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SMITHSONIAN INSTITUTION 1342

I do not consider myself infallible. 

Respectfully submitted, 
/s/ Robert V. Fleming, 
Chairman.

The Board voted unanimous approval of Mr. Fleming's report and actions as Chairman of the Executive Committee, relative to investment recommendations of Scudder, Stevens and Clark, Investment Counsel, and authorized fully his continued operation and responsibility in these matters. 

RESOLUTION RELATIVE TO INCOME AND EXPENDITURE

Following discussion, the Board deemed it advisable to include in the customary annual resolution further authority covering expenditure of funds under the item "Unallotted Balance":

RESOLVED: That the income of the Institution for the fiscal year ending June 30, 1953, together with such allotments from unobligated accumulated funds as are needed to meet necessary expenses, 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. On motion the resolution was adopted, as amended. 

FEDERAL APPROPRIATIONS

The Secretary submitted a statement of the existing status of Federal Appropriations as follows: 

A.W.