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SMITHSONIAN INSTITUTION  819
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MADE BY BAKER-VAWTER CO. 
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Your Committee is of the opinion that this is a matter to be determined in the ordinary course of administration and is not one appropriate for its consideration as a special law committee.
 
The Secretary has advised your Committee that he has considered the best employment of the large revenue from the Freer bequest. He states that the annual operations leave large unexpended yearly balance and that by the wise investment of principal and unexpended income, as directed by the Permanent Committee, the Freer income is increasing rapidly. It appears that the construction of a new building has been the subject of consideration. It is the opinion of your Committee that the amount derived from the residuary bequest, the application of which is directed by the testator with the proviso that it shall be accumulated if it cannot be so applied, may not be devoted to the construction of an additional building.
 
It also appears that certain recommendations have been made for a gradual but considerable increase in the scope of studies of the civilization of the Far East. It is suggested by the Secretary that it would not be desirable, if the income from the Freer bequest cannot be expended in building a new Freer gallery, to save income as at present, but that it would be best to adopt a plan of operation aimed to expend the entire Freer income. Suggestions to this end have been made. Your Committee, however, does not feel that it should undertake the consideration of these proposed plans but believes that they should go before the Permanent Committee which can advise the Regents as to the action they should take within the limits of their authority under the terms of the Freer deed of gift and bequest. 

Respectfully submitted,

(Signed) Charles E. Hughes,
Jos. T. Robinson,
R. Walton Moore.

Washington D.C.
May 7, 1929.

ADJOURNMENT.

There being no further business to come before the meeting, on motion the Board adjourned. 
Attest: [[signed]] C G Abbot [[/signed]]
Secretary.

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