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marine crops and would increase productivity of existing fish and salt ponds. The Center would maintain a "seed bank" for algae farmers and a distribution center for unialgal cultures for teaching and research, and it would ensure dissemination of research results. Facilities of the Silliman University Marine Laboratory are available, as would be those of its Medical Center Clinical Laboratory and Van Houwelling Laboratory for outdoor laboratory culture and for bacterial and viral testing.

The work of the Center for Algal Biotechnology has revenue producing potential. To establish the Center and start the research and development activity will require US$1,200,000 over three years, of which $300,000 would be spent in Philippine pesos. The annual peso budget for Center research for the fourth and succeeding years is estimated to be $100,000.

[[underline]] MAJOR DEVELOPMENT INITIATIVES [[/underline]]

Mr. Adams introduced the following report on the Institution's key development initiatives, noting particularly the imminent success in fundraising for the Smithsonian's premier Quincentenary offering, "The Buried Mirror." He pointed out that the series will be announced to the public at a press conference scheduled to follow the Regents' meeting.

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Progress Reports - Top Priorities

[[underline]] "The Buried Mirror" [[/underline]] : The Office of Public Service has successfully concluded a contract for "The Buried Mirror" television series. Spanish investors are expected to complete funding in the near future.

[[underline]] The Inventory of American Sculpture: [[/underline]] While response to the special appeal to the Contributing Membership was generally light, the Pew Charitable Trusts continue to show interest. A formal proposal, in conjunction with the National Institute for Conservation of Cultural Property, asking $1.4 million, will be presented in the early spring. Interest has also been shown by a major corporate entity which is considering a unique nation-wide support of the project.

[[underline]] The Columbus Quincentenary: [[/underline]] A pan-Institutional initiative is being planned in conjunction with the myriad programs centered on this momentous benchmark in time. A major effort to generate generosity from all elements of the private sector will be launched in conjunction with these events. Hispanic involvement will be emphasized with the hope that response to this important aspect of cultural diversity at the Smithsonian will produce interest and enthusiasm from areas heretofore oblivious to the importance of the Institution. A task force has been formed to assist in creation and implementation of this effort which will include all sectors of the Smithsonian and emphasize membership outreach as well as restricted funding.