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Smithsonian Institution 1364 The national firm of Peat, Marwick, Mitchell and Company made the annual audit of the Institution's accounts, their report is embodied in the printed statement to which reference has just been made. The complete statement of the auditors is on the table for examination. The Chairman has been in regular contract with the Secretary whenever current business of the Institution has required, and has held one formal meeting of the Executive Committee on July 8, 1952. The Institution has continued the employment of Scudder, Stevens and Clark as investment counsel for the present year with the approval of the Executive Committee. I may repeat what I have told you in other annual meetings that recommendations from this firm relative to the endowment portfolio of the Institution come to me as Chairman with copies to the Secretary of the Institution. The recommendations as received are checked against information available in the Trust Department of the Riggs National Bank, under my direction, and decision then is made as to appropriate action. We also receive from the investment counsel a quarterly statement as to our investments. Copies of this are on the table, representing the current picture as to our investment holdings as of December 31, 1952. Mr. D. L. Richardson of Scudder, Stevens and Clark, who has the direct supervision of our portfolio and maintains contact, as necessary, with our Treasurer's Office, met with the Executive Committee at a meeting on July 8 last. This allowed discussion as to current views of the firm on the present securities market, with discussion as to policies that should be maintained. It may be noted that our present holdings include approximately 47% in common stocks. After full discussion, it was agreed that the percentage of such securities as held at present should be continued. For your information, it will be of interest to present here briefly the history
