mittee. He began his labors, which we trust may prove even longer and more acceptable than his predecessor's, on the 9th of April. One of the chief necessities of the Library is the want of shelf-lists, the preparation of which has been intrusted to a sub-committee; and the work they have before them will, when executed, prove the best safeguard that can be devised for the literary collections of the Society. Other subjects connected with the Library will doubtless be brought forward in the Report of the Librarian.

The Treasurer's Report will describe the financial condition of the Society. The Standing Committee have expended some money during the year upon a new furnace, and in repair of the flues, which were found in a very unsafe state. The roof, which had become quite leaky, has been thoroughly repaired.

Such are the matters upon which it seems proper that the Standing Committee should touch in their review of the year. In transferring their charge to their successors, the Committee take leave to point out two questions as worthy of early consideration. One relates to the more general circulation of the Society's publications, the other to the improvement of the Society's building, and thereby of the Society's material resources. Both these topics have been under frequent discussion, and it is hoped that they may soon be acted upon in such a manner as to promote the welfare of the Association.

SAMUEL ELIOT, Chairman.

Annual Report of the Treasurer.

The Treasurer of the Society presents the following statement of its financial condition:

GENERAL ACCOUNT FOR THE YEAR ENDING APRIL, 1869.

Copyright of sales of Life of J. Q. Adams

Hon. John A. Lowell, for Thirteen Lectures before the Lowell

615.00

80.00

701.00

30.00

421.25

8.23

8.40

The undersigned, who were appointed a committee to examine the accounts of the Treasurer of the Massachusetts Historical Society for the year ending April, 1869, have compared the vouchers with the entries, and find them correct, and the balances on the ledger as follows:

THE APPLETON FUND.

This fund consisted of ten thousand dollars, presented to the Society, Nov. 18, 1854, by the executors of the will of the late Samuel Appleton, on the condition that its income be applied to the purchase, preservation, and publication of historical material. It was received from the executors in ten shares of manufacturing stocks. These stocks were sold in February and March, 1863; and the net proceeds, amounting to twelve thousand two hundred and three dollars, were invested in the real estate of the Society, according to the Declaration of Trust on file, and recorded in the Register of Deed's office, book 827, p. 63. Volumes three, four, five, six, seven, and eight, of the Fourth Series of the Society's "Collections," were printed from the income of this fund, and the strictly historical portions of the volumes of the "Proceedings" of the Society for 1862-63, and for 1864–65.

The volume of "Collections" issued last year was uncommonly large; and owing to this, and the increased expenses of printing, the cost of it absorbed the income for the next year.

Account ending April, 1869.

John Appleton, preparing papers

DEBITS.

John Wilson & Son, printing volume VIII. of Collections bal

$133.36

1,137.84

81.28

85.03

$1,437.51

MASSACHUSETTS HISTORICAL TRUST-FUND.

This fund was originally two thousand dollars, presented to the Society by Hon. David Sears, by an Instrument dated Oct. 15, 1855, and accepted Nov. 8, 1855. This provides

that the income is to be added to the principal annually between July and January, to form a new investment; but in any year before such investment, the Society may, by vote, expend the income for such purposes as may be required; or it may, by vote, expend the accumulations of the income, in whole or in part, towards the purchase or improvement of the premises belonging to the Society; "or in the purchase of works of art or desirable objects": provided, that in no case whatever "the original trust-sum be encroached upon or diminished." By vote of the Society, the sum of five hundred dollars was paid July 5, 1859, from the accumulation, in aid of paying the debt incurred by the purchase of the estate which the Society owns. No other expenditure has been made from the accumulations of this fund. On the 26th of December, 1866, the principal was increased by a subscription by Hon. David Sears and Nathaniel Thayer, Esq., each of five hundred dollars, which makes the principal of the fund three thousand dollars. The accumulation of income to Sept. 1, 1867, was $1,238.55, making the amount on which to cast the interest from Sept. 1, 1867, $4,238.55.

This fund was presented to the Society by George Peabody, Esq., in a letter dated Jan. 1, 1867, enclosing an order for $20,000 in 10-40 Coupon Bonds, and providing that they or their proceeds shall be held by the Society as "a permanent trust-fund, of which the income shall be appropriated to the publication and illustration of their Proceedings and Memoirs, and to the preservation of their Historical Portraits." This

trust was accepted by a vote of the Society, Jan. 10, 1867. The Coupon Bonds have been exchanged for two United States 10-40 Bonds of $10,000 each, registered in the name of the Society, dated Jan. 12, 1867, and numbered 9,904 and 9,905, with the interest payable in Boston.

The volume of "Proceedings" for 1866-67 was printed from the income of this fund, and another volume is passing through the press.

This fund, of ten thousand dollars, was presented to the Society, April, 1857, by the executors of the will of the late Thomas Dowse; and it was invested in a note signed by Edward Hyde and O. W. Watris, secured by mortgage on real estate. This note was paid on the 7th of April, 1863; and the whole fund was then invested in the real estate of the Society. The income of this fund is included in the rent received from the Suffolk Savings Bank; and the expenditure is included in salaries paid to the Assistant Librarian and to Mr. Arnold, who are employed in the care of the Dowse Library.

PROPERTY OF THE SOCIETY.

The Estate on Tremont Street. -The Society purchased, March 6, 1833, of the Provident Institution for Savings, the