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[[preprinted]] SMITHSONIAN INSTITUTION  791 [[/preprinted]]

RESOLVED:  That the Board of Regents learns with pleasure of the favorable prospects of the Smithsonian Scientific Series, and approves the recommendation of the Secretary that the financial returns therefrom be treated one-fourth as disposable income and three-fourths as permanent endowment.

This action is recommended:

(1) Because the present Secretary has spent much time on the Series for several years as Editor-in-Chief and as a contributor, to the neglect of his own researches.  It, therefore, seemed fair to make the returns of the Series partially available as income for the Institution during his incumbency as Secretary.

(2) Because it seems probable that public knowledge of the valuable results likely to be derived by the early expenditure of the part set aside as income, will tend to estimate large gifts and bequests to the Smithsonian Endowment.

The resolution was put to vote and adopted unanimously.

[[underlined]] The proposed contract for the exploitation and operation of the Insecticide Patent. [[/underlined]]

Mr. Delano called attention to the fact that this matter had been considered by the Board at its last meeting, and that it had been referred back to the Permanent Committee for further study and consideration.  He then went into the history of the transaction, explaining the four different alternatives which had been considered by the Committee.  At the same time he requested that before action was taken, the views of Dr. Merriam, (unavoidably absent) as expressed by him in a letter to the Secretary, be considered by the Board, before its final disposal of the matter.

[[initialed]] CGA [[/initialed]]