.

To the Collection and Research Fund there has also been added $55.30 from the sale of duplicate books.

Under the direction of the Finance Committee the Treasurer has transferred the income of the Tenney Fund for the past year as follows: To the Publishing Fund $50.00; Bookbinding Fund $75.00; and the Librarian's and General Fund $128.10.

The great advantage of a fund given, as was this of Mr. Tenney's, without conditions as to the use of its income, has been most fully demonstrated; it has from the first been of great practical benefit to the Society.

There is a small balance to the credit of the Salisbury Building Fund, but the expense incurred in new shelving for the manuscripts, maps and broadsides, will more than use up this balance. Hereafter, unless some provision is made for the continuance of a building fund, it will be necessary to charge the cost of repairs and improvements to the Librarian's and General Fund, which fund is already inadequate to meet the present demands upon it.

It will be seen by the list of investments, that the market value of the securities now owned by the Society, is $106,973.57 or $9,317.00 more than they stand on the books of the Treasurer.

The detailed statement of the receipts and disbursements for the six months is as follows:

DR.

1885. October 20. Balance of cash as per last report,.

1886. April 1. Received for interest and dividends to date,...

Received for subscriptions to "Lechford Note-book"