Viewing page 130 of 520

This transcription has been completed. Contact us with corrections.

SMITHSONIAN INSTITUTION      1322

illustration. The Institution receives a royalty of 10% on gross sales on all but the cheapest edition from which we get 5%, the royalties averaging recently between $20,000 and $24,000 per annum.

As stated last year, royalty payments are due at six month intervals, but the distributors recently have been in financial difficulties so that payments are behind. The Secretary has been handling this matter under instruction from the Executive Committee to the end that during the calendar year 1950 the company has paid $18,000 on the principal due, plus $507.25 in interest.

As of December 31, 1950 the firm still owed the Institution $26,32.06 without regard to the royalties for the last half of 1950, statement for which is not yet in hand. Payments at the rate of $3,000 per month, plus interest, are promised until the total due has been forwarded.

After considerable discussion and consideration of the various points involved, it was moved to instruct the Secretary, when the proper time had arrived, to advise the Executive Committee and, with the advice of legal counsel, to take steps for complete severance of the contract between The Series Publishers, Inc. and the Smithsonian Institution, in settlement of the situation. The motion was passed unanimously. 

TENURE OF THE SECRETARY

At the Annual Meeting of the Board of Regents held on January 12, 1945, a Special Committee composed of the Chancellor with Regents Bush, Cannon, Compton and Walcott, submitted a report on the tenure of the office of the Secretary, establishing a definite and permanent policy to be continued until modified by the Board.

The proviso was made that whenever the Secretary, or the Board of Regents, may appropriately raise the question of his retirement from active service, with such action on behalf of the Board as may seem appropriate. The further stipulation is made that

A.W.