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It is in this context that we greet the acceptance of the Associates idea with great enthusiasm.  The Associates activities and publication, with their links across the country to the people, bring a new understanding of the purposes of the Institution.  We feel it is appropriate that the Regents understand and endorse this because only so can we strive to do the very things that have made the Institution what it is.

The Chancellor emphasized that considering our total activities one sees that the amount of yield from the present unrestricted endowment does not give much financing for initiating new enterprises and new activities in the public service area.  In respect to the annual appropriation that comes from Congress, the timing does not give us the opportunity to plan with any amount of flexibility to assist in financing new research, whereas if these unrestricted funds were enlarged the kind of stimulus of research in the past that the Secretary has mentioned (i.e., Dr. Goddard's rocket studies) would be possible.

In response to a question as to the funds generated by the [[underline]]Smithsonian[[/underline]] Magazine, it was stated that over $4 million would be produced this year and that earlier years showed net returns of between $1 and $2 million.

The Chancellor recalled the earliest days of the inauguration of the [[underline]]Smithsonian[[/underline]], at a time when other notable magazines were going out of business, and the skepticism of most of the Regents on the venture, before they approved it.  He accorded high praise to

Transcription Notes:
changed 'had' to 'has'.