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SMITHSONIAN INSTITUTION    1228

RESOLUTION RELATIVE TO INCOME AND EXPENDITURE

Dr. Bush on behalf of the Executive Committee submitted the following resolution, which, on motion, was adopted:

RESOLVED: that the income of the Institution for the fiscal year ending June 30, 1948, be appropriated for the service of the Institution, the be expended by the Secretary, with the advice of the Executive Committee, with full discretion on the part of the Secretary as to items. 

ANNUAL REPORT OF EXECUTIVE AND PERMANENT COMMITTEES

Dr. Bush, on behalf of Mr. Delano, Chairman, presented to following report:

The financial report of the Institution to the end of June 30, 1946, covering the handling of the investments is found on pages 128 to 134 of the printed report.

The total investment at the close of the fiscal year on June 30, 1946 was $187,339.75.

The gift of Miss Hegeman was mentioned last year as amounting in total to $300,000, being one-half the amount from the sale of the Porter property at the corner of 16th and Eye Streets, N.W. the Library Trust Fund Board of the Library of Congress which handled this matter during the year forwarded a check for $275,000 on this account, approximately $25,000 being held temporarily, pending settlement of claim for sales commission on the part of real estate brokers. 

The royalty received from the Smithsonian Scientific Series for first six months of 1946 amounted to $14,340.27. Report for the second half of the year is not yet at hand. 

A.W.

Transcription Notes:
Initials AW appear in the lower left hand side of the page, not transcribed.