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SMITHSONIAN INSTITUTION   1260

Delano, former member and Chairman of the Executive Committee, there existed a vacancy on this Committee. The Chancellor, on November 12, 1947, made interim appointment in this vacancy of Mr. Robert V. Fleming and at the same time designated Mr. Fleming to serve as Chairman of the Committee.

On motion, this interim appointment of Mr. Fleming was confirmed.

ANNUAL REPORT OF THE EXECUTIVE AND PERMANENT COMMITTEES

Mr. Fleming referred the attention of the Board to the report of the Executive Committee, signed by Dr. Bush and Mr. Cannon, found on page 162 of the Secretary's Report.

On motion, the report was accepted. Dr. Davis asked to extend the Board's appreciation for this report to the Executive Committee.

Mr. Fleming stated that as quickly as possible he planned a general survey of the financial affairs of the Institution to present to the Board.

There followed a general discussion by the members with regard to plans for the future of the Institution's investments.

Mr. Cannon stated that it was highly beneficial to the Institution to have the Chairman of the Committee here in Washington.

At the request of Mr. Vorys, the Secretary discussed the present income of the Institution and the handling of its investments in two funds, the Freer and Consolidated Funds.

The Secretary called attention to the fact that gifts of Mr. John Roebling to the Smithsonian for the Astrophysical Observatory have amounted to date to more than half a million dollars.

A.W.