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SMITHSONIAN INSTITUTION    1300

while not large is an appreciable addition to income for general use.

If it is the will of the Board of Regents, I will be glad to continue to function in my present capacity in taking the responsibility of passing on the recommendations regarding our investments made by Scudder, Stevens and Clark, but I would like the Board to know that I am not infallible.

Members of the Board of Regents present expressed the desire to have Mr. Fleming continue to act in connection with the investment recommendations of Scudder, Stevens and Clark.

The Secretary was asked to submit, once a year, to the Regents a tabulated statement containing the amount of the endowment and the total income, including a comparative statement of previous years.

At the suggestion of the Chairman, the entire Board indicated willingness to attend the next meeting of the Executive Committee at which time the December 31st report would be in the hands of the Chairman.

Mr. Fleming continued as follows:

At the last annual meeting of the Board of Regents, the Executive Committee with the approval of the Chancellor, was authorized to make appropriate adjustments with reference to the salary of the Secretary of the Smithsonian Institution. This salary with the approval of the Chancellor, was authorized to make appropriate adjustments with reference to the salary of the Secretary of the Smithsonian Institution. This salary with the approval of the Chancellor was fixed at $15,000 per annum, effective July 1, 1949, by increase from $12,000.

As a further top level personnel matter, the Executive Committee has considered the proviso in the Classification Act of 1949, establishing three new top level grades under Civil Service known as grades GS-16, 17 and 18, and the relation of these to the four higher positions immediately under the Secretary in the administration of the Smithsonian Institution. After due consideration, the Secretary was instructed to file

A.W.