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SMITHSONIAN INSTITUTION   1283

certificates, to be held thus until there is opportunity for better investment. The Secretary is watching his future commitments for cash expenditure under the endowment income with this possibility, although it may be remote, in mind. In connection with this, he has built up a reasonable operating surplus to assist in tiding over any emergency. In order to afford a ready check on our investment situation, Scudder, Stevens and Clark have been requested to submit a quarterly appraisal of the Institution's investments, showing comparison with the previous quarter, and also with the same quarter last year.

The Committee has had under study the amortization of preferred stock premiums in order that these may be absorbed over a period of years. Calculations relative to this are being made, and it is believed that it will be practicable to arrange amortization at an average of 4%, with the annual cost so spread that it that it will not affect operation.

On the whole, the investment portfolio as at present held is considered in a sound condition.

RESOLUTION RELATIVE TO INCOME AND EXPENDITURE

Mr. Fleming, Chairman 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, 1950, 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.

ADMINISTRATIVE CHANGES IN PERSONNEL AND OPERATIONS

For several years past the Secretary, in addition to his regular responsibilities as head of the Institution, has also served as Director of the United States National

A.W.

Transcription Notes:
I think 'that it that it' in the 2nd paragraph wasn't intended to be that way.