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Mr. Delano, Chairman of the Executive Committee, presented the customary resolution, as follows:

RESOLVED: That the income of the Institution for the fiscal year ending June 30, 1947, be appropriated for the service of the Institution, to be expended by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items.

On motion, the resolution was adopted.


On behalf of Mr. Delano as chairman, the Secretary called attention to the financial report of the Institution covering the handling of the investments which is found on pages 109 to 116 of the printed report.

The total investment at the close of the fiscal year on June 30, 1945 was $8,621,189.30, an increase of $38,466.65 over the year previous. This increase comes from additions through royalties from the Smithsonian Scientific Series, from profits in the sales of securities during adjustments in our holdings, and from some other additions.

Classification of investments is found on page 113 of the report. The Committee has continued to receive the advice of Scudder, Stevens and Clark of New York City as investment counsel.

On motion, the Report was accepted.

At the last meeting the Board authorized the Executive Committee to have a survey made of the business methods and practices now in effect in the Institution to determine whether changes or improvements were required. Under this the Committee directed the Secretary on their behalf to enter

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